Jeff Bezos of Amazon (AMZN) has been singing all the way to the bank for years. He is amongst a handful of the richest men who have ever roamed the earth. From a business point of view, I have always been in awe of Bezos. His swashbuckling ways destroyed Wall Street norms and axioms, and he has never been a slave to quarterly earnings.

I’m no fan of his newspaper, The Washington Post, but that point is moot when we’re discussing business wealth. I think Amazon shares have so much more room to the upside that folks will look back to today and wish they had bought in.

But by the same token, the company is also a wealth destroyer. How? Just consider the carnage in the wake of Amazon’s announcements and deals this year alone. Other stocks have gotten crushed. It would make Joseph Schumpeter – the economist who coined the term “creative destruction” – blush.

  • January 24: Aftermarket auto parts
  • May 12: Furniture
  • May 16: Prescription drugs
  • June 12: Groceries – e. the Whole Foods Market (WFM) deal
  • June 22: Sneakers – i.e. the Nike (NKE) deal
  • July 20: Appliances – i.e. the Sears Holdings (SHLD) deal

Amazon isn’t always successful when it enters a new industry, but the Street acts as if it will eventually make all supermarkets obsolete. I remember when Whole Foods was the grocery-killer until local supermarkets started freshening up their look and offerings.

And yesterday’s drubbing of Home Depot (HD) and Whirlpool (WHR) on the appliance news was plain nuts. Those stocks are buys on dips.

At some point, Amazon will have showdowns on both sides of the Atlantic when regulators start demanding that the company break itself up. It will be harder than it seems if regulators have to decide what Amazon might have to sell through its platform.

Regardless, Amazon is a mountain of faith and it deserves such accolades. Don’t instantly write off juggernauts with global footprints and long histories of competitiveness. Also, don’t forget that Amazon recently had to shutter its Diapers.com site and bite the bullet on a $500 million investment.

Hence, stay invested in Amazon. At the same time, don’t panic about other quality names in your portfolio.