Tomasz Tunguz - Bezos' Shareholder Letter in 2000
Tomasz TunguzVenture Capitalist at Redpoint If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. Bezos' Shareholder Letter in 2000
Jeff Bezos wrote this to start his annual shareholder letter in the year 2000. But he might have written it today. Amazon stock reached an all time high of $5.33 before falling to $0.298. Bezos continued:
Startups feel this way today. Company performance exceeds employee expectations, yet the market values the company less than two quarters ago. The more I’ve studied and tried to understand or predict market forces, the deeper my respect for the complexity behind the innumerable forces forming the market. AMZN shares would touch their next all-time-high in 2022 at $186.57, before falling more than 40%. Throughout those 15 years, Amazon constructed a monolith heavier and more valuable than almost every other business in the world, despite the vacillations on Wall Street. I admire Amazon’s steadfastness to their principles throughout. Just as important, Amazon managed their finances well.
Before the dotcom crash, Amazon grew at 68% and generated a -$1.4b net income loss. Two years later, the company would re-accelerate growth from 13% to 26%, and again to 34%, while driving to profitability and increasing their cash position from $540m to $738m. A remarkable accomplishment in the most unforgiving capital markets environment the company had seen. All this took patience: Amazon’s share price exceeded the dot-com high Oct 23, 2009, a decade later. Ten years after that, the company’s value had compounded 20x. Amazon’s journey exemplifies the long-term rewards of prudence and patience in difficult times. |
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