In a 1999 interview for 60 Minutes, Amazon.com, Inc. founder Jeff Bezos divulged his distinctive life philosophy, which he termed the “regret minimization framework.”
What Happened: In the interview, Bezos spoke about his life philosophy and detailed his choice to depart from Wall Street. He said, “The way I made the decision to leave Wall Street and do this was… it was a regret minimization framework.” This implies that his decision to establish Amazon was motivated by a wish to reduce future regrets.
When asked to explain his philosophy, Bezos affirmed, “I want to have lived my life in such a way that when I’m 80 years old I’ve minimized the number of regrets that I have.”
He believes that many individuals, knowingly or unknowingly, adhere to a similar philosophy. “A lot of people do that I think they even if they don’t call it something as dorky as regret minimization framework, they behave that way anyway. They think that way,” he said.
Bezos also stated that his philosophy is not about seizing the day or indulging in pleasures, but about making decisions that will minimize future regrets. He stated, “I don’t go in for carpe diem. I go in for regret minimization framework.”
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Why It Matters: Bezos’s philosophy aligns with his previous statements on life and decision-making. In a 2017 interview at the Summit Series in Los Angeles, Bezos discussed the importance of adventure in life and business.
He said that adventure is more than a distraction, it’s a deliberate choice that shapes a person’s life story. “You can choose a life of ease and comfort, or you can choose a life of service and adventure,” Bezos said at the time.
Bezos founded Amazon on Jul. 5, 1994. It now boasts a market capitalization of $2.081 trillion. The e-commerce giant went public on May 15, 1997, with shares originally priced at $18 each.
He stepped down as Amazon’s CEO in 2021 and is currently the second richest person on the Bloomberg Billionaire Index, with a net worth of $221 billion.
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