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 make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case.

Setting the bar high in our approach to hiring has been, and will continue to be, the single most important element of Amazon.com's success. 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."

We first measure ourselves in terms of the metrics most indicative of our market leadership: customer and revenue growth, the degree to which our customers continue to purchase from us on a repeat basis, and the strength of our brand.

Bezos rejects short-term profitability and Wall Street reactions as the scoreboard.

Word of mouth remains the most powerful customer acquisition tool we have. Repeat purchases and word of mouth have combined to make Amazon.com the market leader in online bookselling.

We are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. Such things aren't meant to be easy.