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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.

I say at our management conferences that the amount Wal-Mart grows in just one year is the equivalent of Costco's size.

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.

Wal-Mart does not do big mergers, though it will buy much smaller competitors in so-called 'tuck-in acquisitions.'

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

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

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.

When you compete with Wal-Mart, even if you think you've found a niche don't ever become complacent.

There are going to be some people who never want Wal-Mart. That's OK.

The key to competing and surviving against Wal-Mart is to focus your business into a niche or pocket where you can leverage your strengths in the local marketplace.