David Rosenthal: belief

Transcript context

…Because they don't break it out, I don't know if that means it's not profitable. I don't know what profit we're talking about there. Amazon, for a long time, was not profitable because they were reinvesting in more distribution centers and stuff like that. Maybe it's that, but there's a work in progress going on with Walmart ecommerce. Yup. They have, in recent years, been closing a large number of Sam's Clubs. I think a lot of that real estate they've been converting into ecommerce distribution centers. Yeah, I know they did in Washington. There's a labor point to make here too, which is that I think in closing all those Sam's Clubs, they basically lay off all the employees and then say, all right, now you can interview at this building that will be converted into an ecommerce distribution center and we can figure out if you're a fit. It makes sense, but I think it's like one of 100 deaths by 1000 cuts things going on between Walmart and labor right now.…

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