Walmart Inc.

“Walmart is among the most durable retail franchises ever built — its grocery density, supply chain scale, and nascent advertising and membership flywheel are widening a multi-decade moat. Management is aligned, the balance sheet is conservatively run, and FCF conversion is near-perfect. However, the market has fully priced in the transformation story: at 40x forward earnings and a $1.04T market cap, the base-case 10-year return is roughly 4–7% annualized with essentially zero margin of safety. This is a stock to own at the right price, not today's price.”