If you make customers unhappy in the physical world, they might each tell 6 friends. If you make customers unhappy on the Internet,they can each tell 6,000 friends.

What's good for customers is good for shareholders.

Most big technology companies are competitor focused. They see what others are doing, and then work to fast follow. In contrast, 90 to 95 percent of what we build in AWS is driven by what customers tell us they want.

I constantly remind our employees to be afraid, to wake up every morning terrified. Not of our competition, but of our customers.

It's not easy to work here, but we are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about.

Our judgment is that relentlessly returning efficiency improvements and scale economies to customers in the form of lower prices creates a virtuous cycle that leads over the long term to a much larger dollar amount of free cash flow, and thereby to a much more valuable Amazon.com.