If you're going to invest in an Internet stock, you must be a long-term investor.

We also have no incentive compensation of any kind. And the reason we don’t is because it is detrimental to teamwork.

What I want to talk to you about today is the difference between gifts and choices. Cleverness is a gift, kindness is a choice. Gifts are easy - they’re given after all. Choices can be hard. You can seduce yourself with your gifts if you’re not careful, and if you do, it’ll probably be to the detriment of your choices.

The framework I found which made the decision incredibly easy was what I called — which only a nerd would call — a “regret minimization framework.” So, I wanted to project myself forward to age 80 and say, “Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.”

Ebooks had to happen.

Not the outcome any of us wanted.

What we want to be is something completely new. There is no physical analog for what Amazon.com is becoming.