The 20th anniversary edition of the shareholder letter, and my favorite of the collection of letters; I specifically love it for the section on communicating via a written narrative. More on that below. We first hear about Amazon being #1 in customer satisfaction 8 years in a row, and he gives a big 'thank you' to the 560k employees at Amazon. Jeff then goes on to talk about a trait he loves in customers — discontentment. But how does Amazon handle that? By having high standards. (I know, I thought he was going to say Customer Obsession too!)
Are high standards intrinsic or teachable? Are they universal or domain specific? What should the scope be? How do you recognize them? What skill does it take? Jeff answers each of these questions with a story about handstands.
Then we get to my favorite section: six-page narratives. This will change the way you work and formulate ideas! I've included all three paragraphs of this section below. Think about this the next time you need to communicate an idea, propose a change, or reflect on something.
He wraps up the letter with three pages of milestones from all across the business.