Lately, I have been reading the biography of Wal-Mart founder Sam Walton, titled “Made in America.” I haven’t finished it, but I came across this quote from David Glass (an eventual CEO of Wal-Mart) that gives a pretty good snapshot into the kind of guy that Walton was:
When Sam feels a certain way, he’s restless. Two things about Sam Walton distinguish him from almost everyone else I know. First, he gets up every day bound and determined to improve something. Second, he is less afraid of being wrong than anyone I’ve ever known. And once he sees he’s wrong, he just shakes it off and heads in another direction.
When some people go to Wal-Mart, they might think of a “big box” retailer that is usually associated with corporate greed and excess by squeezing every penny out of vendors and paying wages to entry-level employees that flirt with the … Read the rest of this article!
I have begun studying the life of Bernard Arnault, the richest man in France who is most well-known for being the CEO of the unweildily named luxury brand company LVMH Moet Hennessy Louis Vuitton SE. It turns out, the extended name is instructive in giving us a clue as to the sheer number of luxury brands that are owned by the Louis Vuitton umbrella.
It dominates the luxury alcohol market with Dom Perignon and Moet & Chandon. It dominates watches with Tag Heuer and Zenith. It dominates fragrances with Dior and Givenchy. It dominates retailing with Sephora and DFS.
The stock is controlled by Arnault through his family holding company, appropriately named Arnault Family Group, which trades on the Euronext exchange. Because it is a French company, it has largely evaded the attention of American investors.
I believe this omission, if due to ignorance, comes at the cost of an … Read the rest of this article!