We Watch Our Competitors, Learn

Percentage Margins Are Not One Of The Things We Are Seeking To Optimize. It’s The Absolute Dollar Free Cash Flow Per Share That You Want To Maximize, And If You Can Do That By Lowering Margins, We Would Do That. So If You Could Take The Free Cash Flow, That’s Something That Investors Can Spend. Investors Can’t Spend Percentage Margins.

In The Old World, You Devoted 30% Of Your Time To Building A Great Service And 70% Of Your Time To Shouting About It. In The New World, That Inverts

But There's Still So Much You Can Do With Technology To Improve The Customer Experience. And That's The Sense In Which I Believe It's Still Day One, And That It's Early In The Day. If Anything, The Rate Of Change Is Accelerating.

If You're Long-term Oriented, Customer Interests And Shareholder Interests Are Aligned.

I'm Going To Go Do This Crazy Thing. I'm Going To Start This Company Selling Books Online.