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

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

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

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.

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.

Now I know that Wal-Mart's policies do not reflect the best way of doing business and the values that I think are important in America.

If Alibaba cannot become a Microsoft or Wal-Mart, I will regret it for the rest of my life.

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.

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.