The process of deploying the cash generated by a business — or received from operations — into the highest-return uses: reinvestment in the business, acquisitions, dividends, or share repurchases. Buffett considers this the CEO's most important job.
| Year | Relevance |
|---|---|
| 1965 | first |
| 1965 | first |
| 1967 | key |
| 1967 | key |
| 1977 | key |
| 1996 | key |
| 2016 | key |
| 2020 | key |
| 2025 | key |