Leadership by Geoff Colvin

Power Point: Don't get too caught up in the good life

December 4, 2008: 6:05 PM ET

"If you get too caught up in that good life, it's probably time to move on, simply because you lose touch with what your mind is supposed to be concentrating on: serving the customer."

--Sam Walton, the late founder of Wal-Mart (WMT). Today the company that Sam built--the world's largest corporation--announced that November sales were up 3.4%, beating Wall Street's and its own expectations. Management attributed the strong performance to aggressive holiday discounts, the decline in gas prices (which drove traffic to its stores), and the trend of high-end consumers trading down for value. Walton's philosophy fits today: Even consumers who might "get caught up in that good life" in more normal economic times are now shopping for bargains. Wal-Mart's stock climbed to $55 on the news and is up 13.7% this year--the best-performing Dow 30 stock.

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Pattie Sellers
Patricia Sellers
Senior Editor at Large, Fortune
Executive Director of MPW/Live Content, Time Inc.

Fortune senior editor at large Pattie Sellers has written some of Fortune's most talked-about cover stories, including "Marissa Mayer: Ready to Rumble at Yahoo," "Oprah's Next Act," "Can Meg Whitman Save California?" "The $100 Billion Woman" (Melinda Gates), and "Remodeling Martha" (Martha Stewart). She has helped oversee Fortune's "Most Powerful Women in Business" package every year since its launch in 1998. Pattie is Executive Director of the Fortune Most Powerful Women Summit, the preeminent gathering of women leaders in business and beyond. She oversees MPW programs that enable women leaders to extend their influence and empower the next generation—such as Fortune MPW Entrepreneurs and the Fortune-U.S. State Department Global Women Leaders Mentoring Partnership. Beyond her Fortune duties, she is also developing Live Content across Time Inc. Pattie grew up in Allentown, PA, graduated from the University of Virginia, and started at Fortune in 1984. Her blog, Postcards, is about how power players lead, manage others, and navigate their careers.

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