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            "recording_name": "jeff bezos",
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            "recording_transcription": "been lecturing hands meetings Amazon and 20 years ever since with them 21 years now in 1997 every it almost every hands meeting still look when stock up 30 percent in month feel 30 percent smarter because when stock down 30 percent month it's going feel good be killed 30 percent Dahmer and that's happens never spend any time thinking about daily stock price okay result going up 70 percent this year become wealthiest man in world it title that really want it that can assure never sought that title and it was fine being second wealthiest person in world that actually works fine and it's it day it would say it's people naturally curious about know it's interesting curiosity but it's would much rather said 'm know inventor Jeff bass score on from Georgia basis know father Jeff bass those kinds much more meaningful me and know it's output measured that look financial success Amazon in stock own 16 percent Amazon and it was once worth roughly $0 that means that built 20 years built $840000000000 wealth other people and that's great that's it should be know there believe powerfully in ability entrepreneurial capitalism and free markets solve many world's problems them but many them live in Washington state near can our outside Seattle now man who was richest man about 20 years name Bill Gates and likelihood that 2 richest man in world live only in same country on same state 'm in same city but in same neighborhood mean there in that neighborhood that should know about and there any there any more houses sale there after saw bill too long ago know were joking about world's richest man and basically said thank know said 're welcome and immediately turned me and said thank but dyna great little it's suburb Seattle and know think there's anything special in water there and did did locate Amazon in Seattle because Microsoft and thought that that big pool technical talent would provide good place recruit talented people from and that didn't turn out be true it's complete coincidence there correlation there go in store when want buy put credit card on say 'm days was and said that carry cash around think carry cash and credit cards and your credit show driver's license and know but ever credit card 've 've credit card denied say when use got know give him another credit card 'd say try this one made announcement that most significant philanthropic gift 've made in life it was about year ago said were wanted look good philanthropic ideas and got think 47000 them and review them and did decide where put this $2000000000 and would describe exactly 're gonna that process was very helpful know guys solicited ideas crowd sourced and got literally said 47000 maybe even little more okay in box most them came on social media and read through thousands and thousands them office correlated mall and put them into buckets and there were themes that emerged but other that's fascinating about actually long tailed it people interested in trying help world in many different ways lot people very interested homelessness including me lot people very interested in education kinds 'm very interested in early education and made know apple doesn't fall far from tree mother become in running bases family foundation become expert in band early education 'm student Montessori schools started Montessori when was 2 years old and teacher complained mother Montessori school teacher comparing whether that was task focused in that couldn't get me switch tasks would pick up chair and move me and way think that's ask people who work with me still probably true attached danger ever call sense and said was responsible your success 'm in touch with several high school elementary school teachers though but know any Montessori school teachers gift that 're giving sexually 're gonna pre school children who need pre school free tree full tuition preschool Montessori inspired 'm very excited about that because 'm going operate that that's going be operating nonprofit and 're gonna put them in low income neighborhoods know fact that kid falls behind and it's really really hard catch up and can give somebody leg up when 're 23 4 years old time get kindergarten first grade 're much less likely fall behind can still happen but really improve odds money spent there going page again dividends decades other part your gift will be give warlords out and that's gonna be more traditional grant making philanthropy there 'm going identify with help team identify and find that and fun and family homeless shelters and that will be viewed your speak said would give initial $2000000000 back add that it's day 1 everything 've ever done started small Amazon started with couple people and blue origin started with 5 people and budget doors was very very small now budget implored gins approaches $1000000000 year next 'll be more than $1000000000 in Amazon who literally was build today it's 0.5000000 people but it's hard remember guys me it's yesterday was driving packages post office myself and hoping one day could afford forklift and me 've seen small get big and it's part this day one mentality treating 're small on know damage on even though it large company want heart and spear small one and anyway that day one foundation going be that 'll 'll 'll and 'll wonder too very specific ideas want but believe in power wondering best decisions in business and in life been made with heart intuition guts know in analysis when can make decision with analysis should but it turns out in life that your most important decisions always made with instinct intuition taste heart and that's 'll with this 5 day one foundation fund customer going be child this this important because secret sauce Amazon with several principles and Amazon but number one that made us successful far obsessive compulsive focus on customer opposed obsession competitor and talk often other CEOs and other CEOs and also founders and entrepreneurs and can tell that even though 're talking about customers there really focusing on competitors in it huge advantage any company can stay focused on your customer instead your competitors identify who your customer wash impose example customer people who buy advertisements from us customer reader and in school who customers parents that teachers now it child and that's 're gonna 're gonna be obsessively compulsively focused on child 're gonna be scientifically Camby 're gonna use harden intuition when get when well when use your intuition make decisions where intuition leading now on your second headquarters can take moment acknowledge that that may be best segueing history interviewing seriously David that that amazing answer answer very simple will announce decision before end this year 've made tremendous progress team working **** off on it and will get there 'll be nice come on it's really dangerous demonized media it's dangerous call media low lifes it's dangerous say that 're enemy people and every time attack that 're eroding around edges skip was $7 based on court date chances fast and 'm on that one level very easy this scene near deadline was on account it 6601 shuttle that's moment in books 'm able this call in cash get fans that somehow it was that's estimates result me say think does mom freshman good intentions coffee judicial struck go on up but ever why did buy washing should background in that area convention that okay first was looking newspaper intention buying newspaper never thought about idea never occurred me it was never wasn't childhood dream knew nothing and friend don Graham good that time known 15 years know in 20 years now approach me through intermediary and want know 'd be interested in buying washing post and sent back word that would because didn't really know anything about newspapers and don overseers conversations convinced me that thought was important because inside washing post much talent that understands newspapers that wasn't problem was that needed was somebody who it understanding internet and that was first that's got started and and did soul searching and again decision making process this would be intuition analysis other financial situation Washington post that time this 2013 was very upside down problem was secular 1 internet was sister roading traditional advantages local newspapers them and said know this want get involved in 'm gonna it 'm going put heart into it and work into it and decided would only that really believed it was important institution and said myself this were financially upside down salty snack food company answer would be sister thinking about that way think that this important institution it newspaper in capital city most important country in world Washington Post incredibly important role play in this democracy there's doubt in mind and soon passed through gate only one more gate that go through before telling don and that was wanted look myself know be really open with myself and look in mirror and think about company and be that was optimistic that it could work because know were hopeless that would also be and would get involved in look that and was super optimistic than it needed be transition national and global publication there's one gift that internet brings newspapers and that free global distribution take advantage that gift and that's that that was basic strategy switch from business model where made lot money Kerr reader with relatively small number readers tiny bit money per reader on very large number readers and that's transition less 'm pleased report post profitable today newsrooms growing aspen every year since 've been there it's working and 'm proud team and know fact when 'm 80 years 's say was project myself age 80 but got older started 90 know one 'm 90 it's going be one 'm most proud that took on Washington post and help them through very rough transition when read buyer price was $250000000 go show know done asked him much wanted said 50 said fine and didn't negotiate with them did due diligence and would need done too 'd sell now that own washing clothes sometimes there people who criticize that washing house says and 've been remarkably question idea 're talking about well 've been remarkably quiet in defending your cell defend post it mistake any elected official in opinion think this very out opinion attack me media and journalists believe that it essential Chrissy ever been was gonna say never been elected official who headlines think probably public figure who ever headlights it's okay it's part process know it's it's 're president United States governor state take that job thinking 're gonna get scrutinized 're gonna get scrutinized and it's it's it's healthy and somebody very know president should say this this good 'm glad 'm being scrutinized and that that would be secure and confident but it's really dangerous demonized media it's dangerous call medium low lifes it's dangerous say that 're enemy people live in society where it's laws land protect us freedom press in constitution but but it's also social norms that protect us those will it works because believe those words on that piece paper and every time attack that 're eroding around edges now look want be dramatic robust in this country media going be fine 's talk about came situation where today grew up in Texas initially and from early age where pretty smart student and your teachers tell this know were good always been academically smart and that know it way older get realize many kinds smart there there lot kinda sorta kinds stupid but but there know people time who know would gotten pluses on know calculus exams but 're incredibly smart was very good student open move high school in Miami and were valedictorian her class and gave speech valedictorian saying thought should colonize space that did it was it was it was 1982 graduated from high school in 192 big public Miami palmetto scene go Panthers and there were 750 kids in graduating class and love high school much fun lost library privileges because laughed too loudly in library and where did get that laugh from know distinctive 've that laugh life there was short 're that there was multi year period where brother and sister would movie with me because thought it was too embarrassing me and but know why this laugh it's it's that laughed easily and often people who know me know mom anybody who knows well 'll say Jephson happy wait 5 minutes was packing boxes night on hands and knees and with somebody else and stand next me kneeling next me were packing and need need pass this killing knees and this guy packing along side said packing tables and was that's most brilliant idea 've ever heard 4 sets sets circled it big legal status on contact in force it's holds its usual could simply thank much social one several weeks get these useful service with lessons on graduated valedictorian decide go Princeton come decide go Princeton because want be there other cool physicist changed major very quickly elect glistening combined graduated summa **** laude graduate summa **** laude Phi beta Kappa Phi beta Kappa and went into highest calling mankind finance wish went New York City and end up working quantity hedge fund run brilliant man named David Shaw D. Sean co learned much from him used lot ideas and principles on H. R. in recruiting and people higher when started very very good well known hedge fund and your star there understand propelled say 'm quitting this 'm gonna start company selling books internet 'm gonna it from Seattle where that idea come from came across fact this 1994 nobody heard internet very very few people and came across fact that web World Wide Web was growing 20 300 percent year this night train foreign anything growing that fast even it's baseline usage today's tiny it's going fast gonna be big and look that and was there's got be should come up with business idea get know on internet and internet around this and can keep working on it and made list products that might solve minus sword shrinking them picked books because books super unusual in 1 respect which that 're more book items in book category than there items and other cat 3000000 different books active imprint around world any given time founding idea Amazon was build universal selection works biggest bookstores only 150000 titles and that's did and and know hired small team built built software moved Seattle me tell your parents 're gonna quit D. E. Shaw where 're successful making prism after minimum 8 and told your wife mackenzie that 're gonna move across country did say were immediately and reflexively supportive after asked question 's internet and does it but this know and know go on your with your love ones bet on them 're betting on idea 're 're betting on person and that was that and it's one those decisions made with heart head and basically said want regret when 'm 80 out 90 want help minimize number regrets that in life and most our regrets acts omission didn't try path and traveled those that haunt us and were telling me that go deliver books post office yourself still still delivers wasn't but was doing that years and said was packing boxes limonite on hands and knees them in first month was packing boxes hands and knees on hard cement floors and with somebody else and stand next me kneeling next me were packing and and said know need knee pads this killing knees and this guy packing along side said packing tables and was that's most brilliant idea 've ever heard and next day went and bought hacking tables it doubled our productivity think about it senior executive really get paid get paid make small number high quality 'll get it sell more than books that after books started selling music and started selling and videos and got smart and emailed 1000 randomly selected customers and ask them besides felt today would us in that answer came back incredibly long tailed way answered question was with were looking that moment slick ever one answers was wish sold windshield wiper blades because really need windshield wiper blades and thought myself can sell anything this way and and launched electronics and toys and many other categories time and vision became because read original business plan it's books your stock 1. think went $100 but went down 6 that peak internet bubble stock around $113 and after internet bubble up know busted open our stock went down 6 it went from 113 6 in less than year slight annual shareholder that 're starts with one word sentence and that one word since word ouch most those internet companies .com era her out business survive was that that made survive in virtually rest them gone it was period very interesting because stock company and company stock and watched stock fall from 113 6 was also watching our internal business metrics number customers profit per unit know everything can imagine fax except every single about business was getting better and fast and stock price was going wrong way everything inside company was going way and also was that didn't need go back capital markets didn't need more money deliveries and know financial bust internet bubble bursting it makes it really hard raise money but know already money needed need continue progress Wall Street kept saying well Amazon's that making any money getting customers where profits where profits on Wall Street beating up on that and your response was really care think Amazon was on know who would people always accuse us selling dollar bills 90 cents that's look anybody can that and grow revenues that's our doing always positive gross margins it's fixed cost business and could that from internal Metrix's that would certain volume level that would cover fixed costs and company would be profitable who came up idea prime prime seems be great way get money in advance people actually getting services whose 'd actually it's very interested many inventions inside team and love team inventing favorite tap dance into office love Amazon much from local origin washer post but it was on full time job and get invent get live 2 3 years in future and most invention there know somebody idea and other people improve idea and other people come up with objections why can never work and saw those objections and it's very it's very fun process 're always wonder could little programming and was actually junior software engineer came up with this idea little too program but this idea that could that offer people can eat buffet fast free shipping and modeled that know finance team and model that idea and that results were horrifying would offer unlimited shipping shipping expensive and that would be in customers love free shipping but could mean again back that use heart and intuition there be risk taking up instinct good decisions half read way it with group into her with great humility because way getting wrong isn't that bad this other windy when when make mistakes and 've made disease fire phone and many other that didn't work out can can look enough time me list our failed experiments but big winners pay thousands field experiments try prime and it was very expensive begin it cost us lot money because happens when offer free can eat buffet who shows up buffet first heavy eaters it's scary god did really say many problems can eat and and that happened but it but could trend lines can that know different kinds customers coming in appreciated that service watching around with your team and forth but meetings before 10:00 know get 8:00 hours sleep power points explain that why that okay many potter nor get up early go bed early get up early ponder in mornings read newspaper top coffee practicing kids before go school pondering time very important me and that's why said first meeting 10:00 high . Q. meetings before lunch anything that's going be really mentally challenging that's 10:00 meeting and caused 5:00 PM can't think about that today 's try this again tomorrow 10:00 and and on sleep get 8:00 hours sleep prioritize that less 'm traveling in different times and sometimes it's impossible but very focused on it and and in room me needed sleep think better more energy mood better these and think about it senior executive really get paid senior executive get paid make small number high quality decisions your your job make thousands decisions every day that really worth it quality this decisions might be lower because 're tired grouchy any number out it's different it's start up company mean know 're really know when there was always 100 people out different story but but Amazon's ought start company in our senior executives operate same way work in future that live in future none people who report me should really be focused on current quarter always tell people that's good will good quarterly conference call and and well will our quarterly results and 'll get people stop me and say congratulations cornered say thank but 'm really thinking that quarter was big 3 years ago now 'm working on quarter this going reveal itself in 2021 time and that's need be doing in know 2 3 years in advance and and why need make 100 decisions today make 3 good decisions day that's enough and should be high high quality can make them 1 other companies started within your company Amazon web services and business miracle happened this never happens this greatest piece business lock in history business far know face know minded competition 7 years when buy Amazon ever get wrong orders anything wrong call up and complain any problem because rooms on hopefully local in this user one person your services your account even this room Amazon customer me afterwards and 'll and 'll walk through it it's it get get problems sometimes and and treat them same way treat problem that would get from customized email addresses famous and keep it and read it it's Jeff Amazon.com every email that get anymore because get too many but lot them and use curiosity pick out certain email 'll get one from customer and there's defect and 've done wrong that's usually people writing us always but usually writings because screwed up order somehow and look this and reason it's it's seems little odd about that one and asked team case study and and find real root cause causes it usually causes real root causes and real route fixes that when fix it 're fixing it that one customer 're fixing it every customer and that process gigantic part sultry Meyer field order bad customer experience treated that revolutionize retailers say but now 're in bricks and mortar business bought foods out was theory behind buying that doesn't sell internet 're very interested in physical stores and 've been asked years ever opened mistress literally 20 years it question always say but only when differentiated ought differentiated offerings 's me because that space physical stores well served offer me too product offering it's gonna work 're it's also 're very good that most 've tried dabbling in that's me service tend get beating it doesn't work 're 're our culture much better pioneering inventing and that's different and that's Ms lingo completely different Amazon bookstore completely different and ideas about merge prime in foods make that those still rolling out seen them yet but make use Amazon prime make foods very different shared experience and 're gonna be able take our resources our technical technological know and expand foods mission great mission which bring nourishing food everybody organic nourishing food everybody and but know lot bring table in terms resources but also in terms operational excellence in terms technology know one other companies started within your company which technologically superior got Amazon web services where that idea come from WS started it Arnau long time ago now 15 years ago and and worked on it behind scenes long time and finally launched it become very large company and it would be any US completely reinvented way that companies computation than business miracle happened this never happens this greatest piece business lock in history business far know face know minded competition 7 years it's unbelievable and 'd 'll give when launched Amazon.com in 1995 Barnes and noble large Barnes noble.com in 1997 2 years that's very clap that's very typical invent new launched candle Barnes and noble lunch look 2 years later launched echo Google law school home 2 years later when pioneer 're lucky get 2 year head start nobody gets 7 year head start and that was incredible because and think it was confluence think that big established enterprise software companies did Amazon credible enterprise software company and this long runway build this incredible will feature rich and it's far ahead other products and services available this work today but worry that US government might come along ready 're being government regulatory think it come in impair your business well 'm 's 's couple get asked this question frequently and it was original question now sorry that rights please hold while finally can screen freezing it jumped this it's jumping it's freezing after close third proximity 3537 minutes said",
            "recording_transcription_org": "I have I have been lecturing they have all hands meetings at Amazon and for 20 years ever since with them for 21 years now in 1997 every it almost every all hands meeting I still look when the stock is up 30 percent in a month don't feel 30 percent smarter because when the stock is down 30 percent a month it's not going to feel so good to be killed 30 percent Dahmer and that's what happens never spend any time thinking about the daily stock price I don't okay so as a result of going up 70 percent this year you have become the wealthiest man in the world it is at a title that you really want it or not I have is that I can assure you I have never sought that title and it was fine being the second wealthiest person in the world that actually works fine and it's not it is a day it I I would say it's something people naturally are curious about you know it's a kind of an interesting curiosity but it's not the thing I would much rather if they said like I'm you know inventor Jeff bass score on from Georgia basis or you know father Jeff bass of those kinds of things are much more meaningful to me and the the you know the it's an output measured that you look at the financial success of Amazon in the the stock I own 16 percent of Amazon and it was once worth roughly $0 that means that what we have built over 20 years we have built $840000000000 of wealth for other people and that's great that's how it should be you know there I believe so powerfully in the ability of entrepreneurial capitalism and free markets to solve so many of the world's problems not all of them but so many of them so you live in Washington state near can see our outside of Seattle now the man who was the richest man for about 20 years his name Bill Gates and what is the likelihood that the 2 richest man in the world live not only in the same country not on the same state I'm in the same city but in the same neighborhood I mean is there something in that neighborhood that we should know about and are there any are there any more houses for sale there after I saw the bill not not too long ago you know we were joking about the world's richest man thing and I I basically said thank you know I said you're welcome and he immediately turned to me and said thank you but no the the dyna is a great little the it's a suburb of Seattle and you know I don't think there's anything special in the water there and I did I did locate Amazon in Seattle because of Microsoft and thought that that big pool technical talent would provide a good place to recruit talented people from and that didn't turn out to be true so it's not a complete coincidence there is some correlation there you go in the store when you want to buy something you have to put a credit card on you to say I'm just days I was and they said that you have to carry cash around I think I do carry cash and I have a I have credit cards and if your credit I have to show my driver's license and you know but do you ever had a credit card I I have I've I've had my credit card denied so what do you say when they use I got to know I give him another credit card I'd say here try this one so you made an announcement that he is the most significant philanthropic gift you've made in their life it was a about a year ago you said you were wanted to look for some good philanthropic ideas and you got I think 47000 of them and you review them and how did you decide where to put this $2000000000 and would you describe exactly what you're gonna do that process was very helpful so I know you guys solicited ideas kind of crowd sourced and I got literally as you said something like 47000 maybe even a little more so okay to my in box most of them came on social media and I read through thousands and thousands of them my office kind of correlated the mall and put them into buckets and there were some themes that emerged at but the other thing that's fascinating about the kind of actually so you see just how long tailed it is people are interested in trying to help the world in so many different ways a lot of people are very interested homelessness including me a lot of people are very interested in education of all kinds I'm very interested in early education and I made the you know the apple doesn't fall far from the tree my mother has become in running the bases family foundation she has become an expert in band early education I'm a student of Montessori schools I started Montessori when I was 2 years old and the the the teacher complained to my mother the Montessori school teacher comparing whether that I was to task focused in that she couldn't get me to switch tasks so she would have to just pick up my chair and move me and by the way I think that's if you ask the people who work with me still probably true attached to the danger ever call you sense and said she was responsible for your success no I'm in touch with several of my high school elementary school teachers though but I don't know any of my Montessori school teachers so the gift that you're giving sexually you're gonna have some for pre school for children who need pre school free tree for full tuition preschool Montessori inspired I'm very excited about that because I'm going to operate that that's going to be an operating nonprofit and we're gonna put them in low income neighborhoods we know for a fact that if a kid falls behind and it's really really hard to catch up and see if you can give somebody a leg up when they're 23 or 4 years old by the time they get to kindergarten or first grade they're much less likely to fall behind you can still happen but you really improve their odds the money spent there is going to page again if dividends for decades the other part of your gift will be to give warlords out to yes and that's gonna be more traditional grant making philanthropy so there I'm going to identify with the help of a team identify and find that and fun and family homeless shelters and that will be viewed your speak said you would give an initial $2000000000 yes back to add to that it's a day 1 everything I've ever done has started small Amazon started with a couple of people and blue origin started with 5 people and so the the budget of doors was very very small now the budget implored gins approaches $1000000000 a year next you'll be more than $1000000000 in Amazon who literally was to build today it's 0.5000000 people but you you it's hard to remember for you guys to for me it's like yesterday I was driving the packages to the post office myself and hoping one day we could afford a forklift and so so for me I've seen small things get big and it's part of this day one mentality I like treating things is if if they're small on you know the damage on even though it is a large company want to have the heart and spear of a small one and the then so anyway that the day one foundation is going to be like that we'll we'll we'll and we'll wonder a little bit too so I we have some very specific ideas what we want to do but I believe in the power of wondering all of my best decisions in business and in life have been made with heart intuition guts you know not not in analysis when you can make a decision with analysis you should do so but it turns out in life that your most important decisions are always made with instinct intuition taste heart and that's what we'll do with this 5 day one foundation to fund the customer is going to be the child this is this is so important because the secret sauce of Amazon with their several principles and Amazon but the number one thing that has made us successful by far is obsessive compulsive focus on the customer as opposed to obsession over the competitor and I talk so often to other CEOs and some other CEOs and also founders and entrepreneurs and I can tell that even though they're talking about customers there really focusing on competitors in it is a huge advantage to any company if you can stay focused on your customer instead of your competitors so they have to identify who is your customer so the wash impose for example is the customer the people who buy advertisements from us no the customer is the reader and in the school who are the customers is the parents is that the teachers now it is the child and that's what we're gonna do we're gonna be obsessively compulsively focused on the child we're gonna be scientifically Camby we're gonna use harden intuition when we get when we well when you use your intuition make decisions where is they intuition leading you now on your second headquarters can we just take a moment to acknowledge that that may be the best segueing the history of interviewing seriously David so that is that is all right amazing answer is the answer is very simple we we will announce a decision before the end of this year so we've made tremendous progress the team is working their **** off on it and we will get there no no I'll be nice come on it's really dangerous to demonized media it's dangerous to call the media low lifes it's dangerous to say that they're the enemy of the people and every time you attack that you're eroding a little bit around the edges skip was $7 based on the court date the chances fast and see if I'm on that one the level is very easy this scene near the deadline was on the account it is 6601 shuttle that's a moment in the books I'm able to this call in a cash to get fans that somehow it was that's what my estimates as a result for me say what if you don't think she does have a mom to are you a freshman has good intentions coffee judicial struck a go on up but don't we ever so or why did you buy the washing how should no background in that area what what convention to do that okay first so I was not looking for a newspaper I had no intention of buying newspaper had never thought about the idea never occurred to me it was never something wasn't like a childhood dream knew nothing and my friend don Graham good that time I had known 15 years I know in 20 years now he approach me through an intermediary and want to know if I'd be interested in buying the washing post and I sent back word that I would not because I didn't really know anything about newspapers and don overseers of conversations convinced me that I thought was an important because we had inside the washing post we have so much talent that understands newspapers that wasn't what the problem was that they needed was somebody who had it understanding of the internet and so so that was the first thing that's kind of how I got started and then I and so I did some soul searching and again my decision making process something this would definitely be intuition analysis the other the financial situation of the Washington post at that time this is 2013 was very upside down the problem was a secular 1 the internet was sister roading all of the traditional advantages the local newspapers at all of them and I said you know is this something I want to get involved in if I'm gonna do it I'm going to put some heart into it and some work into it and I decided I would only do that if I really believed it was an important institution and I said to myself if this were an financially upside down salty snack food company the answer would be no sister thinking about that way I think that this is an important institution it is the newspaper in the capital city of the most important country in the world The Washington Post has an incredibly important role to play in this democracy there's just no doubt in my mind and so as soon as I had passed through the gate I only had one more gate that I had to go through before telling don yes and that was I wanted to look myself you know be really open with myself and look in a mirror and sort of think about the company and be sure that I was optimistic that it could work because you know if we were hopeless that would also be and not something I would get involved in a look at that and I was super optimistic than it needed to be transition to a national and global publication there's one gift that the internet brings newspapers and that is free global distribution so we had to take advantage of that gift and that's that that was the basic strategy we had to switch from a business model where we made a lot of money Kerr reader with a relatively small number readers to little bit tiny bit of money per reader on a very large number of readers and that's the transition we do less at the I'm pleased to report to the post is profitable today the newsrooms growing aspen every year since I've been there it's working and I'm so proud of the team and I know for a fact when I'm 80 years let's say I was project myself for to age 80 but as I got older I started to 90 so I know the one I'm 90 it's going to be one of the things I'm most proud of is that I took on the Washington post and help them through a very rough transition so when you read the buyer price was $250000000 you to go show you know done I asked him how much he wanted he said to 50 I said fine and didn't negotiate with them I did no due diligence and I would need to have done he too I have something I'd like you to sell now that you own the washing clothes sometimes there are some people who criticize some things that the washing house says and you've been remarkably question I I have no idea what you're talking about well you've been remarkably quiet in not defending your cell I do defend the post it is a mistake for any elected official in my opinion I don't think this is a very out their opinion to attack me media and journalists I believe that it is essential Chrissy ever been I was gonna say never been elected official who like their headlines I think is probably the no no public figure who is ever like their headlights it's okay it's part of the process you know it's it's if you're the president United States or a governor of a state or whatever you do don't take that job thinking you're not gonna get scrutinized you're gonna get scrutinized and it's it's it's healthy and somebody very you know what what what what the president should say is this is right this is good I'm glad I'm being scrutinized and that that would be so secure and confident but it's really dangerous to demonized the media it's dangerous to call a medium low lifes it's dangerous to say that they're the enemy of the people we live in a society where it's not just the laws of the land the protect us we do have freedom of press in the constitution we but what what we do but it's also the social norms that protect us those we we will it works because we believe those words on that piece of paper and every time you attack that you're eroding a little bit around the edges now look I don't want to be dramatic here we are so robust in this country the media is going to be fine let's talk about how you came to the situation where you are today so you grew up in Texas initially yes and from early age where you are pretty smart student and your teachers tell you this you know you were good I have always been academically smart and that you know how it by the way the older I get I realize how many kinds of smart there are there a lot of kinda sorta what kinds of stupid to but but there are you know I see people all the time who I know they would have gotten a pluses on you know their calculus exams but they're incredibly smart yes I was a very good student right so you open the move to to high school in Miami and then you were valedictorian of her class and then you gave a speech as the valedictorian saying you thought we should colonize space or something like that I did it was it was it was 1982 I graduated from high school in 192 big public I so Miami palmetto scene I go Panthers and there were 750 kids in my graduating class and I love high school I had so much fun we had like I lost my library privileges because I laughed too loudly in the library and where did you get that laugh from you know what is distinctive I've had that laugh all my life there was a short they're not that sure there was a multi year period where my brother and sister would not see a movie with me because I thought it was too embarrassing me and my but I don't know why I have this laugh it's just it's just that I laughed easily and often the people who know me you know yes my mom or anybody who knows you well they'll say Jephson happy wait 5 minutes I was packing boxes of my night on my hands and knees and with somebody else and stand next to me kneeling next to me were packing and no we need we need pass this is killing my knees and this guy packing along side he said we packing tables and I was like that's the most brilliant idea I've ever heard 4 sets what sets circled it is like a big legal status on a contact in the force it's what holds its usual could simply not thank you so much social is one of several weeks to get all these useful service with lessons on a I graduated as valedictorian you decide to go to Princeton how come you decide to go to Princeton because I want to be is there other cool physicist by changed my major very quickly to elect glistening a combined graduated summa **** laude graduate summa **** laude Phi beta Kappa Phi beta Kappa and then you went into the highest calling of mankind finance yes I wish I went to New York City and I end up working at a quantity of hedge fund run by a brilliant man named David Shaw D. Sean co I learned so much from him I used a lot of his ideas and principles on things like H. R. in recruiting and what kind of people to higher when I started very very good well known hedge fund and your star there as I understand what propelled you to say I'm quitting this I'm gonna start a company selling books over the internet I'm gonna do it from Seattle where that idea come from I came across the fact this is 1994 nobody has heard of the internet very very few people and I came across the fact that the web World Wide Web was growing at something like 20 300 percent a year this is the night train foreign anything growing that fast is even if it's baseline usage today's tiny it's going so fast is gonna be big and so I look at that and I was like there's got to be if I should come up with a business idea then they get you know on the internet and then let the internet around this and we can keep working on it and so I made a list of products that I might solve minus sword for shrinking them I picked books because books is super unusual in 1 respect which is that they're more book items in the book category than there are items and the other cat or the 3000000 different books active an imprint around the world any given time so my my the founding idea of Amazon was to build universal selection of works the biggest bookstores only had 150000 titles and so that's what I did a I and and I you know I hired a small team we built we built software I moved to Seattle me tell your parents you're gonna quit D. E. Shaw where you're successful making prism after minimum 8 and you told your wife mackenzie that you're gonna move across the country what did they all say they were immediately and reflexively supportive right after they asked the question what's the internet and so does it but this is right you know and you know you go on your with your love ones you you you bet on them you're not betting on the idea you're you're so you you are betting on the person and that was that and it's one of those decisions they made with my heart to not my head and I basically said I don't want to regret I don't when I'm 80 out 90 I have I want to help minimize the number of regrets that I have in my life and most of our regrets are acts of omission the things we didn't try is the path and traveled those are the things that haunt us and you were telling me that you had to go deliver the books for the post office yourself I still I I don't still delivers wasn't but I was doing that for years and I said I was packing boxes limonite on my hands and knees them in the first month I was packing boxes of my hands and knees on the hard cement floors and with somebody else and stand next to me kneeling next to me were packing and and I said you know we need knee pads this is killing my knees and this guy packing along side he said we packing tables and I was like that's the most brilliant idea I've ever heard and the next day I went and bought hacking tables it like doubled our productivity think about it as a senior executive what do you really get paid to do you get paid to make a small number of high quality I'll get it sell things more than books that after books we started selling music and then we started selling and videos and then I got smart and I I emailed 1000 randomly selected customers and ask them besides the things we felt today what would you like to see us all in that the answer came back incredibly long tailed the way they answered the question was with whatever they were looking for that moment slick ever one of the answers was I wish you sold windshield wiper blades because I really need windshield wiper blades and I thought to myself we can sell anything this way and and then so then we launched electronics and toys and many other categories over time and the the vision became because you read the original business plan it's just books your stock at 1.I think went $100 but then I went down to 6 or something like that at the peak of the internet bubble or stock some around $113 and then after the internet bubble up you know busted open our stock went down to 6 it went from 113 to 6 in less than a year slight annual shareholder that you're starts with a one word sentence and that one word since is the word ouch so most of those internet companies of the.com era her out of business you survive what was that that made you to survive in virtually the rest of them are gone it was for the whole period is very interesting because the stock is not the company and the company is not the stock and so as I watched the stock fall from 113 to 6 I was also watching all of our internal business metrics number of customers profit per unit you know everything you can imagine the fax except for every single thing about the business was getting better and fast and so as the stock price was going the wrong way everything inside the company was going the right way and also I was that we didn't need to go back capital markets we didn't need more money deliveries and you know the financial bust like the internet bubble bursting is it makes it really hard to raise money but you know we already had the money we needed so we just need to continue to progress Wall Street kept saying well Amazon's that making any money they just getting customers to where the profits where the profits on Wall Street had beating you up on that and your response was I don't really care what you think Amazon was on you know who would people always accuse us of selling dollar bills for 90 cents that's a look anybody can do that and grow revenues that's our doing we always had positive gross margins it's a fixed cost business and so what I could see is that from the internal Metrix's that would at a certain volume level that we would cover are fixed costs and the company would be profitable so who came up to the idea prime prime seems to be a great way to get money in advance of people actually getting the services whose I'd actually it's very interested so like many inventions inside of a team and I love team inventing is my favorite thing so I tap dance into the office I love Amazon or I have so much from their local origin of the washer post but it was on is my full time job and I get to invent I get to live 2 to 3 years in the future and most of the invention we do there is you know if somebody has an idea and then other people improve the idea and other people come up with objections why can never work and we saw those objections and it's a very it's a very fun process we're always wonder what could a little to programming and then I I was actually kind of a junior software engineer came up with this idea not as a little too program but this idea that we could that offer people kind of an all you can eat buffet of fast free shipping and we we modeled that so then you know the finance team and model that idea and that the results were horrifying we would offer unlimited shipping shipping is expensive and that we would be in customers love free shipping but we could see I mean again back to that you have to use heart and intuition there has to be risk taking you up to instinct all the good decisions half read the way you do it with the group into her with great humility because by the way getting wrong isn't that bad this other thing windy when when we make mistakes and we've made disease like the fire phone and many other things that just didn't work out I can I can look we don't have enough time for me to list all of our failed experiments but the big winners pay for thousands of field experiments so you try something like prime and it was very expensive to begin it cost us a lot of money because what happens when you offer a free all you can eat buffet who shows up to the buffet first the heavy eaters it's scary like all my god did I really say as many problems as you can eat and and so that is what happened but it sure is but surely we could see the trend lines we can see that you know the different all kinds of customers are coming in the appreciated that service you watching around with your team and so forth but you don't like meetings before 10:00 AM know you like to get 8:00 hours of sleep yes don't like power points explain all that why is that okay many so I I like to potter nor I get up early go to bed early I get up early like to ponder in the mornings I like to read the newspaper like top coffee like to have practicing my kids before they go to school so I have my kind of pondering time is very important to me and so that's why I said my first meeting for 10:00 to my high I. Q. meetings before lunch like anything that's going to be really mentally challenging that's a 10:00 meeting and caused by 5:00 PM like I can't think about that today let's try this again tomorrow at 10:00 AM and and so then on sleep I get 8:00 hours sleep by prioritize that less I'm traveling in different times and sometimes it's impossible but I am very focused on it and and in the room for me I needed or sleep I think better I have more energy my mood is better all these things and think about it as a senior executive what do you really get paid to do as a senior executive you get paid to make a small number of high quality decisions your your job is not to make thousands of decisions every day is that really worth it if the quality of this decisions might be lower because you're tired or grouchy or any number of things out it's different if it's a start up company I mean you know you're really you know when there was always 100 people out to different story but but Amazon's ought to start a company in an all of our senior executives operate the same way I do they they work in the future that live in the future none of the people who report to me should really be focused on the current quarter I always tell people so that's a good you will have a a good quarterly conference call or something and and well she will like our quarterly results and I'll get people stop me and say congratulations are cornered I say thank you but what I'm really thinking is that quarter was a big 3 years ago I right now I'm working on a quarter this going to reveal itself in 2021 some time and that's what you need to be doing in the sort of you know 2 or 3 years in advance and if you are and then why do I need to make 100 decisions today if I make like 3 good decisions a day that's enough and they should just be high as high quality as I can make them 1 of the other companies you started within your company has Amazon web services and business miracle happened this never happens this is like the greatest piece of business lock in the history of business so far as I know face to know like minded competition for 7 years when you buy over the Amazon do you ever get the wrong orders anything wrong you what do you do you call up and complain or you don't have any problem so I I I I am I am because rooms on hopefully local you in this user one person for your services your account even this room is not an Amazon customer see me right afterwards and I'll and I'll walk you through it it's it I I get I get I have problems sometimes and I and I treat them like the same way to treat a problem that I would get from customized email addresses famous and I keep it and I read it it's Jeff at Amazon.com I don't see every email that I get anymore because they get too many but I see a lot of them and I use my curiosity to pick out certain email so I'll get one from a customer and there's a defect and we've done something wrong that's the usually people are writing us not always but usually the writings because we screwed up the order somehow and I am so look at this and for some reason it's it's something seems a little odd about that one and so I asked the team to do a case study and and find real root cause or causes it usually causes real root causes and then real route fixes so that when you fix it you're not fixing it for that one customer you're fixing it for every customer and that process is gigantic part of what we do sultry Meyer if I have a field order or some bad customer experience treated just like that you revolutionize retailers I say but now you're in the bricks and mortar business you bought all whole foods out was the theory behind buying something that doesn't sell things over the internet we're very interested in physical stores and we haven't I've been asked for years we ever opened his mistress literally 20 years of it as a question I always say yes but only when we have a differentiated ought differentiated offerings something's not me to because that space physical stores so well served if we offer a me too product offering it's not gonna work we're it's also just we're not very good at that most of the whatever we've tried dabbling in something that's a me to service we tend to get beating it doesn't work we're we're our culture is much better pioneering inventing and so we have to have something that's different and that's what Ms lingo is completely different the Amazon bookstore completely different and we have ideas about how to merge prime in whole foods to make that those are still rolling out you haven't seen them yet but to make to use Amazon prime to make whole foods very different shared experience and so what we're gonna be able to do is take some of our resources some of our technical technological know how and then expand the whole foods mission have a great mission which is to bring nourishing food everybody organic nourishing food everybody and but you know we have a lot to bring to the table in terms of resources but also in terms of operational excellence in terms of technology know how how one of the other companies you started within your company which is technologically superior got his Amazon web services where that idea come from a WS we started it Arnau a long time ago now 15 years ago and and worked on it behind the scenes for a long time and then finally launched it is become a very large company the and it would be any of US we completely reinvented the way that companies by computation than a business miracle happened this never happens this is like the greatest piece of business lock in the history of business so far as I know we face to know like minded competition for 7 years it's unbelievable and we'd like I'll give you like when I launched Amazon.com in 1995 Barnes and noble large Barnes noble.com in 1997 2 years that's very clap that's very typical if you invent something new we launched candle Barnes and noble lunch look 2 years later we launched echo Google law school home 2 years later when you pioneer if you're lucky you get a 2 year head start nobody gets a 7 year head start and so that was an incredible because and I think it was a whole confluence of things I think that the big established enterprise software companies did not see Amazon as a credible enterprise software company and so we had this long runway to build this incredible will feature rich and it's just so far ahead of all the other products and services available to do this work today but you worry that the US government might come along ready you're being government some regulatory think it come in impair your business well I'm not here's here's what I have I have a couple I get asked this question frequently and it was an original question now sorry you do do that all rights as you please hold while finally as you can see here the screen is freezing is he not it just jumped to this it's jumping it's freezing after a close third have proximity 3537 minutes sure he said 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