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Founders

#388 Jeff Bezos's Shareholder Letters: All of Them!

Founders

David Senra

Steve Jobs, Founders, James Dyson, Company Builders, Technology, Henry Ford, Elon Musk, Business Professional Biography, How I Built This, The History Of Entrepreneurship, Jim Clark, Entrepreneurship, Entrepreneurs, History, Founder, Business Autobiography, Jeff Bezos, Entrepreneur, Biography, Biographies Of Entrepreneurs, Biographies, Business, Business Biography

4.81.5K Ratings

🗓️ 15 May 2025

⏱️ 79 minutes

🧾️ Download transcript

Summary

"To read Jeff Bezos’s shareholder letters is to get a crash course in running a high-growth internet business from someone who mastered it before any of the playbooks were written." That is the best description of Bezos's letters I have ever read. I just finished rereading these letters for the 4th or 5th time. With clear thinking and ferocious intelligence, Bezos provides a masterclass in building a customer-obsessed, enduring franchise. With relentless repetition Bezos teaches us about the importance of invention, risk-taking, wandering, differentiation, technology, judgement, high-standards, customer obsession, long-term orientation, and why value trumps everything.

Transcript

Click on a timestamp to play from that location

0:00.0

I will be in New York City on May 27th. I'm doing a live show. I will be interviewed by my friend Patrick O'Shaughnessy at Ramps Headquarters. This event is free to attend. I'll leave the link down below if you want to register. The link will be down on the show notes. I'm going to be doing several live events at Ramps headquarters over the next 12 to 24 months. So even if you can't make this one, make sure you register so you get notified for the next one.

0:23.9

The event, this event isn't reserved just for Ramp customers, but future events will be because

0:29.4

space is limited.

0:30.6

So if you aren't already running your business on Ramp, highly recommend that you do so.

0:34.6

I run my business on Ramp.

0:35.9

Most of the top founders and CEOs that I know do so as well.

0:39.1

There's actually an idea from Jeff Bezos' shareholder letters that I think is related to this

0:44.3

and really just good advice for anyone in business.

0:46.9

And it's Jeff's idea on the importance of heavily investing into new introductions for new customers.

0:54.8

As you're about to hear, Jeff was very adamant, very clear from day one that he was going

0:59.2

to build an enduring, long-lasting business.

1:01.5

He was not interested at all in building an undifferentiated commodity business.

1:05.9

He wanted to build something that delivered more value to customers than anyone else in the world.

1:11.4

And he believed that he could succeed at that goal better than anyone else.

1:15.8

And you'll hear in this episode that if you believed what Jeff believed,

1:19.2

then you would do what Jeff was doing.

1:22.3

And because Jeff believed he was building a winning system.

1:25.3

This is the way I think about it.

1:26.5

And if you're doing that, it makes a lot of sense to say this.

1:29.7

This is what Jeff wrote in one of his shareholder letters.

1:32.4

We will continue to invest heavily in introductions to new customers.

1:35.6

These are the early days of category formation

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