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 willingto invest on a seven-year time horizon, you're now competing against a fraction of those people... Just by lengthening the time horizon, you can engage in endeavors 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.

Invention is not enough. Tesla invented the electric power we use, but he struggled to get it out to people. You have to combine both things: invention and innovation focus, plus the company that can commercialize things and get them to people.

What characteristics do I look for when hiring somebody? That's one of the questions I ask when interviewing. I want to know what kind of people they would hire.

Our point of view is we will sell more if we help people make purchasing decisions.

The stores are an asset, and they have a great assortment in them and they're close to people. Being within 10 miles of 90% of America is a huge advantage, especially with fresh food at a good price. But we must also, if you think long-term and you think about what the company wants to accomplish, you must have a big and important first-party e-commerce business, and you must have a marketplace, and the things that go along with the marketplace.

Looking ahead, we will compete with technology, but win with people. We will be people-led and tech-empowered.