This book offers a practical framework for how corporate leaders should allocate scarce capital to maximize long-term enterprise value, explaining the trade-offs among reinvestment in the business, dividends and buybacks, debt reduction, and M&A. It links capital allocation decisions to value-creation metrics (ROIC, WACC, NPV/IRR and economic profit) and shows how disciplined prioritization, portfolio thinking and governance align incentives and drive sustained returns. Through clear principles and illustrative examples, it guides managers and investors on assessing opportunities, setting allocation rules, and measuring outcomes to ensure capital is deployed where it earns the highest long-term return.