The other big misconception: that Bezos doesn’t care about profitability. By all accounts Amazon’s mature businesses (such as online retail) are profitable; it’s his deep investments in new businesses that create accounting losses, which he regards as a false measure of performance. “He’s really focused on cash flow and what kind of return on invested capital is being created,” says Warren Jenson, Amazon’s chief financial officer from 1999 to 2002. Bill Miller, a fund manager at Legg Mason who has held shares in Amazon since it went public, says Bezos shows deep understanding of the point Clay Christensen made in his recent HBR article “The Capitalist’s Dilemma,” which argued that most managers focus on the wrong financial metrics. “Jeff really takes theory seriously—he started out wanting to be a theoretical physicist,” Miller says. “In terms of financial theory, he’s trying to get away from the behavioral problems that afflict other companies” that try to maximize the wrong numbers. Other Bezos watchers go even further: At a time when many large companies (most notably Apple) are hoarding idle cash, shouldn’t we be lauding Amazon’s ability to continually find entirely new industries to reinvest and innovate in, rather than criticizing the losses driven by those outlays?
The pan-European STOXX 600 had last week suffered its biggest drop since February.
The opening ceremony of the "Azerbaijani Language and Literature Exhibition" has been held at the library of Beijing Foreign Studies University (BFSU).
The owner of the restaurant that collapsed in Shanxi province on Saturday, Qi Jianhua, has been detained on suspicion of negligently endangering public safety.
The paintings reflect the artist's nostalgia for his hometown in Northeast China. "Every lotus in the painting is reminiscent of my mom," he said.
The outer containment dome of the Karachi unit 2 nuclear reactor in Pakistan was successfully installed on Monday, a milestone marking the end of its general construction work, said China National Nuclear Corp, one of the country's largest nuclear power companies.
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The participants agreed in the declaration that Chinese President Xi Jinping's proposal to build a community of shared future for humanity was "a major concept which conforms to the trend of the times, fits the requirements of development, and reflects the pursuit of a new human social value."
The overseas Chinese living in Italy have played an active role in the fight against the epidemic, he said, adding that Italy will continue to take full care of their health and safety.
The order applies to travelers from 34 states and Puerto Rico.
The pact lays the foundation for Japan's nuclear fuel cycle project, allowing Japan to extract plutonium and the remaining uranium from spent nuclear fuel and reprocess it into mixed oxide (MOX) fuel for use in nuclear plants.