There are all these things that add up into this business that's Walmart that keeps it really interesting. At the root of it all, though, it's a people business and it's a merchandising business. Today, it's increasingly a technology business. The supply chain is critical, of course, and real estate still plays a key role.

The two most important things in any company do not appear in its balance sheet: its reputation and its people.

A company is a group organized to create a product or service, and it is only as good as its people and how excited they are about creating. I do want to recognize a ton of super-talented people. I just happen to be the face of the companies.

People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.

Looking ahead, we will compete with technology, but win with people. We will be people-led and tech-empowered.

Of course we aren't perfect. We make mistakes. But, if the world could see all of the hard-working, well-intentioned people inside our company who are making things better in their communities and in the world, I'm convinced they would be moved by it all. I am.