Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote

Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote
By Steve Jurvetson (Flickr: Bezos’ Iconic Laugh) [CC BY 2.0], via Wikimedia Commons

Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote

Play Quizzes 4

Jeff Bezos letter to Amazon shareholders is only a page or two long but he devotes one paragraph to Ben Graham. Although many (many!) have argued Amazon is not a value stock by any metric (certainly PE), those same people would likely agree that Jeff Bezos is a great CEO. Brief excerpt followed by the full letter:

As I write this, our recent stock performance has been positive, but we constantly remind ourselves of an
important point – as I frequently quote famed investor Benjamin Graham in our employee all-hands meetings –
“In the short run, the market is a voting machine but in the long run, it is a weighing machine.” We don’t
celebrate a 10% increase in the stock price like we celebrate excellent customer experience. We aren’t 10%
smarter when that happens and conversely aren’t 10% dumber when the stock goes the other way. We want to be
weighed, and we’re always working to build a heavier company.

[Exclusive] ExodusPoint Is In The Green YTD Led By Rates And EM/ Macro Strategies

Invest ESG Leon CoopermanThe ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More

The full letter is embedded below in scribd:

H/T Abnormal Returns

Jeff Bezos 2012 Shareholder Letter to Amazon Shareholders Ben Graham Quote

Updated on

No posts to display


  1. Get 90 dollars every day for working on the web from your home for few hours every day… Get paid each week… Everything you need is a computer, access to the web, and also some leisure time…

Comments are closed.