Be Proud Of Your Choices, Not Your

Our Premise Is There Are Going To Be A Lot Of Winners. It's Not Winner Take All. Other People Do Not Have To Lose For Us To Win.

Part Of Company Culture Is Path-dependent. It’s The Lessons You Learn Along The Way.

The World Is Littered With Corpses That Predicted Technology In A Particular Arena Was Done. If There's Another Gigantic Step Change Out There, We Don't Yet Know What It Is.

Percentage Margins Are Not One Of The Things We Are Seeking To Optimize. It’s The Absolute Dollar Free Cash Flow Per Share That You Want To Maximize, And If You Can Do That By Lowering Margins, We Would Do That. So If You Could Take The Free Cash Flow, That’s Something That Investors Can Spend. Investors Can’t Spend Percentage Margins.

What We Want To Be Is Something Completely New. There Is No Physical Analog For What Amazon.com Is Becoming.