WMT update

We refer to are most recent take on WMT as of April 6, 2018. for the “big picture”.

wmt aug 17 2018

In our view what has transpired since is that we had a first wave down of about 28 points, from 109 to 81, followed by a second wave correction of about 76%. This happened on very high volume on supposedly excellent and a 40% (anticipated!) growth in e-commerce. Actual earnings inclusive of all items were down almost 3 bln. year-over-year. Cremer’s Mad-money show, or whatever it is called, was quick to grasp the opportunity to call for a change from FANG to WANG, this while pressing the appropriate emotion buttons on his desk. Spin is everything!

This is , in our opinion, is another opportunity to get out while the going is good.