"Well, later on, when we had Wal-Marts and went public, I went out and borrowed what seemed likean awful lot of money at the time and bought stock with it. Bud and Sam came down to the store oneday, and Bud said: 'Willard, I sure hope you know what you're doing.' He told me I had more faith thanhe did. I always knew it was going to be successful. The philosophy made sense, and you couldn't helpbut believe in the man."In the years to come, that lure of partnership helped us attract a lot of good managers, but I don't believewe ever had one who bought more stock than Willard. And of course he feels pretty good about ittoday. To understand Wal-Mart's point of view on middlemen, and our relationship with our vendors, you haveto look back to our beginnings in the discount business. In the early days of the industry, mostdiscounters were served entirely by middlemen, jobbers, or distributors who came in and said to thoseold promoters, "We'll keep your shelves filled for 15 percent of the gross." In other words, the price onevery item included a 15 percent commission to the jobber for supplying the merchandise. That's how thefast-buck promoters got into the business without even having to think much like merchants. They tookwhat the jobbers gave them, added on the 15 percent, and still under-priced the department stores by along shot. CHARLIE CATE: PHIL GREEN: 偷拍久久国产视频|偷拍视频2018国产|2017最新在线国产自拍高清影院 MARGARET GILLIAM. FIRST BOSTON: HELEN WALTON: When somebody like me sent him an order, he would take maybe 5 percent for himself and then send theorder on to the factory, which would ship it to us. That 5 percent seemed like a pretty reasonable cut tome, compared to 25 percent for Ben Franklin. "You know, it's interesting. I know Dad worked incredible hours, and I know he traveled a lot, but Inever really felt like he was gone much. He went out of his way to spend time with us, and he was fun tobe with. He loved to play baseball with us. I tagged along with him on his trips a good bit, and I still visitstores because of it. When I got into junior high and high school, he would take me to my horse shows.