00:00Mazuo just published, and we'll catch up with David Bellinger later on this morning,
00:03he's interpreting this, the conservative guide, as an expected low bar set for the new CEO's
00:10first year. Is that how you're interpreting things? Yes, I would agree with that. I think
00:15Walmart historically, not just because of the new CEO, does set the bar low and increase as
00:20you progress. They've always kept a cautious stance on the consumer. And given where we are
00:26in 2026, where there are inflationary pressures, and there is an uncertain macro backdrop, it seemed
00:33prudent for them to start conservatively, and we expect them to increase as the year unfolds,
00:38unless the consumer weakens materially from here. Putnam, a lot of economists are using this name
00:43and these earnings for a read on the economy at a difficult time. But this company has changed.
00:48This is not just a trade down story anymore. It's so much more than that. Putnam, what is this
00:52company now? And does it deserve a multiple of 50? Well, that's arguable. A multiple of 50 is above
00:59where Amazon is currently trading. I think what investors are rewarding Walmart for is the growth
01:04that it's had in its online business. Today, its online business is over $100 billion. It's scaled up
01:09very quickly since the pandemic. The growth is pretty phenomenal, over 20% in the latest quarter.
01:15So they're definitely gaining share in the online vertical. They are becoming somewhat of a tech
01:21retail player. Not to say that they are Amazon, you know, they don't have AWS, but the online vertical
01:28is clearly gaining traction and they're being rewarded for that. Should they be at 50 times to
01:33answer your question? You know, that's still to be seen. They are currently there, but I think the
01:37market, you know, at that level expects more from them and expects them to continue to outperform.
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