Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote

1
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 COMMENT

  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.