Focus on cost improvement makes it possible for us to afford lower prices, which drives growth. Growth spreads fixed costs across more sales, reducing cost per unit, which makes possible more price reductions. Customers like this, and it's good for shareholders. Please expect us to repeat this loop.

Our biggest cost is not power, or servers, or people. It's lack of utilization. It dominates all other costs.

It's tangible, it's solid, it's beautiful. It's artistic, from my standpoint, and I just love real estate.

I think real estate is really core, but you just nailed why I'm still here and loved retail - it's because of the breadth of it. I didn't appreciate how interesting retail was until I got started. You have to have a customer relationship, but you need leadership skills, servant leadership characteristics.

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.

You don't want to negotiate the price of simple things you buy every day.