《Walmart (WMT): From Discount Retailer to eCommerce Powerhouse》
Walmart 是一家高质量企业，但以约 38 倍滚动市盈率来看估值偏高；内在价值估计为 50 至 78 美元，因此在当前价格下并非买入标的。
Walmart 已不再是那种标准的实体零售商。它现在的业务包含广告平台、会员业务、第三方市场以及配送服务，而这一切都叠加在全球规模最大的零售运营之一之上。
Walmart isn't your standard bricks and mortar retailer anymore. It's a business that now has an advertising platform, a membership business, a marketplace, and delivery, all layered on top of one of the largest retail operations in the entire world.
而所有这一切都建立在一项资本效率极高、资本配置明智、且管理层激励机制与股东一致的业务之上。因此，很难在任何地方找到一家同时具备所有这些特质的公司，更不用说在零售行业了。
And all of that is built on a business with really strong capital efficiency, smart capital allocation, and an aligned incentive structure with management. And so it's just hard to find all of those traits in a single business anywhere, let alone in retail.