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Andy Jassy’s Letter To Shareholders: “The Path Is Rarely Straight” | Fast Five Shorts · Omni Talk Retail

• 0:00
  We
• 0:00
  begin
• 0:00
  today
• 0:00
  with
• 0:01
  the
• 0:01
  one
• 0:01
  thing
• 0:01
  that
• 0:02
  no
• 0:02
  doubt
• 0:02
  many
• 0:03
  of
• 0:03
  you
• 0:04
  read
• 0:04
  this
• 0:04
  week,
• 0:04
  and
• 0:05
  that
• 0:05
  is
• 0:05
  Amazon
• 0:06
  CEO
• 0:06
  Andy
• 0:07
  Jassy's
• 0:07
  annual
• 0:08
  letter
• 0:08
  to
• 0:08
  shareholders.
• 0:09
  Amazon
• 0:10
  CEO
• 0:10
  Andy
• 0:11
  Jassy
• 0:11
  published
• 0:12
  his
• 0:12
  annual
• 0:12
  letter
• 0:12
  to
• 0:13
  shareholders
• 0:13
  and
• 0:14
  in
• 0:14
  it
• 0:14
  he
• 0:14
  laid
• 0:14
  out
• 0:15
  Amazon's
• 0:15
  sweeping
• 0:16
  vision
• 0:16
  for
• 0:16
  robotics,
• 0:17
  road
• 0:17
  delivery,
• 0:18
  satellite
• 0:19
  broadband,
• 0:19
  drone
• 0:20
  delivery
• 0:20
  and
• 0:21
  ultra
• 0:21
  fast
• 0:21
  fulfillment.
• 0:22
  Just,
• 0:22
  just,
• 0:23
  just
• 0:23
  those
• 0:23
  things.
• 0:24
  And
• 0:24
  the
• 0:24
  one
• 0:25
  through
• 0:25
  line
• 0:25
  of
• 0:26
  the
• 0:26
  letter
• 0:26
  is
• 0:26
  Jassy's
• 0:27
  belief
• 0:27
  that
• 0:27
  pro
• 0:28
  progress
• 0:28
  rarely
• 0:29
  follows
• 0:29
  a
• 0:30
  straight
• 0:30
  line,
• 0:30
  arguing
• 0:31
  that
• 0:31
  durable
• 0:32
  companies
• 0:32
  must
• 0:32
  be
• 0:32
  adept
• 0:33
  at
• 0:33
  navigating
• 0:34
  inflection
• 0:34
  points,
• 0:35
  not
• 0:35
  just
• 0:36
  executing
• 0:36
  a
• 0:36
  single
• 0:37
  playbook.
• 0:38
  Jen,
• 0:38
  what
• 0:39
  stood
• 0:39
  out
• 0:39
  to
• 0:39
  you
• 0:40
  most
• 0:40
  about
• 0:40
  Andy
• 0:41
  Jassy's
• 0:41
  2026
• 0:42
  letter
• 0:42
  to
• 0:43
  shareholders?
• 0:44
  Well,
• 0:45
  as
• 0:45
  an
• 0:45
  AI
• 0:45
  led
• 0:46
  growth
• 0:46
  strategist,
• 0:47
  what
• 0:47
  stood
• 0:47
  out
• 0:47
  to
• 0:48
  me
• 0:48
  is
• 0:48
  that
• 0:48
  AI
• 0:48
  is
• 0:49
  at
• 0:49
  the
• 0:49
  center,
• 0:49
  infrastructure
• 0:50
  is
• 0:50
  the
• 0:50
  strategy
• 0:51
  and
• 0:51
  everything
• 0:52
  from
• 0:52
  cost
• 0:52
  savings
• 0:53
  to
• 0:53
  logistics
• 0:54
  improvements.
• 0:55
  It's
• 0:55
  really
• 0:55
  about
• 0:55
  fueling
• 0:56
  reinvestment
• 0:57
  into
• 0:57
  that
• 0:57
  long
• 0:58
  term
• 0:58
  machine.
• 0:59
  And
• 0:59
  I
• 0:59
  thought
• 0:59
  it
• 0:59
  was
• 0:59
  really
• 0:59
  fascinating
• 1:00
  that
• 1:00
  they've
• 1:00
  shift
• 1:01
  from
• 1:01
  storytelling
• 1:02
  about
• 1:02
  the
• 1:02
  consumer
• 1:03
  to
• 1:03
  storytelling
• 1:04
  about
• 1:04
  the
• 1:04
  machine.
• 1:05
  You
• 1:05
  know,
• 1:05
  AI
• 1:06
  is
• 1:06
  the
• 1:06
  center
• 1:06
  of
• 1:07
  gravity.
• 1:07
  It's
• 1:07
  not
• 1:08
  as
• 1:08
  much
• 1:08
  of
• 1:08
  a
• 1:08
  side
• 1:08
  bet.
• 1:09
  It's
• 1:09
  embedded
• 1:10
  across
• 1:10
  AWS
• 1:11
  retail
• 1:11
  advertising.
• 1:13
  And
• 1:13
  the
• 1:13
  clear
• 1:13
  message
• 1:14
  was
• 1:14
  we're
• 1:14
  not
• 1:14
  chasing
• 1:15
  AI,
• 1:15
  we're
• 1:15
  enabling
• 1:16
  it
• 1:16
  for
• 1:16
  everyone
• 1:17
  else.
• 1:17
  He's
• 1:17
  very
• 1:18
  explicit
• 1:19
  that
• 1:19
  AI
• 1:19
  isn't
• 1:20
  a
• 1:20
  feature.
• 1:20
  It's
• 1:20
  going
• 1:21
  to
• 1:21
  reinvent
• 1:21
  every
• 1:22
  customer
• 1:22
  experience
• 1:22
  and
• 1:23
  Amazon
• 1:23
  wants
• 1:23
  to
• 1:23
  power
• 1:24
  that
• 1:24
  across
• 1:24
  the
• 1:24
  entire
• 1:25
  stack.
• 1:26
  Yeah,
• 1:26
  I
• 1:26
  agree.
• 1:26
  Like
• 1:26
  that
• 1:27
  was,
• 1:27
  that
• 1:27
  was
• 1:27
  the
• 1:27
  key
• 1:27
  thing
• 1:28
  I
• 1:28
  took
• 1:28
  from
• 1:28
  it
• 1:28
  too.
• 1:28
  Like
• 1:29
  this
• 1:29
  was
• 1:29
  all
• 1:29
  about
• 1:30
  we're
• 1:30
  the
• 1:30
  infrastructure
• 1:31
  company
• 1:31
  now,
• 1:32
  you
• 1:32
  know,
• 1:32
  we're
• 1:32
  not,
• 1:33
  we're
• 1:33
  not
• 1:33
  your,
• 1:33
  you're
• 1:34
  not,
• 1:34
  we're
• 1:34
  not
• 1:34
  your
• 1:34
  grandmother's
• 1:35
  retailer
• 1:35
  anymore,
• 1:36
  for
• 1:36
  lack
• 1:37
  of
• 1:37
  a
• 1:37
  better
• 1:37
  way
• 1:37
  to
• 1:37
  put
• 1:37
  it.
• 1:38
  Did
• 1:38
  you
• 1:38
  like
• 1:38
  the
• 1:39
  straight
• 1:39
  line
• 1:39
  analogy,
• 1:40
  Jen?
• 1:40
  Did
• 1:40
  you
• 1:40
  feel
• 1:41
  like
• 1:41
  that
• 1:41
  worked
• 1:41
  for
• 1:41
  him?
• 1:42
  I
• 1:43
  did.
• 1:43
  Although
• 1:43
  I
• 1:43
  feel
• 1:43
  like
• 1:43
  Amazon's
• 1:44
  become
• 1:44
  a
• 1:44
  little
• 1:44
  bit
• 1:44
  more
• 1:45
  of
• 1:45
  a
• 1:45
  spider
• 1:45
  web
• 1:46
  catching
• 1:46
  us
• 1:46
  all
• 1:46
  than
• 1:47
  oh
• 1:48
  wow,.
• 1:50
  You,
• 1:51
  Gwen
• 1:51
  Stefani,
• 1:52
  right?
• 1:52
  She's
• 1:52
  the
• 1:52
  one,
• 1:52
  the
• 1:52
  spiderwebs.
• 1:53
  Yeah,
• 1:54
  I
• 1:54
  actually
• 1:54
  liked
• 1:54
  it.
• 1:55
  I
• 1:55
  thought
• 1:55
  it
• 1:55
  was
• 1:55
  a
• 1:55
  good
• 1:55
  move
• 1:55
  from
• 1:56
  him
• 1:56
  too
• 1:56
  in
• 1:56
  the
• 1:56
  sense
• 1:57
  of
• 1:57
  it
• 1:57
  kind
• 1:58
  of
• 1:58
  gave
• 1:58
  him
• 1:58
  a
• 1:58
  personality.
• 1:59
  It
• 1:59
  gave
• 1:59
  him
• 1:59
  a
• 1:59
  calling
• 2:00
  card
• 2:00
  which
• 2:00
  people
• 2:01
  will
• 2:01
  attribute
• 2:02
  to
• 2:02
  him
• 2:02
  too.
• 2:02
  Like,
• 2:03
  you
• 2:03
  know,
• 2:03
  they'll
• 2:03
  start
• 2:04
  using
• 2:04
  that
• 2:04
  quote.
• 2:04
  They'll
• 2:05
  start,
• 2:05
  you
• 2:05
  know,
• 2:05
  trying
• 2:05
  to
• 2:06
  be
• 2:06
  like,
• 2:06
  more
• 2:06
  like
• 2:06
  Amazon
• 2:07
  and
• 2:07
  explaining
• 2:08
  it
• 2:08
  as
• 2:08
  a
• 2:08
  rationale
• 2:09
  for
• 2:09
  innovation.
• 2:10
  But
• 2:10
  yeah,
• 2:11
  I
• 2:11
  was,
• 2:11
  but
• 2:11
  I
• 2:11
  was
• 2:11
  taken
• 2:12
  aback
• 2:12
  by
• 2:12
  just
• 2:12
  how
• 2:13
  much
• 2:13
  they
• 2:13
  didn't
• 2:14
  discuss
• 2:15
  retail.
• 2:16
  It
• 2:16
  sounds
• 2:16
  like
• 2:16
  you
• 2:16
  were
• 2:16
  too.
• 2:17
  Absolutely.
• 2:18
  I
• 2:18
  also
• 2:18
  thought
• 2:19
  it
• 2:19
  was
• 2:19
  interesting.
• 2:19
  It
• 2:20
  reminded
• 2:20
  me
• 2:20
  of
• 2:20
  like
• 2:20
  the
• 2:21
  1998
• 2:21
  letter
• 2:22
  from
• 2:22
  Bezos.
• 2:23
  So
• 2:24
  that
• 2:24
  reflecting
• 2:24
  that
• 2:25
  day
• 2:25
  one
• 2:26
  mindset,
• 2:27
  talking
• 2:27
  about
• 2:27
  like
• 2:27
  relentless
• 2:28
  reinvestment,
• 2:29
  signaling
• 2:30
  this
• 2:30
  notion
• 2:30
  of
• 2:31
  like
• 2:31
  long
• 2:31
  term
• 2:31
  dominance
• 2:32
  over
• 2:32
  short
• 2:33
  term
• 2:33
  margin.
• 2:34
  And
• 2:34
  it
• 2:34
  was
• 2:34
  reinforcing,
• 2:35
  you
• 2:35
  know,
• 2:35
  Amazon
• 2:36
  wins
• 2:36
  by
• 2:36
  out
• 2:36
  investing
• 2:37
  competitors
• 2:38
  consistently.
• 2:38
  And
• 2:38
  it's
• 2:39
  really
• 2:39
  consistent
• 2:39
  with
• 2:39
  Amazon's
• 2:40
  DNA.
• 2:40
  He's
• 2:41
  basically
• 2:41
  saying
• 2:41
  we're
• 2:42
  going
• 2:42
  to
• 2:42
  keep
• 2:42
  investing
• 2:42
  aggressively
• 2:43
  even
• 2:43
  if
• 2:43
  it
• 2:43
  pressures
• 2:44
  margin
• 2:44
  in
• 2:44
  the
• 2:44
  near
• 2:45
  term.
• 2:45
  Yeah,
• 2:46
  yeah.
• 2:47
  The
• 2:47
  one
• 2:47
  retail
• 2:47
  thing
• 2:47
  I
• 2:48
  did
• 2:48
  pick
• 2:48
  up
• 2:48
  in
• 2:48
  there
• 2:48
  too
• 2:48
  was
• 2:49
  like
• 2:49
  they're
• 2:49
  going
• 2:49
  after
• 2:49
  the
• 2:49
  underserved
• 2:50
  communities,
• 2:50
  they're
• 2:51
  trying
• 2:51
  to
• 2:52
  get
• 2:52
  to
• 2:52
  grocery
• 2:53
  through
• 2:53
  the
• 2:53
  additional
• 2:54
  items,
• 2:55
  you
• 2:55
  know,
• 2:55
  in
• 2:55
  the
• 2:55
  basket
• 2:56
  of
• 2:56
  the
• 2:56
  trip.
• 2:56
  And
• 2:56
  that
• 2:56
  does
• 2:57
  seem
• 2:57
  to
• 2:57
  be
• 2:57
  working
• 2:57
  on
• 2:58
  the
• 2:58
  margins
• 2:58
  for
• 2:59
  them
• 2:59
  against
• 2:59
  how
• 2:59
  their
• 3:00
  current
• 3:00
  business
• 3:00
  model
• 3:00
  also
• 3:01
  works.
• 3:01
  John,
• 3:02
  what
• 3:02
  do
• 3:02
  you
• 3:02
  think?
• 3:02
  Did
• 3:02
  you
• 3:03
  have
• 3:03
  any
• 3:03
  other
• 3:03
  takeaways
• 3:04
  from
• 3:04
  the
• 3:04
  letter?
• 3:05
  You
• 3:06
  know,
• 3:06
  I
• 3:06
  thought
• 3:06
  it
• 3:07
  was
• 3:07
  great.
• 3:07
  I
• 3:07
  really
• 3:07
  liked
• 3:08
  it.
• 3:08
  And
• 3:08
  actually
• 3:09
  I
• 3:09
  think
• 3:09
  what
• 3:09
  I,
• 3:10
  what
• 3:10
  I
• 3:11
  was
• 3:11
  attracted
• 3:11
  to
• 3:11
  or
• 3:12
  what
• 3:12
  kind
• 3:12
  of
• 3:12
  zeroed
• 3:12
  in
• 3:12
  on
• 3:13
  was
• 3:13
  the
• 3:13
  bit
• 3:13
  of
• 3:14
  the
• 3:14
  storytelling
• 3:15
  and
• 3:15
  the
• 3:15
  like
• 3:16
  the
• 3:16
  intangibles
• 3:16
  part
• 3:17
  of
• 3:17
  it.
• 3:17
  You
• 3:17
  know,
• 3:17
  the,
• 3:17
  I
• 3:18
  thought
• 3:18
  the
• 3:18
  analogy
• 3:18
  on
• 3:18
  the
• 3:19
  straight
• 3:19
  line,
• 3:21
  the,
• 3:21
  you
• 3:21
  know,
• 3:21
  the
• 3:21
  path
• 3:22
  not
• 3:22
  being
• 3:22
  straight
• 3:22
  line
• 3:23
  was,
• 3:23
  was
• 3:23
  really
• 3:24
  right
• 3:24
  on,
• 3:24
  you
• 3:24
  know,
• 3:24
  and
• 3:24
  I
• 3:24
  think
• 3:24
  we're
• 3:25
  seeing
• 3:25
  it
• 3:25
  across
• 3:26
  not
• 3:26
  just
• 3:26
  consumer
• 3:27
  facing,
• 3:27
  you
• 3:27
  know,
• 3:27
  businesses,
• 3:28
  but
• 3:28
  businesses
• 3:28
  across
• 3:29
  the
• 3:29
  board
• 3:29
  in
• 3:29
  terms
• 3:29
  of
• 3:30
  disruption.
• 3:30
  And
• 3:31
  you
• 3:31
  know,
• 3:31
  they
• 3:31
  talked
• 3:31
  about
• 3:31
  in
• 3:31
  terms
• 3:32
  of
• 3:32
  inflection
• 3:32
  points,
• 3:32
  but
• 3:33
  you
• 3:33
  know,
• 3:34
  it's
• 3:34
  happening
• 3:35
  across
• 3:35
  the
• 3:35
  board.
• 3:35
  We
• 3:35
  see
• 3:36
  it
• 3:36
  in
• 3:36
  the
• 3:36
  restaurant
• 3:36
  food
• 3:37
  space,
• 3:37
  but
• 3:37
  there
• 3:38
  are
• 3:38
  these
• 3:38
  disruptions
• 3:39
  and
• 3:40
  you
• 3:40
  know,
• 3:40
  companies
• 3:41
  that
• 3:41
  aren't
• 3:41
  agile
• 3:42
  and
• 3:42
  aren't
• 3:42
  adapting,
• 3:43
  you
• 3:44
  know,
• 3:44
  are
• 3:44
  the
• 3:44
  ones
• 3:44
  that
• 3:44
  are
• 3:45
  unfortunately
• 3:46
  going
• 3:46
  to
• 3:46
  lose
• 3:46
  in
• 3:46
  that
• 3:47
  situation.
• 3:47
  So
• 3:48
  to
• 3:48
  me
• 3:48
  it's
• 3:48
  that,
• 3:48
  you
• 3:49
  know,
• 3:49
  he
• 3:49
  talked
• 3:50
  about,
• 3:50
  you
• 3:50
  know,
• 3:51
  initiative,
• 3:51
  creativity,
• 3:52
  willpower,
• 3:52
  having
• 3:53
  to
• 3:53
  kind
• 3:53
  of
• 3:53
  drive
• 3:54
  that
• 3:54
  decision
• 3:54
  making
• 3:55
  and
• 3:55
  drive
• 3:55
  kind
• 3:56
  of
• 3:56
  how
• 3:56
  they
• 3:56
  think
• 3:56
  about
• 3:56
  their
• 3:56
  business.
• 3:57
  So
• 3:57
  I
• 3:58
  thought
• 3:58
  what
• 3:58
  stood
• 3:58
  out
• 3:58
  to
• 3:58
  me
• 3:58
  was
• 3:59
  the
• 3:59
  intangibles,
• 3:59
  you
• 3:59
  know,
• 4:00
  and
• 4:00
  how,
• 4:00
  you
• 4:00
  know,
• 4:00
  apart
• 4:01
  from
• 4:01
  all
• 4:01
  the
• 4:01
  different
• 4:01
  business
• 4:02
  units
• 4:02
  that
• 4:02
  they
• 4:03
  run
• 4:03
  and
• 4:03
  that
• 4:03
  they're
• 4:03
  exploring
• 4:04
  and
• 4:04
  that
• 4:04
  they're,
• 4:04
  you
• 4:04
  know,
• 4:05
  investing
• 4:05
  in,
• 4:05
  you
• 4:06
  know,
• 4:06
  just
• 4:06
  how
• 4:06
  they
• 4:06
  think
• 4:07
  about,
• 4:07
  you
• 4:07
  know,
• 4:08
  from
• 4:08
  an
• 4:08
  intangible
• 4:09
  side
• 4:09
  of
• 4:10
  the
• 4:10
  equation,
• 4:11
  their
• 4:11
  business.
• 4:13
  Yeah.
• 4:13
  So
• 4:13
  John,
• 4:13
  I'm
• 4:13
  curious
• 4:14
  when
• 4:14
  I,
• 4:14
  when
• 4:14
  I
• 4:14
  read
• 4:14
  between
• 4:14
  the
• 4:14
  lines
• 4:15
  of
• 4:15
  what
• 4:15
  you
• 4:15
  said
• 4:15
  too,
• 4:15
  like
• 4:15
  I'm
• 4:16
  also
• 4:16
  picking
• 4:16
  up
• 4:16
  that
• 4:16
  you
• 4:16
  kind
• 4:17
  of
• 4:17
  got
• 4:17
  the
• 4:17
  sense
• 4:17
  that
• 4:17
  he's
• 4:17
  just
• 4:18
  like
• 4:18
  a
• 4:19
  pragmatic,
• 4:19
  normal
• 4:20
  guy
• 4:20
  too.
• 4:20
  That
• 4:21
  is
• 4:21
  just
• 4:21
  writing
• 4:21
  a
• 4:21
  letter
• 4:22
  and
• 4:22
  that's
• 4:22
  how
• 4:22
  it
• 4:22
  came
• 4:23
  across.
• 4:23
  You
• 4:23
  do,
• 4:24
  Is
• 4:24
  that,
• 4:24
  Am
• 4:24
  I
• 4:24
  reading
• 4:25
  you
• 4:25
  right?
• 4:26
  Yeah,
• 4:26
  absolutely.
• 4:27
  And
• 4:27
  I
• 4:27
  think
• 4:27
  it's
• 4:27
  a
• 4:27
  quality
• 4:28
  of
• 4:28
  like
• 4:28
  leadership
• 4:29
  you
• 4:29
  know,
• 4:29
  and,
• 4:29
  you
• 4:30
  know,
• 4:30
  I
• 4:30
  don't
• 4:30
  follow
• 4:30
  him
• 4:31
  that
• 4:31
  closely
• 4:32
  to,
• 4:32
  you
• 4:32
  know,
• 4:32
  to
• 4:33
  really
• 4:33
  opine
• 4:33
  on
• 4:33
  this,
• 4:33
  but
• 4:34
  my
• 4:34
  take
• 4:34
  on
• 4:34
  reading
• 4:35
  that
• 4:35
  letter
• 4:35
  was
• 4:36
  it
• 4:36
  was
• 4:36
  a
• 4:36
  strong
• 4:37
  leader.
• 4:37
  You
• 4:37
  know,
• 4:37
  strong
• 4:38
  leaders,
• 4:38
  you
• 4:39
  write
• 4:39
  letters
• 4:39
  like
• 4:39
  that,
• 4:40
  they
• 4:40
  make
• 4:40
  it
• 4:40
  personal.
• 4:41
  They,
• 4:41
  you
• 4:42
  know,
• 4:42
  they
• 4:42
  exude
• 4:43
  empathy
• 4:43
  kind
• 4:43
  of
• 4:44
  in
• 4:44
  how
• 4:44
  they
• 4:44
  talk
• 4:44
  about
• 4:45
  themselves
• 4:45
  and
• 4:45
  the
• 4:45
  business.
• 4:46
  So.
• 4:46
  Yeah,
• 4:47
  absolutely.
• 4:48
  Yeah,
• 4:49
  that's
• 4:49
  a
• 4:49
  great
• 4:49
  point,
• 4:49
  too,
• 4:50
  because
• 4:50
  one
• 4:50
  of
• 4:50
  the
• 4:50
  things
• 4:50
  I
• 4:50
  like
• 4:50
  when
• 4:51
  I
• 4:51
  read
• 4:51
  these
• 4:51
  things,
• 4:51
  too
• 4:52
  is
• 4:52
  like,
• 4:52
  do
• 4:52
  I
• 4:53
  know
• 4:53
  where
• 4:53
  the
• 4:53
  growth
• 4:54
  is
• 4:54
  going
• 4:54
  to
• 4:54
  come
• 4:54
  from?
• 4:55
  And
• 4:55
  he
• 4:55
  articulated
• 4:56
  it
• 4:56
  very
• 4:56
  well.
• 4:56
  He
• 4:57
  used
• 4:57
  an
• 4:57
  analogy
• 4:57
  with
• 4:57
  an.
• 4:58
  I
• 4:58
  think
• 4:58
  it
• 4:58
  was
• 4:58
  an
• 4:58
  Australian
• 4:59
  or
• 4:59
  New
• 4:59
  Zealand
• 5:00
  band,
• 5:00
  you
• 5:00
  know,
• 5:00
  that's
• 5:00
  going
• 5:01
  to
• 5:01
  stick
• 5:01
  with
• 5:01
  us
• 5:01
  forever.
• 5:02
  And
• 5:02
  we
• 5:02
  know,
• 5:03
  I
• 5:03
  read
• 5:03
  them
• 5:03
  at
• 5:03
  the
• 5:03
  outset.
• 5:04
  We
• 5:04
  know
• 5:04
  the
• 5:05
  four
• 5:05
  to
• 5:05
  five
• 5:05
  areas
• 5:06
  in
• 5:06
  which
• 5:06
  they're
• 5:06
  really
• 5:07
  focused
• 5:07
  on,
• 5:07
  and
• 5:08
  those
• 5:08
  are
• 5:08
  real
• 5:08
  tangible
• 5:09
  growth
• 5:09
  areas,
• 5:10
  too.
• 5:10
  They're
• 5:10
  not
• 5:10
  like
• 5:10
  just
• 5:11
  some
• 5:11
  amorphous
• 5:12
  concept
• 5:12
  of
• 5:12
  like,
• 5:12
  you
• 5:12
  know,
• 5:13
  we're
• 5:13
  going
• 5:13
  to.
• 5:13
  We're
• 5:14
  going
• 5:14
  to
• 5:14
  win
• 5:15
  with,
• 5:15
  you
• 5:15
  know,
• 5:16
  selling
• 5:16
  more
• 5:16
  basic
• 5:17
  product
• 5:17
  or
• 5:17
  something,
• 5:17
  which
• 5:18
  you
• 5:18
  hear
• 5:18
  about
• 5:18
  all
• 5:18
  the
• 5:18
  time
• 5:18
  in
• 5:19
  retail
• 5:19
  earnings
• 5:20
  reports.
• 5:20
  So,
• 5:20
  yeah,
• 5:20
  I
• 5:20
  think
• 5:21
  kudos
• 5:21
  to
• 5:21
  him
• 5:21
  for
• 5:21
  that.