Capital allocation
The power of capital allocation -- Capital allocation in a slow-growth world -- Optimizing the capital structure : advantages of an alternatives-based capital allocation framework -- Five stress test rules for downturns -- The rise and fall of the General Electric empire -- Capital spending -- Dividends and the case for returning excess capital to shareholders -- The "regular-special" dividend : a new way to allocate excess capital -- The (alleged) seven deadly sins of share repurchase -- Autozone : the power of intelligent share repurchase -- Acquisitions -- Complex transactions -- Superior businesses with lower valuations -- Private deals -- Distressed sellers -- Non-core divestitures -- Short-term challenges, long-term benefits -- Inferior businesses with higher valuations -- Low-return, strategic acquisitions : a cautionary tale -- Supply/demand imbalance -- Short-term plug deal -- Spin-offs -- Restructurings -- Secular challenges -- Best board practices : the 14 point strategic plan -- Capital allocation : establishing a long-term focus and good corporate citizenship.