The rich invest in time, the poor invest in money.

To be clear, we take these financial outputs seriously, but we believe that focusing our energy on the controllable inputs to our business is the most effective way to maximize financial outputs over time.

Retail is detail, and that plays out throughout the international business as well. Today's portfolio has got omnichannel businesses in Mexico, Central America, Canada, China, but we also have an e-commerce marketplace in India with Flipkart and our financial services business in India, PhonePe - those are a bit different, but the other markets have a lot of commonality strategically.

In some circles, Walmart has this reputation of being really tough. I would say we're tough on behalf of the customer, but we always try to be fair, and if you look at the financial results of our suppliers, they've done really well, and P&G still makes more money than Walmart does after all this time, so this has worked out well for everybody, but we do keep on the pressure on behalf of the customer.

I've often felt there might be more to be gained by studying business failures than business successes.

When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact.