5 Profound Lessons I Learned From Reading Jeff Bezos Letters To Amazon Shareholders
Success leaves clues -- And Jeff Bezos (the worlds richest man) has left a lot of them!
If there's anybody in the world you should learn from, Jeff Bezos should be one of them.
Bezos has grown Amazon to be the most valuable company in the world and from that he’s also the richest man in the world.
Success leaves clues -- And since Amazon is a public company, Bezos has left a carefully articulated set of clues that dates back to Amazons inception -- Amazon’s annual letters to shareholders.
Every year Bezos writes a 1-3 page letter to his shareholders where he reports on the progress their making at Amazon as well as his predictions for the future.
I compiled all of the letters from 1997-2017 for you into one easy-to-read pdf which you can download below for free.
I also took the time to share five of the best takeaways I got from reading them...
Below is a list of the five things that I took away from the letters:
1. It's all about the long-term
2. Customer obsession
3. Benjamin Graham worldview
4. Radical cult-like culture
5. Darwinian reality of surviving in nature
I explain all of these in detail in the video -- make sure you watch it in full because theres a lot of gold nuggets you don't want to miss!
I also share ALL of Bezos letters to shareholders (1997-2017) as well as my personal notes on them -- ".
Hey, everyone. It's Sam Ovens here, and I want to shoot this quick video for you guys today to talk about Amazon's letters to shareholders. What these are is, quite honestly, it's probably the best piece of content that I've ever found, ever discovered, ever read in my entire life ever. I've read quite a lot of stuff and I'm constantly looking for really good information and really good things to learn from, but I have never found anything better than this. Free or paid, this is the best.
What I want to do on this video is explain what these are, how you can read them, what I've learned from them and also, my five key takeaways from these leaders. First of all, if you're going to learn from someone, you want to make sure that you're learning from people who are really successful. Jeff Bezos is pretty much as successful as you can get. I mean, right now, Amazon's stock is worth, I think it's 750 million, somewhere around that. Multiple times, it's been the most valuable company on planet earth ever. That's a start. Also, Jeff Bezos is, at the moment, the richest man on planet Earth. He's extremely successful, and you definitely can learn a lot from him. If there's anyone you want to emulate, model, and learn from, Jeff Bezos is one of them.
What I like about success is that it always leaves clues. Whenever there's a great success, if you look carefully, you can always find little clues, little bread crumbs all over the place that explain how that company got to be where it is right now. It's impossible to be in business for that long, make that transformation and not leave some evidence somewhere. The cool thing about Amazon is because it's a public company, all of the letters to the shareholders every single year from 1997 to 2018, all of these clues are clearly articulated and explained from Jeff Bezos himself, and he gives away all of it in these letters right here.
The cool thing about reading these letters is that you get to hear what Jeff Bezos is doing at each time because these letters are written year by year. This isn't some book that's written in hindsight. Anyone can sound smart and tell a good story in hindsight, but the cool thing about these letters is that Bezos has written them each year at the end of each year, so he can't … If he's making predictions and saying he's going to try and do this thing or he predicts this thing was going to come true, he's saying that ahead of time and it's documented that he said that ahead of time. What's fascinating when you read these things is that he is right about so many things. It's amazing. The things he says he's going to do in the very first letter in 1997, he stuck to and never deviated from and actually did, and is still doing now today in 2018.
On this video today, I want to share with you these letters. What I've done is there's a whole bunch of them, 1997 to 2017, I've compiled all of them into one easy-to-read PDF. They're only about three pages per year, so you're reading, in three pages, Amazon's story and learnings and progress in just three pages per year, so you get a full history on the company in this many pages. More than that, well, first of all, I'm going to share the link to the PDF, to the letters beneath this video. Right now, if you scroll down, you'll be able to see there's a link to download the letters to shareholders. Click that link. Download that PDF, and then read these letters from start to finish.
You'll see I've circled tons of stuff. I've made a ton of notes on these things. Then, what I actually did is I made even more notes on them. I made pages and pages of notes on these things, and I studied these things like furiously for days because it was the best content I'd ever got my hands on. What I've done is instead of just give you … First of all, I'm giving you the actual letters and you've got to read those yourself. It'll be the best business reading you'll ever read. No exaggeration. Then, what I've done is I've taken one of my notes and really boiled it down and distilled it into five key things, five key things that I learned from reading Bezos's letters to shareholders.
Then, what I've done is I've created a PDF here called Top Five Learnings from Jeff Bezos's Letters. This here is four pages of what I've learned. I'm going to give you the link to download that PDF beneath this video too. What I want you to do right now, scroll down, download the letters to shareholders, download my top five learnings from reading the letters to shareholders and now, what I'm going to do in this video is jump over to my laptop and walk you through my top five learnings in this report myself one by one, and explain what I learned and why I think it's beneficial. Let's jump onto my laptop and do that right now.
All right, so here we are on my laptop. I've got opened up here, the top five learnings from Jeff Bezos's letters to Amazon shareholders. Now, again, this is available for download beneath this video. Just find the link and you'll be able to grab the PDF, so let's jump in. I'll skip this little intro piece. Let's just jump in right here and go straight to the five things that I really took away from reading this.
Number one, it's all about the long term. Bezos constantly stresses the importance of long term thinking. Most people make decisions based on instant gratification, things like Facebook likes, praise from their friends or social circles, or enjoyment from going to a party and getting drunk, or eating some bad food or something, but that's how most people live. They just live for instant gratification that's going to come immediately or within the day or maybe the longest term most people think is this week. These activities make you feel good in the short term but they harm you in the long term because what's good for you right now is often not what's good for you five years from now, 10 years from now, or later.
Bezos makes all of his decisions based on something called the second, third, and fourth, and fifth order consequences of his immediate decisions and actions today. What these second, third, fourth, fifth order consequences are is this is thinking ahead, thinking about, "Hey, if I make this decision now, sure, this immediate thing is going to happen, but what are the second and the third order things that are going to happen?"
I'll give you an example to make it real simple. Say, right now, I'm going to go out and party and get really drunk. Well, right now, that's my decision and if you're short-sighted, you might just say, "Oh, I'll just be a day behind. I might be a little bit hungover or whatever," but if you're considering the second, third, fourth order consequences, well, some of them might be, well, you might put off a day of working on your business or working towards your dreams.
That day's work might mean that you could actually get into business faster. That one day of work could have got you into business, like that day, you could have missed out on your first client and that first client could have led to you having enough money to hire somebody. Then, that could have led to that person working for you inside your business and them getting you the best client ever. Then, that best client ever could lead to you getting mentioned in the Wall Street Journal and then, that leads to you being known on all across the industry and getting tons of clients.
Well, that's taking it pretty far. That's exaggerating it a bit but that's the second, third, fourth, fifth order consequences. Instead of just thinking about right now and going out and partying, I mean, you want to think about the true opportunity cost that you could be giving up to do that. That's what second, third, fourth order thinking is all about. When it comes to Bezos, you'll notice that he's like a grandmaster chess player who is making moves now that nobody can understand because the payoff and the grand plan and the big picture scheme, which he's working on, no one can understand it because it probably is not going to come together and make sense and reward him for like another 10 years. This is how long-term Bezos thinks.
To really help you understand this in your own life and everything, there was this study done at Stanford called the Marshmallow Experiment. They gave children the option to have one marshmallow now or delay getting a marshmallow for a period of time, around 45 minutes, and then that they could get two marshmallows instead. The children who chose the delayed option and all the children, the ones who chose it now and the ones who chose the delayed option, they were tracked for the remainder of their lives. What they noticed is that they performed better in all the aspects of life from health and fitness, relationships, academic achievements, and financial performance.
Again, this is not what's mentioned in the letters to shareholders but this marshmallow experiment, it's all about long-term thinking too. It's taking into consideration the second, third, fourth order consequences. If you can do this, then the proof is really there that you'll have a better life. I mean, it all leads to having a better life in all aspects, not just money but health and fitness and everything else too.
With each one of these sections, I wanted to really say the main point and then explain it and then tell you how you can improve from this yourself because it's all very well learning stuff but that's not really what we're here for. We're not just here to learn and become smarter because there's no real benefit from just being smart. I'm going to show you also how you can apply it to your life so you can make it better right now.
How can you improve from this long-term thinking? Well, every day in business and life, you have to make choices. Your life will ultimately be the sum total of these everyday choices, so think to yourself what's best for me long-term? Don't be short-sighted with instant gratification. Think two or three, four moves ahead, so every day, when you're making all of these different choices, pause for a moment before deciding and think out long-term. Think how Jeff Bezos would. That's a key takeaway that I got from this. I thought that I was kind of like long sighted and long-term thinking but after reading this, I realized that I don't even really know what I'm doing. Bezos takes this to a whole another level.
Now, the second one is customer obsession. I'm going to explain what this is right now. There's many ways to center a company. You can be competitor focused, personally focused on yourself or the founder, tech focused, and more. Most businesses are competitor focused and the eyes are always fixated on the competition. Bezos runs with a laser-like focus on his customers. When decisions are made at Amazon, it's easy to find an answer because they use a universal principle, which they all hold and they all use, a universal principle of customer obsession. Whenever they make a decision, they decide based on what's best for the customer.
Most people run their businesses with principles that are all about themselves like what's going to get me more money, what's going to improve my life, what's going to get me more stuff and more cars right now. They care more about themselves and their satisfaction and their profit than they do their customers experience, but Bezos is unlike any other businessman that I've ever seen. He doesn't take profit margins, personal gains, or profitability into consideration when making decisions. He decides based on what's best for the customer and that's the end of discussion.
You might think, well, how can you run a business without caring about profit? Obviously, taking profit into consideration is important because you need to survive, but Bezos doesn't give away things for free. He's not running a charity, but he takes customer obsession as far as he possibly can while still being financially responsible and ensuring the survival of Amazon, so don't think that if he was taking customer obsession to the absolute extreme, well, he'd just give you everything away for free but then, he wouldn't have a business and then he's not helping anyone at all really. Make sure you take this within context. He takes customer obsession as far as he possibly can given the restraints of still making money in keeping his business alive.
This is a smart long-term play because Bezos knows that in the end, if you treat customers well, they will treat you well in return. Bezos is now collecting the dividends for his loyal customer obsession, which has been invested in since Amazon's inception. He's like the richest man on earth right now but Amazon was started like 1995, I think and maybe 1994. It went public first year 1997 and now, we're in 2018, so he's being customer-obsessed since day one every day. We didn't really see those rewards early on but now, it's really come to its fruition. That's the power of being customer focused.
How can you take this away and benefit from it? How can you improve your life from this? Well, when running your business, it's important to have guiding principles. These are some basic rules that you live by and treat as your company's founding religion. This makes decision-making easy because you know the best way to look at things. You simply choose the option most aligned to your founding principles, and when you choose your founding principles, understand that in the long term, nothing beats true customer obsession. You may sacrifice some profit margin and some personal income in the short term, but long term, you will be king.
This is really important. Really successful people in business and in life and in everything, they have principles. It's almost like they make their own religion. Religion, you've got different religions and they all have their different books and their books contain their different rules and whatever, and they abide by those and that's how they have a sense of belonging and all of this. Really good businesses, they have their own. Amazon, they have their own principles. They have their own Amazon Bible, if you want to call it that. Whenever they were living life and taking action at Amazon, they're trying to align everything to those principles so that they can all be true to them.
You want to do this too within your business. You want to create like a mini philosophy, a mini paradigm, worldview, religion, whatever you want to call it, inside your own company. I strongly recommend making customer obsession one of them because all business really is, is helping customers. At the end of the day, the person who helps the customer the most, they're going to win. By making customer obsession one of your principles, it's always going to trump everyone else's. That is probably one of the most powerful principles you can have. Amazon takes that to the extreme.
Let's talk now about the third one, a Benjamin Graham worldview. There's lots of different ways to measure the performance of a business. There's growth, revenue, profit, cash flow, and more. When it comes to measuring the performance of Amazon, Bezos takes a radically different view of things. Instead of focusing on profit or short-term market reactions, Bezos focuses on long-term of future cash flows. Don't worry if you don't know what that is. I'm going to explain it and just a sec.
This means that Bezos is always thinking about what's going to produce the most cash flow for Amazon 10 years into the future instead of thinking about what's going to make Amazon the most profit this quarter or this financial year. This is something Bezos learned from Benjamin Graham's book, the Intelligent Investor, and I highly recommend reading this, The Intelligent Investor by Benjamin Graham. Warren Buffett said it was the book that got him started and it's his favorite book of all time. Probably more billionaires have recommended this book than any other book, so highly recommended, and Bezos has obviously built it into his little religion.
Most business owners run their businesses with the annual profit measuring stick, and they care about how much profit their business makes this year. That's how most people run and they think, all right, year to year, measuring yearly returns and profit's going to be the measuring stick. In the upside of this is that you'll make more profit this year and you'll improve your shareholders and you'll impress your shareholders this year if you've got shareholders or if you're your own shareholder, you'll impress yourself. The downside is that taking excessive profits now can hurt profits in the future.
In the early days of Amazon, for years, the stock market hated them and they got picked on. They got called like Amazon.scam. They got called a scam. They got called like all sorts of different things. They picked on them and it's amazing to look back and see it now. It's now the most valuable company on earth and it got called like all sorts of bad things in the beginning, but this is how most good businesses start. When you're trying to radically shift something, a lot of the layer guards and a lot of the people that cling to things because they're too afraid of change, they attack you and everything. That's what happens. I mean, it's kind of a sign that you're doing the right thing.
That's what happened with Amazon too. They couldn't understand how a business was worth anything for Amazon. They couldn't understand how it was worth anything when it didn't make a profit because it was losing money back then. Everyone was like, "This is just some Internet company that's losing money." Bezos held out during those early years and waited for his long-term strategy to flourish, so even in the face of rejection and getting hammered on, Bezos stuck to his guns. That's one thing that you'll notice about him when you read the letters. He doesn't deviate. He doesn't falter. He can take a hammering. He'll just stay focused. Now, he is the most valuable company on planet earth.
Well, how can you learn from this? Well, instead of thinking about personal profits in the short term, think about long-term future cash flows, and think to yourself, what is the best decision I can make today so that I make the most money 10 years from now? It's important to think short-term to ensure your survival or the survival of your business but once survival is covered, you want to play the long game to win big because obviously, you can't play super long game and forget about short term because if you can't survive the short term, well, you won't be around to collect the long-term payoff. Obviously, it's a balance. You want to just cover survival in the short term and then, play the long game as much as possible.
I highly recommend that, and it was Benjamin Graham that said the value of a company should be, is really the future value of its cash flows. That's how a stock is valued. Bezos really … He didn't just read that in a book and think, "Oh, that's a cool statement." He built it into his religion. He read that and he took that away and he implemented it to the extreme. That's one thing you'll notice about him. He'll read something. He will find that it's something he wants to build into his worldview. He'll do that, and then he will just hammer on it harder than anyone else does and just obsess over it. He did that with Benjamin Graham's worldview.
Now, number four, a radical cult-like culture. All great companies have a strong culture that's unique and helps differentiate them from the competition. When it comes to culture at Amazon, Bezos lays it on thick. Many employees and outsiders have referred to Amazon's culture as cult-like and radical. Some of Amazon's principles and memos have been referred to as scripture like his letters to shareholders have been considered mandatory reading and people call it scripture and Bibles and all of that, messages from the Messiah and just funny things like that whenever he produces it. That's because that's how rabid and powerful and potent his culture is.
I've noticed this trend among all great companies. People refer to their cultures as cults and their leaders as gods, gurus, and kings. People referred to Steve Jobs is a guru-like figure, and Apple is a cult and there's even actually a website called cultofmac.com. It really does act and behave like a cult or religion. They said the same about Ray Dalio at bridge at Bridgewater too, and his book's really good, Principles by Ray Dalio. I highly recommend it. They called him a cult-like leader as well.
Some people might think that this is wrong or too extreme but history shows that this is the right thing to do. All great people, all great companies all do this. Developing a cult-like culture at your company is essential if you want to attract the right people and motivate them to act as a whole instead of individuals. Culture allows people to give up their individual egos and adopt a hive mind consciousness where they think, work, and act as one. Bezos was able to instill a radical cult-like culture at Amazon since day one and it's still strong today.
When you do this, when you've got a bunch of individuals worried about themselves and their own personal gain and what other people are thinking about them and all of that crap, it's so dysfunctional. It doesn't work not only for the individual. When they're thinking like that, they're not going to be performing. For a group to be the sum total of individuals thinking like that, it's going to be chaos. Really, for all teams and companies and cultures to really perform, everyone needs to give up the individual sense of ego and everything and care and act and think like one big organism, one mind.
Amazon's culture is one of workaholics and people work seven days a week and 12 hours a day and when somebody doesn't, they're cut. They're very straight up about that. They're about it and everything. They're not embarrassed. That's just how it is. That's one of the things that builds their culture. They're frugal with money. Even the executive team has to fly economy class or pay for business out of their own pocket and they don't think conventionally. They are encouraged to constantly reject the status quo and try things without the fear of failure or embarrassment. This one's funny. It says the only law that Bezos … I read somewhere on the internet or in the letters that said the only laws that Bezos will abide by is the laws of physics. Everything else is up for negotiation.
They have a shared hatred of meetings and communication, which is really interesting to hear. Meetings aren't to be held at Amazon and same with communication. They actually view communication as a distraction and something not to do, which is very interesting. It's very counterintuitive. They focus on achieving the goal and no meeting is to be held without somebody writing a seven-page press release stating how this would benefit customers and only once that's complete, a meeting can be held.
There's a lot to learn about this, the seven-page press release. Because they're customer-obsessed, they only want to work on things that are going to help the customer. If it's just a feature or a new innovation that's going to help Amazon make more money or something, they don't care about that. They only care about the customer. This is a really, really, really smart way to do it. Bezos made it mandatory that if someone wants to hold a meeting, they have to write seven-page press release. The press release is written in the point of view that it's going to be published in like the Wall Street Journal or something and a customer is reading it, and they've got to think, "Does this help me or not?"
That's how they've got to write it, as if it's going to be out in the world like as a piece of news, customers are reading it, and what do they think? Only if it's really impressive and it makes customers gasp, like, "Wow, this is awesome," is that even allowed, is it even really allowed for the meeting to be held. That's how extreme all of the views and discipline and practices are at Amazon. It's amazing.
How can you improve from this yourself? Well, when starting and growing your business, ask yourself, what are our founding principles? Even for you, if you're just yourself right now and you don't have a team and you haven't even started a business, well, what are your founding principles as a person? What are the rules that you're going to operate by? What you want to do is if you've got a business and a team and whatnot, a culture, you want to constantly step back and observe the business you've grown, to see how the culture is morphing and taking shape. If it's evolving along a trajectory that you see is troublesome or boring, step in and make the necessary changes so that it doesn't go too far.
Culture is extremely important because you can't be there to observe all of your employees all hours of the day. Amazon has like 300 or 400,000 employees, right? I've got 50 and I don't know what a lot of the names are because it's constantly moving. More people are coming every day. It's hard to be close friends and understand everyone at the number 50, even with the number 20. Imagine having 300,000. There's no way, so how are you going to oversee them? How are you going to trust that they know what to do and they know what decisions to make? You can't. You cannot be there. You cannot discipline or police people to do that.
That's why you need to trust them to make the right decisions themselves and that only comes with a great culture. That's like a great cult-like culture like a religion because then, people know the principles they need to follow so that they operate the right way. That's the only way to really implement mass control and make sure that most people are doing exactly what's best for customers and therefore best for the Amazon.
All right. Now, let's talk about number five, the Darwinian reality of surviving in nature. In nature, if some bugs have brown shells … Sorry. Hold on a sec. In nature, if some bugs have brown shells and others have green shells, and a bird that eats bugs has a preference for green shells, the bird will eat the … Sorry. This is a little mistake. The bird will eat the green bugs, and they will eventually become extinct while the brown bugs live on, all right, because if there's an environment and there is brown and green bugs, the bird just constantly keeps eating the green ones, well, they're going to be taken out. That's what happens. That's the reality of it. This is what Charles Darwin observed in nature when he came up with his theory of evolution and natural selection.
To summarize it in a quick little point, I mean, natural selection is the process whereby organisms better adapted to their environment tend to survive and produce more offspring. You're probably wondering how the hell did I get into talking about bugs. Well, Darwin's theory applies directly to business too. Businesses compete against each other for resources within ecosystems, within markets, within niches, within the economy, and then within the world, and they must adapt and change so that they can survive in the ever changing environment. If they can't, they will be wiped out and they will become extinct. This is what Darwin calls survival of the fittest. I'll give you some examples just to really cement this point.
I'm sure you remember video stores and CD stores like Blockbuster and whatever. Well, you probably remember going to them to rent movies. I remember doing it, and even to buy CDs and you'd go there, check out the CD, buy it, bring it home, listen to it. That was how it worked, but very quickly, they became extinct when online streaming became available. This change in the environment caused an apocalypse where the businesses who failed to adapt to change got wiped out and a new species of business reigns supreme. We saw here that the apex predator in this environment was really iTunes. I mean, that came in and just absolutely napalmed all of the CD stores, the video stores, and everything. Then, we've got companies like Netflix, Spotify and stuff, they came in. They were better adapted to the environment. They took over.
Now, it's clear that Bezos has a solid understanding for Darwin's theory and he takes it to a level that I've never seen before in business. Most businesses compete for resources within an ecosystem against each other. They worry about their competitors. That's how most people run a business. They're trying to fight off their competitors, adapt to change better than their competitors so that they can win out. Bezos makes every single team at Amazon compete against each other for resources. Really, what he did is he created an ecosystem within an ecosystem. By doing this, Bezos makes all the teams and all people at Amazon compete against each other without being shielded from the outside world like corporates tend to do.
If a team at Amazon can't survive against … if it can't fight its way against the other teams, if there's other teams that are adapting faster and being more efficient, then they're going to get all the resources. The ones that aren't efficient, they just get cut. It happens to people and it happens to teams. Bezos is relentless at doing it. If a team excels, well, it gets given the resources from the team that got cut. If there's 10 teams and one of them is doing the best and the other nine aren't, well, instead, most corporates, what they'll do is they'll start looking at the nine that aren't. Then, they'll say, "Oh, the team that's excelling, sorry, budget's limited to this." Then, they'll be evenly pulling the budget out.
Totally different. This is what I mean by most corporates kind of shielding their internal people and their internal teams against the harsh environment. They kind of shield them and let people live in these delusions, but at Amazon, they've got to fight it out and if they can't excel, they'll get cut and the resources from the cut ones will be given to the top ones. This is amazing. This is like one of the most intelligent things we've seen. Then, by doing this, Bezos has been able to accelerate the time clock of innovation at Amazon so that it's constantly ahead of the market because the internal ecosystem is far more challenging than the actual ecosystem itself.
Most companies worry about being able to compete with the outside competitors and all that, well, people at Amazon worry about competing against people at Amazon. If they can win the survival of the fittest race within Amazon, then chances are Amazon as a whole is going to kick everyone's ass in the fight for survival of the fittest. That's how he's been able to have such a huge company. Usually, when companies get that big, they get all slow and sluggish and corporate like but not with Amazon. It's a beast. It's huge but it has the agility and the savageness of like a three-man startup.
How can you improve from this? Well, first of all, if you're not familiar with the Darwin's theory of the evolution, I strongly recommend you dive into it head first because you want to learn about this because it's true in nature, it's a fascinating thing to learn about yourself and about the world, but more than that, all of Darwin's observations about nature are still true today and they draw parallels in the world of business too. In life and business, you want to constantly think, how is the market changing and what traits are favored for survival in the ecosystem now, and what traits are likely to be favored for survival in the future?
By constantly thinking like this, you will notice when your business needs to adapt to change and when you get good at it, you'll see what's coming ahead of time, allowing you to constantly be ahead of the curve. Most companies don't see the writing on the wall until it's too late and they're wiped out and extinct. That's because they don't understand this. It's a very powerful business lesson to learn. At Amazon, they're able to see the writing on the wall before anyone else because of how they adapt to change and because of how they really … Really, what Bezos does is he simulates a Darwinian reality within Amazon, which is fascinating.
That's pretty much it. That's pretty much my five biggest takeaways from breathing Bezos's letters to shareholders. Now, I highly recommend that you download the letters in full, which you can do at the top of this PDF here or the link beneath this video in the blog post, and read them in full. Take lots of notes. You're going to learn a ton. These were my five takeaways, but there's obviously a lot more to learn.
Now, what I want you to do is if you're watching this video anywhere else other than my blog, head over to consulting.com and that's where more videos like this are and that's where you'll be able to find the transcript from this video, the MP3, and also, you'll be able to find all of these resources and downloads, so consulting.com. Go over there. If you liked this video, click the like button. Share it with your friends, whatever, and then leave me something in the comment section. I'm going to check all of the comments myself personally, so leave me something in the comments. Let me know what you thought.
Then, if you're interested in starting and growing your own business quickly, well, I recommend you check out this free webinar, which I've got running here. I've left a link in the bottom of this PDF here, which you can click and register for a free webinar where we're going to talk more about how to study business. That's it for this video. Thanks for watching and I'll see you in the next one soon.