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Amazon.com
Acquired
The Shareholder Letters From Jeff Bezos and Joy Covey
Jeff Bezos' first letter to shareholders was published in 1997. The quote is from Joy Covey and Jeff is so incredibly prescient that he really is focused on the absolute dollars of free cash flow metric. I think there's this misconception that people have about Amazon that they're sort of trading off growth for margin percentage. And I don't think that's ever actually what was happening. People often look at startups today and they're like profitability or growth. In the long run, we care about free cash flow in the long run.
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