I don't buy stocks, I make stocks.

Any business plan won't survive its first encounter with reality. The reality will always be different. It will never be the plan.

I think one of the things people don't understand is we can build more shareholder value by lowering product prices than we can by trying to raise margins. It's a more patient approach, but we think it leads to a stronger, healthier company. It also serves customers much, much better.

We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can.

Above all else, align with customers. Win when they win. Win only when they win.

Our biggest cost is not power, or servers, or people. It's lack of utilization. It dominates all other costs.

Many of the traits that make Amazon unusual are now deeply ingrained in the culture. In fact, if I wanted to change them, I couldn't. The cultures are self-reinforcing, and that's a good thing.