CHAPTER 1
The Power of Capital Allocation
One of the great mysteries of my 23-year career working in the investing and finance arena is how little time, attention, and focus is directed toward the topic of capital allocation. While there are hundreds, if not thousands, of business books on such wide-ranging topics as marketing, the secrets of managerial success, operational excellence, and how to grow your business, there are few books that address the topic of capital allocation.
Capital allocation warrants far more time and attention than it receives. It rarely makes headlines, except in the case of megamergers. Even in these situations, the media focus is on the size of the newly combined company, how the companies’ share prices reacted to ...
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