May 2019
Intermediate to advanced
272 pages
6h 39m
English

Life is like accounting. Everything must be balanced.
—Anonymous
Amazon’s annual letters to shareholders are always instructional. Jeff Bezos has used these letters as a superb megaphone for his views on what it takes to innovate. The 2014 letter was one of the more sanguine. It addressed accounting and the fact that free cash flow would be the financial measure for which Amazon optimized.
“Our ultimate financial measure, and the one we most want to drive over the long term, is free cash flow per share,” Bezos wrote. “Why not focus first and foremost, as many do, on earnings, earnings per ...
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