Jeff Bezos：Bold Rather Than Timid
Jeff Bezos《Amazon 1997 Letter to Shareholders》· It's All About the Long Term · Investing · Decision · Action · Growth · Learning
We will make bold rather than timid investment decisions where we see a sufficient probability of gaining market leadership advantages. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in either case.
Source：
https://ir.aboutamazon.com/annual-reports-proxies-and-shareholder-letters/default.aspx
Locator：1997 Letter to Shareholders, It's All About the Long Term · Verified：2026-10-19 · Verification：Short excerpt
Reading
Make bold bets when the odds of market leadership justify them; learn from both wins and losses.
Context
One of the management principles listed in the 1997 letter. Bezos is not urging blind risk-taking: when the odds justify it, timidity is itself a cost.
Today's question
What was your last bold bet, and what would you learn if it failed?
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