This podcast episode explores Amazon's unconventional approach and its unique relationship with Wall Street. It delves into the events leading up to Amazon's initial public offering (IPO) in 1997 and highlights the company's unconventional choices during the IPO process. The episode discusses Jeff Bezos's stubbornness and his insistence on a specific share price for the IPO. It also focuses on the significant role of Joy Covey, Amazon's first CFO, in helping the company fight off Wall Street skeptics. The episode examines Amazon's long-term strategy and its emphasis on free cash flow and the long term over short-term gains. It also discusses the company's early financial struggles and the challenges it faced during the dot-com bubble burst. The launch of Amazon Web Services (AWS) and its emergence as a major growth engine for the company are highlighted. The episode concludes by exploring the impact of Bezos's 1997 shareholder letter and raises questions about Amazon's dominance in the industry.