One of my recent pastimes is reading Amazon’s annual reports (because, who doesn’t like to do that at night?). One thing that’s struck me is that Bezos is this century’s Warren Buffett. He takes an extremely long view of things with a 21st century view and sticks to the basics – build a moat around the customer, relentlessly build this moat at all costs, cash flow comes first to fuel the business. Basically, protect and build the business at all costs.
The difference between Bezos and Buffett is in speed of execution and vision. Buffett buys separate great companies. Bezos IS the company that will eat all (until the next company comes along to eat him, which will also happen). Both are perfectly happy taking the long road and doing things against their own vision, and not playing along with Wall Street.
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