If You Have A Business

We've Done Price Elasticity Studies, And The Answer Is Always That We Should Raise Prices. We Don't Do That, Because We Believe -- And We Have To Take This As An Article Of Faith -- That By Keeping Our Prices Very, Very Low, We Earn Trust With Customers Over Time, And That That Actually Does Maximize Free Cash Flow Over The Long Term.

If Everything You Do Needs To Work On A Three-year Time Horizon, Then You’re Competing Against A Lot Of People, But If You’re Willing To Invest On A Seven-year Time Horizon, You’re Now Competing Against A Fraction Of Those People, Because Very Few Companies Are Willing To Do That. Just By Lengthening The Time Horizon, You Can Engage In Endeavours That You Could Never Otherwise Pursue. At Amazon We Like Things To Work In Five To Seven Years. We’re Willing To Plant Seeds, Let Them Grow—and We’re Very Stubborn. We Say We’re Stubborn On Vision And Flexible On Details.

If You Are Going To Do Large-scale Invention, You Have To Be Willing To Do Three Things: You Must Be Willing To Fail; You Have To Be Willing To Think Long Term; And You Have To Be Willing To Be Misunderstood For Long Periods Of Time.

Lowering Prices Is Easy. Being Able To Afford To Lower Prices Is Hard.

When [competitors Are] In The Shower In The Morning, They're Thinking About How They're Going To Get Ahead Of One Of Their Top Competitors. Here In The Shower, We're Thinking About How We Are Going To Invent Something On Behalf Of A Customer.