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.

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.