Wal-Mart Stores, Inc. (NYSE: WMT) is currently getting some heat for apparently attempting to court customers of Mexican origin into stores to prop up its money-wiring service. But, don't tell that to LATINA Style Magazine, which just named the world's largest retailer to the "50 Best Companies for Latinas."

This is the second year in a row that Wal-Mart has been selected to this list, and it signifies that is providing a solid commitment to hiring female workers of Hispanic origin. After surveying 800 companies nationwide, the retailer was selected to be placed among the very best in that group. Placement encompassed the gamut of employment practices for Hispanic women, from recruitment and procurement policies, employee benefits and advancement opportunities.

Wal-Mart is the largest private employer of Hispanics in the nation, with more than 154,000 employees of Hispanic origin. Add that to the fact that the 14-member company board includes two Hispanic citizens and it's pretty easy to see that Wal-Mart is providing diversity among its workforce, even at the corporate board level.

Also connected with this story was the fact that the retailer does business with thousands of Hispanic-owned businesses, which is not that uncommon in the retail product industry. Although the retailer purchased more than $1.4 billion of products and services from Hispanic-owned businesses last year, that's pretty much a drop in the bucket of its overall procurement dollars. But, it's not bad.

The title reads: Hello friends! Welcome to Wal-Mart!

I posted an article on Monday January 15, addressing Wal-Mart Stores, Inc. (NYSE: WMT) and I suggested some ideas for it to consider in pursuit of future growth. I don't honestly think Wal-Mart will hear about my ideas, much less implement them but I have fun writing this stuff anyway. A motivated fellow we'll call Jack sent me some suggestions of his own. I think Jack has some good ideas so I'd like to share them with you.

Instead of looking for the next hot stock, the next sure thing, why not throw some money into an index fund comprised of those companies that are already the number one providers of goods and services to the fastest growing segment of the population? Way back in August 2000 investment bank Samuel A. Ramirez & Co. put together a stock index to track the Hispanic market as an asset class. To qualify on the Hispanic Index, companies must have a majority of Hispanic owners or customers. Since its inception until early 2005, the Ramirez and Co. Hispanic Index (RCHI) was up 177%. Not bad at all when viewed against a 17% decline in the S&P for the same period.

HispanicBusiness.com has also put together its own Hispanic Business Stock Index (HBSI) to track heavily traded Hispanic companies in the U.S. It makes sense to track large Hispanic-oriented businesses as the Hispanic population in 2005 (last figures currently available) totalled more than 40 million, with a growth rate three times faster than the U.S. population as a whole. By 2010, total Hispanic disposable income is forecast to exceed $1 trillion. HBSI invests mainly in health-care, as well as financial and media companies whose primary customer base is Hispanics. There is considerable overlap between the two funds. HBSI limits its holdings to only US traded equities. RCHI includes several Puerto Rico-based companies.

The biggest holdings in the two portfolios include Univision Communications which reaches the homes of 98% of the U.S. Latino population, Hispanic Broadcasting Corporation, Entravision Communications and Spanish Broadcasting System. In the financial sector holdings include Popular Inc. (Banco Popular), International Bancshares Corp., United PanAm Financial and Metrocorp Bancshares, Inc.