"TL;DR I hear this argument all the time. The cloud isn't perfect but its a hell of a lot closer to anything I could achieve. "not invented here" syndrome won't save your data."
I think there is an easy rebuttal that should be considered...
First, the "nines" rating of any service or resiliency is just gibberish. Go find the statistical likelihood of money market funds "breaking the buck" or of CDS blowing up - both in 2007/2008. Those had a lot of nines too and a lot of very smart , well qualified people attesting to those nines (in venues even more serious than IT).
A highly complex system becomes incomprehensible, even to the people that built it. Those nines mean nothing.
Second, you absolutely can build something more stable and predictable than Amazon precisely because you're the one that built it - which means that it is more comprehensible and fails more predictably and gracefully.
I don't care who does the calculation and how many nines they come up with - if you load FreeBSD on two bare metal servers and put them in two different datacenters and run them with any kind of conservative and cautious sysadminning you'll have a better solution. Yes, it will be more expensive.[1][2]
The standard closure to a comment like this is to refer to Talebs Black Swan and Antifragile books ... which you certainly should read ... but even more important is "Normal Accidents" by Charles Perrow[3] which I hope will convince you to stop looking for complex things that never fail, and instead look for simple things that fail gracefully.
[1] ... but we have a HN-Readers discount - just ask!
[2] You know who we are.
[3] https://en.wikipedia.org/wiki/Normal_Accidents