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Wal-Mart uses technology to increase sales volume, but the more it does so, the more it drives down profit margins - its own and everybody else's. The same logic does not appear to hold for Goldman Sachs.

You can't compete with Walmart. But you can have smaller businesses that are successful.

If Wal-Mart invests a billion dollars and others invest $100 million, Wal-Mart is going to grow more.

Typical mergers happen when there are two competitors coming together, and they reduce overhead.

Reasonable mergers generate substantial synergies, so that provides for earnings and cash-flow growth even if it doesn't provide for revenue growth, and I think that's a big driver.

I've seen articles suggesting that Wal-Mart buys at prices lower than our competitors', and that this gives Wal-Mart an unfair advantage. I don't believe it... What we hear is concern that in some circumstances, Wal-Mart may actually be paying more than our competitors.

We see great growth in the United States. But also in China, Brazil, the U.K., and other markets around the world. So ecommerce is going to continue to be a great story for Walmart.

But they are also better, our competitors are better because Wal-Mart exists.

I don't see anything Wal-Mart can do that other retailers can't.

Walmart is an amazing story of entrepreneurship and, as one of the world's most powerful brands, touches millions of lives every day.