I've never let myself fret too much about that. We've had some tremendous fluctuations of our stockover time. Sometimes it will shoot up because retailing has become a fashionable sector with theinvestment community. Or it will plunge because somebody writes a report saying that Wal-Mart'sstrategy is all wrong. When we bought a chain of stores called Kuhn's Big K in 1981which took us eastof the Mississippi for the first time in a significant wayseveral reports said we were taking on more thanwe could handle, and that we would never make it once we got to Atlanta or New Orleans. We've hadreports predicting that when we got to St. Louis, or wherever, and met somereal competition, we wouldnever be able to stay profitable. Our demise has been predicted ever since we hit the stock market. Andwhenever one of these big institutional investors reads something like that, and decides he believes it, heunloads a million shares, or 500,000 shares, and in the past that has created some fluctuations in the priceof our stock. I loved doing it myself. I'd get down low, turn my plane up on its side, and fly right over a town. Oncewe had a spot picked out, we'd land, go find out who owned the property, and try to negotiate the dealright then. That's another good reason I don't like jets. You can't get down low enough to really tellwhat's going on, the way I could in my little planes. Bud and I picked almost all our sites that way untilwe grew to about 120 or 130 stores. I was always proud of our technique and the results we got. Iguarantee you not many principals of retailing companies were flying around sideways studyingdevelopment patterns, but it worked really well for us. Until we had 500 stores, or at least 400 or so, Ikept up with every real estate deal we made and got to view most locations before we signed any kind ofcommitment. A good location, and what we have to pay for it, is so important to the success of a store. Among other things, Walton Enterprises owns banks in several towns around here. Jim and a partnerown the local newspaper, theDaily Record. The story of buying theRecord shows just how far we'vecome from those days when Helen could just sashay through the store and pick up what she wantedapractice, by the way, that I always frowned on. Back before we went public with Wal-Mart, I bought thenewspaper figuring that we would have a cheap place to print our circulars. I think I only paid $65,000for that old paper. When we went public, though, some New York lawyers came down and told us wehad to sell the paper to Wal-Mart because otherwise we would be taking advantage of the publiccompany if we continued to print the circulars. So we sold it to Wal-Mart at cost, about $110,000 bythen. Well, years later, Jim decides he wants to buy the paper. So we had an outside consultant come inand tell Wal-Mart what it was worth. Jim and his partner paid $1.1 million for that darned paper. It'sbeen marginally profitable at best, and it quit printing Wal-Mart circulars years ago. The point I'm tryingto make is that we as a family have bent over backward not to take advantage of Wal-Mart, not to pressour ownership position unfairly, and everybody in the company knows it. "Granted," I replied, now rather interested. "Then what is his theory?" 超碰国产亚洲人人,最新色和尙在线视频,香蕉视频茄子内容,小老弟影院高清在线观看 "Did you read them?"