"Amazon's Fire phone, dubbed a 'shopping machine', is a flop. The device, which the company introduced in June, led to a $170 million write-down last quarter and a lowered sticker price of just 99 cents."Tom Szkutak, the company's chief technology officer, told Fortune in October that the phone was 'priced wrong'...'I've made billions of Dollars of failures at Amazon.com,' [Bezos] said. 'Literally billions. [...] Companies that don't embrace failure and continue to experiment eventually get in the desperate position.'..."
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Bill Bonner is founder and owner of Agora Inc., one of America's largest consumer newsletter publishers. Best-selling author and globe-trotting correspondent since 1999 for the Daily Reckoning email, he is chairman of family-wealth advisory Bonner & Partners, and co-author with his son Will of Family Fortunes: How to Build Family Wealth and Hold Onto It for 100 Years (Wiley, 2012).
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