From the time Amazon IPO’ed in 1997, I can only recall one stretch when it didn’t have the confidence of many public market investors. It was after Barron’s wrote a long cover story on it titled “Amazon Dot Bomb“ on May 31, 1999. (I still remember getting the physical copy of Barron’s that week with the Bomb on the cover.)
From the moment that article came out, I remember many being skeptical on the company. And once the Nasdaq started to fizzle in March 2000, until late 2001, Amazon’s stock was treated as if it was going out of business along with any other dot coms at the time like Pets.com and Drugstore.com.
It didn’t, of course. Instead, it grew to become the powerful juggernaut it is today. One of the four horsemen of tech. With a market capitalization of $250 billion today.