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  • Zach Pfeffer

Links to all of Jeff Bezos' Letters to Shareholders: 1997 - 2018

Lists links to every shareholder letter Jeff Bezos has written. Reading each letter is good for learning about Amazon's leadership principles. The leadership principles are summarized here:


Released 2019-04-11 | 2018 Letter to Shareholders: (note: you can just change the year in this link to get the previous letters)

Released 2018-04-18 | 2017 Letter to Shareholders:

Released 2017-04-12 | 2016 Letter to Shareholders:

Released 2016-04-06 | 2015 Letter to Shareholders:

Released 2015-04-24 | 2014 Letter to Shareholders:

Released 2014-04-10 | 2013 Letter to Shareholders:

Released 2013-04-12 | 2012 Letter to Shareholders:

Released 2012-04-13 | 2011 Letter to Shareholders:

Released 2011-04-28 | 2010 Letter to Shareholders:

Released 2010-04-14 | 2009 Letter to Shareholders:

Released 2009-04-17 | 2008 Letter to Shareholders:

Released 2008-04-18 | 2007 Letter to Shareholders:

Released 2007-04-30 | 2006 Letter to Shareholders:

Released 2006-04-21 | 2005 Letter to Shareholders:

Released 2005-04-05 | 2004 Letter to Shareholders:

Released 2004-04-13 | 2003 Letter to Shareholders:

Released 2003-04-11 | 2002 Letter to Shareholders:

Released 2002-04-18 | 2001 Letter to Shareholders:

Released 2001-04-13 | 2000 Letter to Shareholders:

Released 2000-03-05 | 1999 Letter to Shareholders:

Released 1999-03-05 | 1998 Letter to Shareholders:

Released 1998-03-30 | 1997 Letter to Shareholders:

Copy of the Leadership Principals From: Customer Obsession Leaders start with the customer and work backwards. They work vigorously to earn and keep customer trust. Although leaders pay attention to competitors, they obsess over customers. Ownership Leaders are owners. They think long term and don’t sacrifice long-term value for short-term results. They act on behalf of the entire company, beyond just their own team. They never say “that’s not my job". Invent and Simplify Leaders expect and require innovation and invention from their teams and always find ways to simplify. They are externally aware, look for new ideas from everywhere, and are not limited by “not invented here". As we do new things, we accept that we may be misunderstood for long periods of time. Are Right, A Lot Leaders are right a lot. They have strong judgment and good instincts. They seek diverse perspectives and work to disconfirm their beliefs. Learn and Be Curious Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them. Hire and Develop the Best Leaders raise the performance bar with every hire and promotion. They recognize exceptional talent, and willingly move them throughout the organization. Leaders develop leaders and take seriously their role in coaching others. We work on behalf of our people to invent mechanisms for development like Career Choice.

Insist on the Highest Standards

Leaders have relentlessly high standards - many people may think these standards are unreasonably high. Leaders are continually raising the bar and driving their teams to deliver high quality products, services and processes. Leaders ensure that defects do not get sent down the line and that problems are fixed so they stay fixed. Think Big Thinking small is a self-fulfilling prophecy. Leaders create and communicate a bold direction that inspires results. They think differently and look around corners for ways to serve customers. Bias for Action Speed matters in business. Many decisions and actions are reversible and do not need extensive study. We value calculated risk taking. Frugality Accomplish more with less. Constraints breed resourcefulness, self-sufficiency and invention. There are no extra points for growing headcount, budget size or fixed expense. Earn Trust Leaders listen attentively, speak candidly, and treat others respectfully. They are vocally self-critical, even when doing so is awkward or embarrassing. Leaders do not believe their or their team’s body odor smells of perfume. They benchmark themselves and their teams against the best. Dive Deep Leaders operate at all levels, stay connected to the details, audit frequently, and are skeptical when metrics and anecdote differ. No task is beneath them. Have Backbone; Disagree and Commit Leaders are obligated to respectfully challenge decisions when they disagree, even when doing so is uncomfortable or exhausting. Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they commit wholly. Deliver Results Leaders focus on the key inputs for their business and deliver them with the right quality and in a timely fashion. Despite setbacks, they rise to the occasion and never settle.


  • All of the PDFs are listed per year at [link]

  • A PDF file of all the letters is listed at [link]

  • Amazon image from [link]


A small thing: all of the reports are not named consistently.


Links to Xilinx Annual Reports from 1995 at [link]

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