In The Outsiders, William Thorndike argues that the most essential skill for a manager is capital allocation. To prove his point, he profiles CEOs such as Henry Singleton of Teledyne and John Malone of TCI who, while not household names, achieved outsized returns by wisely deploying their firm’s resources.
http://www.forbes.com/sites/gregsatell/2015/11/29/innovation-is-the-only-true-way-to-create-value/
