Jeff's Letters

The 2012 Letter. Jeff articulates how being customer centric enables Amazon to be internally driven in its innovations and not chasing after competitors. It's a great letter that pairs very well with Eugene Wei's essay about Invisible Asymptotes. Wei is Amazon alum who uses the example of expensive and slow shipping as an example of how there are unseen forces that prevent the growth of your product. Thanks to all of you Jeff's Letters is now in the top 30% of podcasts worldwide! Please say hello and drop me an email at jeffsletterspodcast@gmail.com

The 2011 Letter. Jeff shares stories about how Amazon's self service platforms have made a major difference for creators and also the powerful impact of having no gatekeepers. Jeff shares many stories in the written letter but I omitted some for brevity. If you'd like to see all the stories he shares, please read the letter. It's good! I want to hear from you! Send me a note at jeffsletterspodcast@gmail.com about how you've enjoyed the podcast.

The 2010 letter. This one is a bit of a weird one. Jeff starts and stays at the very nitty gritty level detailing Amazon's incredible technical efforts, why it seeks to do them, and the value they create.

The 2009 letter. Jeff articulates the incredible outcomes Amazon has had by 2009, but then shifts to why they focus on customer-facing inputs.

The 2008 letter. Jeff introduces two very valuable techniques for how to invest: working backwards and considering which needs are durable over the long term. It's a wonderful letter! Sorry for being late also!

The 2007 letter. Jeff discusses the Kindle's launch and how they approached improving upon the book. There's a wonderful reminder to always figure out to focus on what is only made possible with a new medium. This is the 10th letter that Jeff writes since Amazon went publish. It's fitting he returns to books! In the commentary I evaluate the Kindle based on the investment framework that Jeff laid out.

The 2006 letter. Jeff articulates Amazon's tests for a worthwhile new business to invest in. But he also articulates how Amazon celebrates the momentum of new businesses, even if it feels tiny compared to the proven pillars. Very applicable for how to view your own personal development.

In this letter, Jeff articulates how Amazon makes certain types of decisions. Sometimes decisions can be made with only analysis and math. But sometimes it's judgment that carries the day. It's a fun one that really builds upon Jeff's articulated decision making philosophies. The commentary on this one is a bit long. My apologies if it feels unwieldy, but there's multiple nuggets I wanted to touch upon.

In this letter, Jeff details why free cash flow per share is the way Amazon measures the value it creates. It's worth reading the letter instead of listening to it because he provides some illustrative tables. This letter pairs very well with Warren Buffett's Berkshire Hathaway letter from 2007 that discusses Returns on Invested Capital. 2004 Amazon letter 2007 Berkshire letter Also sorry if there's a little bit of skipping. Don't know the cause but I tried to edit out.

Jeff takes Long Term Thinking pretty seriously. The majority of his letters up until 2003 have the 'Long Term' or 'Long View' in the title! In this letter, he walks shareowners through some examples of what it means to apply long term thinking to do right by the customer. And he reiterates his assertion that what's right for the customer will ultimately be right for shareowners. We are back to our normal publishing schedule. Episodes released on Tuesdays! Thanks for being a listener.

Jeff demonstrates how what's good for customers is good for business. Especially since Amazon's growth gets back above 20% and they become cash flow positive! Next episode on Tuesday

The 2001 Letter. Jeff discusses how Amazon has hit a point where both growth and cost reductions can be funded. Then he details how the relationship between the two of them creates a virtuous loop. It's the beginning of the infamous Flywheel! Lastly, he reiterates why Amazon focuses on cashflows.

Caught COVID while overseas! Next week will have two episodes and then we will back to our regular cadence. Thanks for listening!

The 2000 Letter. Jeff acknowledges the dot com crash and that Amazon.com's shares are down more than 80%. Then he provides a reminder on the business and the trends for the future. I found this letter to be a master class about how to do a reality check. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. All copyright belongs to Amazon and Jeff Bezos. I'm doing this to make the content of these incredible letters more accessible.

The 1999 Letter. Jeff shares his view on what shareowners own and the goals for 2000. Check out the section on Operational Excellence! The themes that stood out to me were about compounding strength and also clear observation. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. All copyright belongs to Amazon and Jeff Bezos. I'm doing this to make the content of these incredible letters more accessible.

The 1998 Letter. Jeff shares his reflections on Amazon's incredible growth, sets expectations for the future, and also provides some guidance on how they hire and the need to be customer obsessed. I found this letter to be about impressive growth, but also the humility it takes to deliver on that growth. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. All copyright belongs to Amazon and Jeff Bezos. I'm doing this to make the content of these incredible letters more accessible.

The 2018 letter to shareowners (released April 2019). Key theme is wandering and curiosity as a counterbalance to efficiency, even if it leads to failure. Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, to narrate future letters. As a reminder, Jeff Bezos's Annual Letters to Shareholders are the property of Jeff Bezos and Amazon.com Inc.

2017 letter to shareowners. Key theme is the teachability and importance of high standards. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters. The content of these annual letters is the property of Jeff Bezos and Amazon.com Inc.

2016 Letter to shareowners. Key theme is how to avoid atrophy as a business, such as Amazon, gets bigger. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters. The content of these annual letters is the property of Jeff Bezos and Amazon.com Inc.

The 2015 letter to shareowners. Key theme is high velocity decision making. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters. The content of these annual letters is the property of Jeff Bezos and Amazon.com Inc.

The 2014 letter to shareowners. Key theme is what great businesses look like. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters. The content of these annual letters is the property of Jeff Bezos and Amazon.com Inc.

The 2013 letter to shareowners. Key theme is invention at every layer from every employee. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters.

The original, 1997, letter to shareholders. It's the letter Jeff refers shareowners to in each and every subsequent letter, reminding them it's still Day 1. As a reminder, Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, narrate future letters.