In this letter, Jeff details why free cash flow per share is the way Amazon measures the value it creates. It's worth reading the letter instead of listening to it because he provides some illustrative tables.&nbsp;
 
This letter pairs very well with Warren Buffett's Berkshire Hathaway letter from 2007 that discusses Returns on Invested Capital.&nbsp;
<a href="https://www.sec.gov/Archives/edgar/data/1018724/000119312505070440/dex991.htm">2004 Amazon letter</a>
<a href="https://www.berkshirehathaway.com/letters/2007ltr.pdf">2007 Berkshire letter</a>
 
Also sorry if there's a little bit of skipping. Don't know the cause but I tried to edit out.&nbsp;

2005 Letter - Sometimes Decisions just need Math, but sometimes they need Judgment

An audio narration of Jeff Bezos's annual letters to shareholders. Commentary added.

Jeff's letters is a non-commercial production with Preet Anand as its narrator. I'm doing this to make the content of these incredible letters more accessible. My goal is for Jeff, and other authors of incredible letters, to narrate future letters. 



As a reminder, Jeff Bezos's Annual Letters to Shareholders are the property of Jeff Bezos and Amazon.com Inc.