Jeff Bezos’s annual letter to shareholders is out, and among other notable points (such as a shout-out to the huge success of their third-party selling programmes), Bezos is keen to remind investors that failing is all part and parcel (badom-dom-psshh) of long-term success at Amazon. “As a company grows, everything needs to scale, including the size of your failed experiments. If the size of your failures isn’t growing, you’re not going to be inventing at a size that can actually move the needle. Amazon will be experimenting at the right scale for a company of our size if we occasionally have multi-billion-dollar failures. “Of course, we won’t undertake such experiments cavalierly. We will work hard to make them good bets, but not all good bets will ultimately pay out. This kind of large-scale risk taking is part of the service we as a large company can provide to our customers and to society. The good news for share owners is that a single big winning bet can more than cover the co...

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