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

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 earnings 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.