Here are some random nuggets:

Free cash flow was their focus since 1997. They never waver on this through 15 years.

“Will you admire this person?” is a question they ask when hiring. (1998)

Even more than 10 years ago, Bezos thought about building an “e-commerce platform,” a now trendy term. (1999)

The 2000 letter begins with one word: “Ouch.”

Bezos defines “shareholder value”: free cash flow per share. (2001)

Focusing on customer experience creates operating leverage, another theme throughout the letters. (2002)

There are 2 pages with an example describing why profit is not cash. And that free cash flow reigns. (2003)

Even though “the heavy lifting is done by math”, when making business decisions, the prime ingredient is human “judgment.” (2004, citing a research paper that inspired his thoughts.)

Why Amazon launched AWS. (2005)

The Kindle launches. “We humans co-evolve with our tools. We change our tools, and then our tools change us.” (2007)

The first paragraph in the 2008 letter is my favorite. It was written during the financial meltdown. “Seek instant gratification - or the elusive promise of it - and chances are you’ll find a crowd there ahead of you.” (2008)

“Start with customers, and work backwards.” This sounds like a punchline but he explains in prior letters how the company applies this rigorously. (2009)

The 2010 letter feels like a middle finger to anyone who doubts they are at heart a technology company.

“Even well-meaning gatekeepers slow innovation. When a platform is self service, even the improbable ideas can get tried because there’s no expert gatekeeper ready to say "that will never work!” (2011)

Wow, he has done a great job of evolving over the years.