Amazon's shares are hot, but success is here to stay

For more than a decade, some smart, successful investors have been saying that Amazon.com (AMZN) wouldn't succeed, because its business plan was flawed. Meanwhile, the company built its reputation as an online bookseller, added more products, and boosted sales.

During that time, Amazon's stock was volatile, racing higher through price targets set by the likes of former Wall Street analyst Henry Blodget, and then reeling through declines of more than 50 percent as investors and analysts doubted its ability to grow. Last week, the stock reached a record-high after reporting earnings. Has Amazon finally convinced naysayers it's here to stay?