Originally posted by: dmcowen674
Originally posted by: blackangst1
you realize that is an empty argument because trust fund babies in the top eschelon are few. For example, in the Forbes 20, only two-the Mars family-didnt create their wealth themselves. They participate in the business, but didnt create it. I guess one other exception would be the (I believe) youngest Walton who is not in the bisness.
The other Waltons worked side by side with their father.
Hard work and some luck creates wealth.
Bull crap
Yes, when he was alive but as soon as he kicked the bucket they sold the business out to China. Something Sam would've never done.
I was going to say proof or retract, but I decided to prove you wrong and call you a bullshit liar again.
From the beginning, Sam Walton and Wal-Mart focused on buying goods as cheaply as possible, which often meant buying imports
(A few snips to save space)
Early in his company's spectacular expansion, "Mr. Sam," as everyone called him, decided to reach across the Pacific and make imports a pillar of Wal-Mart's business model. Forcing his American suppliers to cut costs, stressing sales volume over high margins, and wowing customers by showcasing one super low-priced item in each category -- all hinged on importing to find the cheapest prices.
"Sam was an advocate of importing. It was his vision," said a retired senior executive, who was a buyer in Wal-Mart's Hong Kong office in the 1980s, and who asked to keep his identity private. "Our first office was in Hong Kong, then Taiwan. Korea soon after. We'd visit factories, see how they store goods. You would look at every step of the process very carefully."
"From the beginning, Walton had bought goods wherever he could get them cheapest, with any other considerations secondary," writes Bob Ortega, author of the Wal-Mart history, In Sam We Trust. By the early 1980s, Ortega reports, Walton "increasingly looked to imports, which were usually cheaper because factory workers were paid so much less in China and the other Asian countries."
According to Ortega, Walton himself estimated that imports accounted for nearly 6 percent of Wal-Mart's total sales in 1984. But another observer of that period, Frank Yuan, a former Taiwan-based apparel middleman, who dealt with Wal-Mart in the 1980s, puts the number, including indirect imports, at around 40 percent from "day one." Either way, Walton's vision was a harbinger of far vaster global sourcing today.
And so it is equally true -- and far less well known -- that Sam Walton was the architect of Wal-Mart's unpublicized "Buy Asia" program.
So by the time Wal-Mart opened its first buying office in Hong Kong in 1981, "manufacturers were already very competent in Taiwan," said Gary Hamilton, a professor of sociology at the University of Washington. "There was already a high level of confidence and responsiveness that allowed Wal-Mart to rapidly expand."
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And on and on. Youre full of shit. As usual.