Capital allocation is the most important driver long term and, if you read the conference transcript or expert calls, there’s one question on it per call, at the end, if we are lucky.

My 2 cents on it, for what it’s worth: calculate the return on marginal capital deployed. The one you can really linked to the current management. The one you’re really paying for. This book, the Valuation book from McKinsey, has fantastic bits about ROIC.