“Real moats are built with real dollars, and Bezos has been relentless in pushing the company to continually invest in solving problems with real world costs, from delivery trucks to data centers and everything in-between. This application of tech economics to the real world is what sets Bezos apart.”
The Relentless Jeff Bezos, Stratechery
“They have some kind of special sauce, that hard-to-pin-down something we call corporate culture. All of these firms seem to have it. They’re decentralized and focused on returns. This is another one of the things I love about these firms. All of them have explicit financial goals and targets — and they are metrics that make sense. All of them track and publish a profitability metric, such as return on capital employed, and have goals to keep it above certain levels.”
The Lindy Effect, Chris Mayer
“You can live a full and rewarding life without ever thinking about Goodwill and its amortization. But students of investment and management should understand the nuances of the subject. My own thinking has changed drastically from 35 years ago when I was taught to favor tangible assets and to shun businesses whose value depended largely upon economic Goodwill. This bias caused me to make many important business mistakes of omission, although relatively few of commission.”
Berkshire Hathaway’s 1983 Shareholder Letter, Warren Buffett