» Business Advice » Jeff Bezos At The Economic Club Of Washington

Jeff Bezos At The Economic Club Of Washington

Jeff Bezos At The Economic Club Of Washington

Subtitles and Screenshot
Jeff Bezos At The Economic Club Of Washington

here is there one thing that you think.

is responsible for that of several.

things because 70% is pretty good now I.

it's a you know I I have been lecturing.

they have All Hands meetings at Amazon.

and for 20 years ever since we've been.

about 21 years now in 1997 every at.

almost every All Hands meeting I said.

look when the stock is up 30% in a month.

don't feel 30% smarter because when the.

stock is down 30% in a month it's not.

going to feel so good to be feel 30%.

dumber and that's what happens you know.

the great quote that Warren Buffett.

brings up all the time but Benjamin.

Graham said which is you know in the.

short run the stock market is a voting.

machine in the long run it's a weighing.

machine and what you need to do is.

operate your company in such a way.

knowing that it will be waved one day.

and just let it be weighed and never.

spend any time thinking about the daily.

stock price I don't okay so as a result.

of going up seventy percent this year.

you have become the wealthiest man in.

the world it is that a title that you.

really wanted or not I is it I can.

assure you I have never sought that.

title and it was fine being the second.

wealthiest person in the world that.

actually worked fine and it's not.

it isn't a it I I would say people it's.

something people naturally are curious.

about you know it's the kind of.

interesting curiosity but it's not the.

thing I would much rather if they said.

like I'm you know inventor Jeff Bezos or.

entrepreneur Jeff Bezos or you know.

father Jeff Bezos those kinds of things.

are much more meaningful to me and the.

you know the it's an output measure that.

if you look at the financial success of.

Amazon and the the stock I own 16.

percent of Amazon and Amazon is worth.

roughly a trillion dollars that means.

that what we have built over 20 years we.

have built eight hundred and forty.

billion dollars of wealth for other.

people and that's really what we've.


from a financial point of view that's.

what we've done we've built eight.

hundred and forty billion dollars of.

wealth for other people and that's great.

that's how it should be you know they're.

I believe so powerfully in the ability.

of entrepreneurial capitalism and free.

markets to solve so many of the world's.

problems not all of them but so many of.

them so you live in Washington State.

near in Seattle where outside of Seattle.

now the man who was the richest man for.

about 20 years his name Bill Gates yeah.

and what is the likelihood that the two.

richest men in the world live not only.

in the same country not only the same.

state not only the same city but in the.

same neighborhood I mean is there.

something in that neighborhood that we.

should know about and are there are.

there any more houses for sale.

thereafter right after I saw Bill not.

not too long ago I you know we were.

joking about the world's richest man.

thing and I basically said thank you no.

I said you're welcome and he immediately.

turned to me and said thank you but no.

Medina is a great little it's a suburb.

of Seattle and you know I don't think.

there's anything special in the water.

there and you know I did locate Amazon.

in Seattle because of Microsoft I.

thought that that big pool of technical.

talent would provide a good place to.

recruit talented people from and that.

did turn out to be true.

so it's not a complete coincidence.

there's some correlation there but when.

you are the richest man in the world you.

go into a store when you want to buy.

something do you have to put a credit.

card down you just say I'm Jeff Bezos.

and they send you this the how do you.

about that and you have to care you.

carry cash around you you can yeah I do.

carry cash and I have I have credit.

cards yeah and if your credit I have to.

show my driver's license and you know.

but have you ever had a credit card ID.

no I have I've had my credit card denied.

so what do you say when you say don't.

you know if I give him another credit.

card I'd say here try this one.

so earlier today you made an.

announcement that is the most.

significant philanthropic gift you've.

made in the pipe it was a.

about about a year ago you said you were.

wanted to look for some good.

philanthropic ideas and you got I think.

47,000 of them and you yeah reviewed.

them and how did you decide where to put.

this two billion dollars and would you.

describe exactly what you're gonna well.

that process was very helpful so I I.

solicited ideas a kind of crowd-sourced.

and I got literally as you said.

something like 47,000 maybe even a.