如何寻找超级成长股？世界首富24封股东信“吐露天机”：现金流比利润更重要(10)

Ouch。 Its been a brutal year for many in the capital markets and certainly for Amazon.com shareholders。 As of this writing， our shares are down more than 80% from when I wrote you last year。 Nevertheless， by almost any measure， Amazon.com the company is in a stronger position now than at any time in its past.We served 20 million customers in 2000， up from 14 million in 1999.Sales grew to $2.76 billion in 2000 from $1.64 billion in 1999。
因此，公司今天的基本面比一年前好，为什么股价会相比一年前跌去这么多？就像著名的投资大师格雷厄姆·本杰明所说的，“股价短期是投票机，长期是称重机。”很显然在1999年的大泡沫中，投票机比称重机更主宰市场；我们是期望被称重的公司，所有的公司长期来说一定会被称重。随着时间的推移，随着我们的埋头苦干，我们希望成为一个越来越重的公司。
So， if the company is better positioned today than it was a year ago， why is the stock price so much lower than it was a year ago？ As the famed investor Benjamin Graham said， ‘’In the short term， the stock market 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 much less weighing。
Were a company that wants to be weighed， and over time， we will be—over the long term， all companies are。 In the meantime， we have our heads down working to build a heavier and heavier company。