My top 10 highlights from the letters: 

1.  High standards are contagious.

2.  Setting the bar high in our approach to hiring has been, and will continue to be, the single most important element of Amazon's success.

3.  We are doubly blessed. We have a market-size unconstrained opportunity in an area where the underlying foundational technology we employ improves every day. That is not normal.

4.  Focus on cost improvement makes it possible for us to afford to lower prices, which drives growth. Growth spreads fixed costs across more sales, reducing cost per unit, which makes possible more price reductions. Customers like this, and it's good for shareholders. Please expect us to repeat this loop.

5.  Invention is in our DNA and technology is the fundamental tool we wield to evolve and improve every aspect of the experience we provide our customers.

6.  We set out to offer customers something they simply could not get any other way. 

7.  The stronger our market leadership, the more powerful our economic model. Market leadership can translate directly to higher revenue, higher profitability, greater capital velocity, and correspondingly stronger returns on invested capital.

8.  Failure needs to scale too. As a company grows, everything needs to scale, including the size of your failed experiments.

9.  Long-term orientation interacts well with customer obsession.

10.  We are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about. Such things aren't meant to be easy.

Listen to #388 Jeff Bezos's Shareholder Letters: All of Them! on Spotify, Apple Podcasts, or YouTube.