The high-margin, high-turn businesses have all three sources of advantage working for them. John Rotonti: U.S. companies are generating a lot of excess free cash flow right now because ROICs are high but reinvestment is low. Could you explain intelligent capital allocation? Should companies invest every penny they can internally at high rates of return before returning cash to shareholders through dividends and buybacks? Michael Mauboussin:First you have to answer the basic question of what the company is trying to achieve. Assuming that its goal is to build long-term value per share, I would say that capital allocation is all about finding the opportunities with the best and highest use. Certainly I would have a bias toward organic investments, such as capital expenditures. But there may be instances when repurchasing shares creates more value per share than a capital expenditure does. The right answer to all capital allocation questions is “it depends.” Specifically, it depends on the relationship between price and value. A strong empirical finding is that companies with rapid asset growth tend to have poor total shareholder returns and companies with slow, or even contracting, asset growth have good returns.
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