Investing Behind Change

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[00:03:49] - [First question] - His first encounter with Walmart

[00:06:04] - What about Sam Walton made him worth idolizing

[00:08:27] - The juxtaposition of business to management quality

[00:11:10] - Why a career in retail influenced the lens he sees the investing world through

[00:11:36] - What bad company culture in retail looks like

[00:12:49] - Aspects of Walmart’s culture that could be applied to other companies

[00:14:07] - Defining the core essence of retail company culture

[00:15:15] - How long it used to take for a stock to properly reflect new information

[00:16:53] - The nature of edge and what it looked like back then

[00:21:22] - Investing behind change and assessing trends

[00:23:19] - Scars and stories from just how vicious short markets can be

[00:26:45] - Thoughts on building an enduring firm and how it’s evolved over time

[00:32:27] - The process and decision to remove himself from the day-to-day operations

[00:34:08] - Lessons learned over time about what separates good from bad analysts

[00:34:55] - Where to start looking when getting into the guts of a business

[00:36:44] - What is most exciting when you’re inside the guts

[00:39:32] - Interesting aspects about payments today writ large

[00:42:28] - Broad trends around change in consumer trends

[00:43:15] - How he views software businesses looking forward as an investor

[00:45:27] - Great managers and their emphasis on analyzing their competitive advantage

[00:48:15] - Ways that pace as a variable has changed in importance

[00:49:40] - What he thinks we’ll look back on as silly in how markets currently operate

[00:50:46] - Whether or not all markets becoming 24/7 will be a good thing

[00:52:12] - Big iconic business stories that newcomers should study

[00:56:19] - Whether or not business building is an art form

[00:57:51] - Key levers that typically always matter for a business

[01:00:06] - Other major aspects of the world that are important to consider

[01:01:26] - How his personal motivations morphed over the years and what has changed

[01:03:08] - Valuable lessons learned about the inputs and outputs of education

[01:04:28] - Advice for would-be future investment analysts

[01:05:59] - The kindest thing anyone has ever done for him