Starting the "Long Term" journey with Jeff Bezos.
The inaugural 1997 shareholder letter not only marked Amazon’s entrance to the stock market but lay the foundation for Bezos’ vision and decision-making framework for Amazon. Such is the importance of this first letter – Bezos attaches it to every succeeding shareholder letter and makes reference to its various tenets annually.
The 1997 letter quickly lays out the set of expectations Bezos wishes to install in his current and future shareholders with a section titled: "It’s All About the Long Term." Though the idea of forgoing near-term profits in the pursuit of growth is a widely known approach in 2020, Bezos was among the few who advocated ignoring the short-term views of Wall Street.
“We will continue to make investment decisions in light of long-term market leadership considerations rather than short-term profitability considerations or short-term Wall Street reactions.”