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

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.

Walmart's period of explosive growth coincided with decades of wage stagnation and deindustrialization. By applying relentless downward pressure on prices and wages, the company came to dominate both consumer spending and employment in small towns and rural areas across the middle of the country.

More people work at Walmart than anywhere else in the United States, but you wouldn't know that from our literature. I'm trying to get at the reality of this country by portraying the lives of many of my friends who I left behind in Pittsburgh.

Walmart is so huge that a wage boost at Walmart would ripple through the entire economy, putting more money in the pockets of low-wage workers. This would help boost the entire economy - including Walmart's own sales.

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

I'm still very bullish on emerging markets. There's an emerging middle class. They're a growing group of customers. And frankly, they want Walmart. They want everyday low price. And that's why we are continuing to grow in the emerging markets around the world, too.

Walmart isn't your average mom-and-pop operation. It's the largest employer in America. As such, it's the trendsetter for millions of other employers of low-wage workers.

We have a big opportunity in China. We think the number of stores here can rival the number in North America.