Ben Gilbert: belief

Transcript context

…Right. Then there's India and Flipkart. Walmart bought 77%, I think, stake in Flipkart back in, I think, it was 2018 for over $16 billion, which is a huge, huge price. I'm not as studied on the history of this. I think Walmart had wanted to enter India for a long time. It had been negotiating with the government trying to make it happen for years and years and years and couldn't. I think part of the idea, I believe, of buying Flipkart was this will be our vector to bring Walmart into India. I don't think it's gone super well. I read, I believe, there are about 20 or 30 Walmart-owned physical locations in India now, but that's not worth $16, $17 billion purchase price. No, definitely not. The last thing that I think is important to understand about Walmart is their growth has really just come down. If we look back all the way back to 1982, they've grown about 40–50% a year. That has basically been on a slow, steady decline all the way until about 2013 where it's been about flat at 3% since then. They're trying to make all these big investments. This is revenue, by the way. It's not like, oh, well, that's just because they're reinvesting in ecommerce. No, the top line is just not moving very far year over year these days. To be fair, it is the biggest top line of any company in the world. The law of large numbers is at work. But as we've talked about, it's not like they fully saturated the TAM if you include ecommerce and you include international, had they executed well on both of those.…

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