Love this. As usual your blog posts are excellent. I remember a couple years ago I was reading an article about Amazon in which the author was calling for Bezos' head (along with some activist investors I believe) and I thought out loud in the comments section, "anyone who thinks they can replace Bezos at Amazon is severely deluded." The author deleted my comment lol. But it's exactly what you illustrate here that caused me to have that thought. Bezos sees the future and takes everything he makes and puts it back into his business to create that future. Investors who are constantly looking at quarterly reports don't get why that's good because they've never actually run a growing business before, not even a failed one. It's sort of like the old "you've gotta spend money to make money" adage, but slightly more nuanced of course.