The state with the most Walmarts by far is Texas (596). The two biggest runners-up were Florida (387) and California (303).
The state with the fewest Walmarts is Vermont (6), as D.C. is not and can never be a state. Rhode Island and Hawaii are second from the bottom with 9 each.
Walmart operates 4600 stores in the U.S. (5200 including Samโs Clubs) and 10K globally for 270 million total customers each week. Their operating margin is 4.2%, ROE is 24.4%, and 35.4% of that equity is owned by institutions.
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INTELRUNNER
What countries are losing millionaires?
Net Flows of Millionairesโ Wealth in 2025 (as per Henley & Partners)
Where is their wealth going? The same places they are, naturally. Honorable mentions to Saudi Arabia, Switzerland, Monaco, Singapore, Portugal, and Greece:
Where is it coming from? Mostly the Brits, followed by all of the other major world powers (BRICS), followed by France, Spain, and Germany.
Whatโs the bottom line? Wealth is leaving Western Europe, East Asia, and BRICS and flowing to the most welcome jurisdictions in the Gulf Kingdoms, America, and Southern Europe.
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The obvious initial observation is that the G7 still dominates equity markets. They are structurally deeper, more stable, and more liquid despite reflecting lower growth potential than BRICS.
๐บ๐ธ U.S. dominance: At nearly $70T, the U.S. alone outweighs the combined market cap of all BRICS nations.
๏ปฟ๏ปฟ๐จ๐ณ China's scale: With $19.8T, China is the only real challenger, though still less than one-third of U.S. markets.
๏ปฟ๏ปฟ๐ฎ๐ณ India's rise: Crossing $5T, India is emerging as a key BRICS growth engine.
๏ปฟ๏ปฟ๐ Diversification: The "Rest of the World" at $24.7T shows that while power is concentrated, smaller markets collectively matter.
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INTELRUNNER
Since mid-July, initial jobless claims look better than either of the last two yearsโฆand job loss is a top subject.
What can you do?
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Now 4% shy of the 52-week high, $MJ experienced a golden cross on the daily about a month ago.
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The Indians & to a lesser extent the Japanese are wisely stacking more gold. The United States is far too exposed to financial assets, and China is (effectively de jure) too exposed to real estate.
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That's been enough to produce a breakout from the old all-time-high levels established in 1989. It started pushing resistance in February of last year, and by June of this year, it had broken it.
It's been nothing but up since...
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Facebook remains the leading social media for news
Of course, Twitter & Reddit were obscenely overpriced, but both were also (ostensibly) quasi-government projects, so I'm sure a full account of the relevant facts would explain those valuations.
Here's Harrison Berger on the impetus for the TikTok sale:
And as independent journalists Lee Fang and Jack Poulson reported last year, TikTok has forged a content moderation partnership with CyberWellโan NGO closely linked to the Israeli government and staffed by Israeli spiesโwhose chief executive publicly boasts about the foreign lobbyโs successful campaigns to suppress the free speech of Americans and restrict the information they can receive not just on TikTok but across โall major social media platforms.โ
The acquisition of TikTok by Oracle, Silver Lake, and Andreessen Horowitz is therefore not simply a reshuffling of corporate control, but the latest step to consolidate a foreign governmentโs censorship regime in America. The appโs new owners openly display their affection for, and often loyalty toward, Israel.
Well that sounds fun.
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INTELRUNNER
Top picture is the past month of trading in this market. The past week and today are on the bottom. More on this later...
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INTELRUNNER
An outbreak of foot-and-mouth disease in South Africa, reportedly.
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Walmart operates 4600 stores in the U.S. (5200 including Samโs Clubs) and 10K globally for 270 million total customers each week.
There are 1.5 million American Walmart employees.
...why do so many people work at Denver International?
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INTELRUNNER
Meta may be deluded once again, but if so, this time so are the investorsโฆ
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The spending will continue well into 2026 and even a little beyond in some cases. This will include industrial construction, data center construction, and building out chip manufacturing capacity.
There are two key American ETFs for infrastructure: (1) the Global X U.S. Infrastructure Development ETF ($PAVE), which is largely industrial, construction, and raw materials companies, and (2) the iShares U.S. Infrastructure ETF ($IFRA), which has those but also includes companies in utilities & energy.
$PAVE has appreciated against $IFRA for most of its history. $PAVE is the more pure infrastructure play, but $IFRA has the higher yield, as you'd expect from the make-up.
None of this is financial advice.
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