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Consilient Observer
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Mai 10, 2022

Wealth Transfers

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Mai 10, 2022

Wealth Transfers


Consilient Observer

Wealth Transfers

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Mai 10, 2022

 
 

Redistribution of Value via Capital Allocation

 
 
  • The goal of capital allocation, arguably management's most important task, is to put resources to their best use to create long-term value per share for ongoing shareholders.
  • The first part of capital allocation is investing in the business, including capital expenditures and intangible assets.
  • The second part is transacting with mispriced securities, which introduces the potential for wealth transfers between stakeholders.
  • Astute investors appropriately focus on a management's ability to invest in the business, but they should also pay attention to management actions with regard to buying and selling the company’s stock. 
 
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