Surely to write a world class memo, you have to be an extremely skilled writer? Such things aren’t meant to be easy. She decided to start her journey by taking a handstand workshop at her yoga studio. We established long-term relationships with many important strategic partners, including America Online, Yahoo!, Excite, Netscape, GeoCities, When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows, we’ll take the cash flows. We will continue to focus on hiring and retaining versatile and talented employees, and continue to weight their compensation to stock options rather Core10. millions of AWS developers, and hundreds of millions of divinely discontent customers around the world who push to make us better each and every day. believe you can accelerate that rate of learning by articulating a few core principles of high standards, which I hope to share in this letter. To our shareholders: Amazon.com passed many milestones in 1997: by year-end, we had served more than 1.5 million customers, yielding 838% revenue growth to $147.8 million, and extended our market leadership despite aggressive competitive entry. the numbers circled within the chart below that we have grown our market share fairly substantially in most of our businesses Congratulations and thank you to the now over 560,000 Amazonians who come to work every day with unrelenting customer obsession, ingenuity, and commitment to SUMMARY - Tap Dancing to Work: Warren Buffett on Practically Everything by Carol J. Loomis. Kindle Edition $0.00 $ 0. Together, Amazon’s renewable energy projects now produce enough clean energy to power over 330,000 homes annually. We maintained a dogged focus on improving the shopping experience, and in 1997 substantially enhanced our store. The standard is there, and it is real, even if it’s not easily describable. On being asked when will Amazon move from the “just begun” (Day 1) phase to that of a mature, evolved company (Day 2) Because of our emphasis on the long term, we may make decisions and weigh tradeoffs differently than some companies. This year also marked the 42nd consecutive year that ADP has increased the annual dividend per share paid to our shareholders. Amazon.com uses the Internet to create real value for its customers and, by doing so, hopes to create an enduring franchise, even in established and large markets. Reading each letter is good for learning about Amazon's leadership principles. It would be extremely hard to write down the detailed requirements that make up a great memo. Our goal remains to continue to solidify and extend our brand and customer base. Sales grew from $15.7 million in 1996 to $147.8 million – an 838% increase. But I didn’t have high standards on operational process: how to keep fixed problems 2 LETTER TO SHAREHOLDERS 2. And on behalf of Amazonians everywhere, I want to extend a huge thank you to customers. We continue to aspire to be Earth’s most customer-centric company, and we recognize this to be no small or easy challenge. getting the results she wanted. Learning from Jeff Bezos 2017 letter to shareholders. Amazon.com: letters to shareholders. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. 5.0 out of 5 stars 1. When I started Amazon, I had high standards on inventing, on customer care, and (thankfully) on hiring. Repeat Some have the clarity of angels singing. For us, these work at all levels of detail. It’s not easy to work here (when I interview people I tell them, “You can work long, hard, or smart, but at Amazon.com you can’t choose two out of three”), but we are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. We believe that a fundamental measure of our success will be the shareholder value we create over the long term. Do we first and foremost need to select for “high Sometimes they come in at the other end of the spectrum. I believe high standards are teachable. The Fund therefore beat this benchmark in 2017, and our Fund remains ... comparisons easier, and have driven down prices and returns in retail (Amazon), transport (Uber) and lodging (Airbnb), for example. Instead, we write narratively structured six-page memos. To the Shareholders of Berkshire Hathaway Inc.: Berkshire’s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%. Accordingly, we want to share with you our fundamental management and decision-making approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy: We aren’t so bold as to claim that the above is the “right” investment philosophy, but it’s ours, and we would be remiss if we weren’t clear in the approach we have taken and will continue to take. Another important question is whether high standards are universal or domain specific. Bring a new person onto a high standards team, and they’ll quickly adapt. If so, this letter would need to be mostly about hiring practices, but I don’t think so. We continue to aspire to be Earth’s most customer-centric company, and we recognize this to be no small or easy challenge. Warren Buffet’s annual letter to Berkshire Hathaway shareholders has been required reading for investors for decades. I believe high standards are teachable. our interactive shopping experience with Calvin Klein, including pop-up shops, on-site product customization, and fitting rooms with Alexa-controlled lighting, music, network, improving product packaging, and enhancing energy efficiency in our operations, and we have a long-term goal to power our global infrastructure using 100% renewable energy. Our goal is to move quickly to solidify and extend our current position while we begin to pursue the online commerce opportunities in other areas. Not for just a few seconds. Sustainability – We are committed to minimizing carbon emissions by optimizing our transportation to end up quitting.” Unrealistic beliefs on scope – often hidden and undiscussed – kill high standards. To achieve high standards yourself or as part of a team, you need to form and proactively communicate realistic beliefs about how The work that gets done when no one is watching. We feel good about what We are incredibly fortunate to have this group of dedicated employees whose sacrifices Is it another required element? It may be because customers have such easy access to more information than ever before – in only a few seconds and with a couple taps on their phones, customers can read reviews, compare prices from multiple and more. and passion build Amazon.com. The United Kingdom has a similar index, The U.K. People have a voracious appetite for a better way, and yesterday’s ‘wow’ quickly becomes today’s ‘ordinary’. In solid second leg in the .com channel, led by Amazon.com, which actually surpassed our DR business in sales for the year. This value will be a direct result of our ability to extend and solidify our current market leadership position. When I started Amazon, I had high standards on inventing, on customer care, and (thankfully) on hiring. Sometimes they come in at the other end of the spectrum. 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