1997 – It’s Day 1

The 1997 letter is arguably the most important shareholder letter. Jeff postulates the concept of Day 1 and how Amazon is focused on the long term. This letter has been included as an appendix to every subsequent shareholder letter.

Reading this letter today, in 2019, it’s awesome to see how many of the current Leadership Principles are woven into this letter from the start, despite their lack of existence at the time.

“We will continue to measure our programs and the effectiveness of our investments analytically, to jettison those that do not provide acceptable returns, and to step up our investment in those that work best. We will continue to learn from both our successes and our failures.” — Jeff Bezos