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.

There are multiple ways to be externally focused that are very successful. You can be customer-focused or competitor-focused. Some people are internally focused, and if they reach critical mass, they can tip the whole company.

If your customer base is aging with you, then eventually you are going to become obsolete or irrelevant. You need to be constantly figuring out who are your new customers and what are you doing to stay forever young.

If we can keep our competitors focused on us while we stay focused on the customer, ultimately we'll turn out all right.

If you're long-term oriented, customer interests and shareholder interests are aligned.

Focus relentlessly and passionately on the customer.