There are stocks I buy because I believe the market is underestimating their growth. There are stocks I buy because the underlying assets appear to be worth more than the market price. Then there are stocks like Walmart, where I find myself staring at the valuation and asking a slightly different question: How much am I willing to pay to avoid unpleasant surprises? Walmart is not an obscure turnaround story hiding beneath a mountain of debt. It is not a speculative technology company promising to revolutionize commerce once it figures out how to generate a profit. It is one of the largest, most recognizable, and most durable retailers on the planet. Approximately 280 million customers and members visit Walmart’s stores and e-commerce platforms each week. The company operates more than 10,900 stores across 19 countries and generated roughly $713 billion in revenue during fiscal 2026. Walmart is not merely a retailer at this point. It is economic infrastructure with shopping carts. That ...