The Sage of Baltimore

“The real fortunes in this country have been made by the people who put their capital into a business that had a future, worked hard, invested more capital, and stayed with their investment throughout the years — depression and boom

Wal-Mart’s Ten Year Record: A Case Study of the Dangers of Overpaying for Growth

Wal-Mart Stores is one of the most successful growth stories in American history and can boast of an unparalleled track record of growth in nearly any measure one can think of. Whether your preferred metric is the number of square footage of retail space, sales, earnings, or dividend growth, a quick look at Wal-Mart’s quickly reveals an impressive trajectory that few others in retail can hope to match. However, as one looks at the statistics over the past ten years, it is clear that one measure has stagnated: Wal-Mart’s stock price. How could this be the case given Wal-Mart’s success over the past decade?

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