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) [<a href="">CC BY 2.0</a>], <a href="'_iconic_laugh.jpg">via Wikimedia Commons</a>

Jeff Bezos Letter to Amazon Shareholders, Ben Graham Quote

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.

David Einhorn’s Greenlight had a strong fourth quarter; Gains on Neubase Therapeutics [Q4 Letter]

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasDavid Einhorn's Greenlight Capital was up 5.2% in 2020, underperforming the S&P 500's 18.4% return. For the fourth quarter, the fund was up 25%, which was its best quarterly result ever. Longs contributed 42% during the fourth quarter, while shorts detracted 15% and macro detracted 1%. Q4 2020 hedge fund letters, conferences and more Growth 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

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