Why I’ll Never Sell My Amazon Stock

Amazon founder and CEO Jeff Bezos wrote in his 1997 letter to shareholders, “When forced to choose between optimizing the appearance of our GAAP accounting and maximizing the present value of future cash flows, we’ll take the cash flows.” Being willing to sacrifice near-term earnings to invest in growth wasn’t that common when Amazon came onto the scene. The truth is that Amazon’s willingness to reinvest and to try (and potentially fail) at its new ventures is a corporate superpower.