贝佐斯致股东的信
To ourshareholders:
致我们的股东:
Ouch. It's been a brutal year for many in thecapital markets and certainly shareholders.
哎呦。对资本市场的许多人来说，这是残酷的一年，当然对的股东来说也是如此。
As of this writing, our shares are down more than80% from when I wrote you last year. Nevertheless, by almost any measure, he company is in a stronger position now than at any time in its past.
截至本文撰写之时，我们的股价比我去年写信给你时下跌了80%以上。尽管如此，从任何角度来看，公司现在都比过去任何时候都处于更有利的地位。
·
We rved 20 million customers in 2000, up from14 million in 1999.
proportionate2000年，我们为2000万客户提供服务，而1999年为1400万。opinions
菱形脸发型·Sales grew to $2. 76 billion in 2000 from $1. 64billion in 1999.
销售额从1999年的16. 4亿美元增长到2000年的27. 6亿美元。
·Pro forma operating loss shrank to 6% of salesin Q4 2000, from 26% of sales in Q4 1999.
预计营业损失从1999年第四季度占销售额的26%下降到2000年第四季度的6%。
雅思写作模板·Pro forma operating loss in the U. S. shrank to 2% of sales in Q4 2000, from 24% ofsales in Q4 1999
2000年第四季度，美国预计营业损失占销售额的比例从1999年第四季度的24%下降到2%
·Average spend per customer in 2000 was $134, up19%.
di
am是什么意思2000年每位顾客的平均消费是134美元，增长了19%。
·Gross profit grew to $656 million in 2000, from$291 million in 1999, up 125%.
毛利从1999年的2. 91亿美元增长到2000年的6. 56亿美元，增长了125%。
·Almost 36% of Q4 2000 U. S. customers purchad from one of our''non-BMV'' stores such as electronics, tools, and kitchen.
接近36%的2000年第4季度美国客户从我们的“非图书音乐视频”专区购买了商品，如电子产品、工具和厨房。
pacman
·International sales grew to $381 million in2000, from $168 million in 1999.
国际销售额从1999年的1. 68亿美元增长到2000年的3. 81亿美元。
·We helped our partner Toysrus. com ll morethan $125 million of toys and video games in Q4 2000.
chopsticks
2000年第四季度，我们帮助我们的合作伙伴销售了超过1. 25亿美元的玩具和电子游戏。
·We ended 2000 with cash and marketablecurities of $1. 1 billion, up from $706 million at the end of 1999, thanks toour early 2000 euroconvert financing.
由于我们2000年初的欧元转换融资，我们在2000年底的现金和有价证券为11亿美元，高于1999年底的7. 06亿美元。
·And, most importantly, our heads-down focus onthe customer was reflected in a score of 84 on the American CustomerSatisfaction Index. We are told this is the highest score ever recorded for arvice company in any industry.
最重要的是，我们对顾客的关注在美国顾客满意度指数中得到了84分。我们被告知这是任何行业中服务公司的最高记录。
So, if the company is better positioned todaythan it was a year ago, why is the stock price so much lower than it was a yearago? As the famed investor Benjamin Graham said, ''In t
he short term, the stockmarket is a voting machine; in the long term, it's a weighing machine. ''Clearly there was a lot of voting going on in the boom year of '99—and muchless weighing. We're a company that wants to be weighed, and over time, we willbe—over the long term, all companies are. In the meantime, we have our headsdown working to build a heavier and heavier company.
所以，如果公司今天的位置比一年前更好，为什么股价比一年前低那么多？正如著名投资者本杰明·格雷厄姆所说，“在短期内，股票市场是一台投票机；从长远来看，这是一台称重机。“很明显，在1999年经济繁荣的那一年，有很多投资者在进行投票——而没有在称重。我们是一家希望被称重的公司，随着时间的推移，我们将会被称重——从长远来看，所有公司都是如此。与此同时，我们正全力以赴地建设一个越来越重的公司。
Many of you have heard me talk about the ''boldbets'' that we as a company have made and will continue to make—the bold betshave included everything from our investment in digital and wirelesstechnologies, to our decision to invest in smaller e-commerce companies, , both of which shut down operations in 20
in for the kill00.We were significant shareholders in both and lost a significant amount of moneyon both.
你们中的许多人都听我说过我们作为一家公司已经做出并将继续做出“大胆的赌注”——这些大胆的赌注涵盖了从我们对数字和无线技术的投资，到我们对较小的电子商务公司的投资，包括和，这两家公司都在2000年关闭了业务。我们是两家公司的大股东，损失了大量资金。
We made the investments becau we knew wewouldn't ourlves be entering the particular categories any time soon, andwe believed passionately in the ''land rush'' metaphor for the Internet. Indeed,that metaphor was an extraordinarily uful decision aid for veral yearsstarting in 1994, but we now believe its ufulness largely faded away over thelast couple of years. In retrospect, we significantly underestimated how muchtime would be available to enter the categories and underestimated howdifficult it would be for single-category e-commerce companies to achieve thescale necessary to succeed.
我们之所以进行这些投资，是因为我们知道自己不会很快进入这些特定的类别，我们热情
地相信互联网的“土地热”隐喻。事实上，从1994年开始的几年里，这个比喻是一个非常有用的决策辅助工具，但是我们现在相信，在过去的几年里，它的有用性在很大程度上消失了。回顾过去，我们大大低估了进入这些类别所需的时间，低估了单一类别电子商务公司达到成功所需规模的难度。
Online lling (relative to traditionalretailing) is a scale business characterized by high fixed costs and relativelylow variable costs. This makes it difficult to be a medium-sized e-commercecompany. With a long enough financing runway, Pets. com and living. com mayhave been able to acquire enough customers to achieve the needed scale. Butwhen the capital markets clod the door on financing Internet companies, thecompanies simply had no choice but to clo their doors. As painful as thatwas, the alternative—investing more of our own capital in the companies tokeep them afloat—would have been an even bigger mistake.
friends 第一季
