It’s earning season, and the first big news might be from Walmart, whose stock dropped 7 per cent after it reported concerns about the health of the consumer. This is a counter narrative to the strong gross domestic product and inflation numbers we’ve been talking about. Today on the show, we dig into Walmart’s view and see what it might tell us about the future of the economy. Also we go out on a limb with two contrarian longs: big box retail and the news judgement of the American people.

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Read a transcript of this episode on FT.com


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