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[@AdamRich_CAF](/creator/twitter/AdamRich_CAF)
"The Capital Allocation Almanac Vol. X When Tobacco Tried to Go Dairy In 1988 Philip Morris (now $MO) bought Kraft (then $KFT later split into $MDLZand $KHC) for $XX billion then spent the next XX years trying to undo it. A story of hubris focus and why great businesses can survive bad deals (but never because of them)"  
[X Link](https://x.com/AdamRich_CAF/status/1977748379523268870) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XXX engagements


"The hidden cost: Instead of reducing risk Philip Morris imported it. Tobacco litigation later made it nearly impossible to separate Kraft. It took XX yearsand millions in legal prep to unwind the deal. (WSJ 2007)"  
[X Link](https://x.com/AdamRich_CAF/status/1977748385084956813) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XX engagements


"The irony: $MOstill outperformed for decades but because of its core business not Kraft. Great cash-flow engines can survive bad allocation. But they compound best when they stay in their lane"  
[X Link](https://x.com/AdamRich_CAF/status/1977748390608867779) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XX engagements


"Todays Capital Allocation Daily: $CRM says AI is the next frontier yet its spending more on buybacks than R&D. Can Salesforce out-innovate OpenAI $MSFT and $GOOGL while sending most of its capital back to shareholders 👇"  
[X Link](https://x.com/AdamRich_CAF/status/1978841429263651231) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-16T15:12Z XX followers, XXX engagements


"$CRMs capital allocation story: talking AI buying back stock. At Investor Day Salesforce announced $X B in new buybacks over six months after $X B LTM. Thats more than its $XXX B R&DLTM. If AI is the future shouldnt R&D be the biggest expense"  
[X Link](https://x.com/AdamRich_CAF/status/1978841430702346298) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-16T15:12Z XX followers, XX engagements


"Competitors like OpenAI $MSFT $GOOGL $AMZNand Anthropicare spending tens of billions annuallybuilding model infrastructure and custom silicon. Salesforces AI investment looks small by comparison. Will its capital allocation strategy keep pace"  
[X Link](https://x.com/AdamRich_CAF/status/1978841432350765286) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-16T15:12Z XX followers, XX engagements


"Capital Allocation Lens $CRM R&D Spend:$5.7B (LTM) Buybacks:$6B (LTM) + $7B planned next six months Interpretation:Shareholder returns innovation investment If AI is the decades biggest opportunity can $CRM afford to out-return instead of out-invest Not investment advice"  
[X Link](https://x.com/AdamRich_CAF/status/1978841435559587902) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-16T15:12Z XX followers, XX engagements


"Capital Allocation Lens $GM vs $BYDDY $GM:Buybacks R&D Impairment $BYDDY:R&D  Share Gains How many times can a company relearn the same lesson about underinvestment Not investment advice"  
[X Link](https://x.com/AdamRich_CAF/status/1979216336917037548) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"Over decades diversification gave J&J resilience but diluted growth. After spinning off consumer health ($KVUE) and resolving key litigation J&J is now concentrating capitalaround its highest-ROI engine: pharmaceuticals. Pharma now represents XX% of revenueand drives the majority of R&D spend"  
[X Link](https://x.com/AdamRich_CAF/status/1978484804594147349) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"What if they had spent that $XX billion on buybacks instead From 19882007 $MOcouldve cut its share count in half letting shareholders capture the compounding of its high-ROE tobacco engine directly. Sometimes the best allocation is inaction"  
[X Link](https://x.com/AdamRich_CAF/status/1977748386565533806) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XX engagements


"The unwind: By 2001 partial IPO. By 2007 full spin. What began as diversification ended in refocusing"  
[X Link](https://x.com/AdamRich_CAF/status/1977748387974742366) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XX engagements


"They paid $XXXX billionfor Kraft (then $KFT later split into $MDLZand $KHC) in 1988. At spin Kraft was worth around $XX billion roughly breakeven after inflation and two decades of drag. Meanwhile $MOs core business created hundreds of billionsin value"  
[X Link](https://x.com/AdamRich_CAF/status/1977748389266587655) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-13T14:48Z XX followers, XXX engagements


"Todays Capital Allocation Daily: $BKR makes its boldest inorganic bet yet leaving oilfields for industrial tech 👇"  
[X Link](https://x.com/AdamRich_CAF/status/1978051473389789208) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-14T10:53Z XX followers, XX engagements


"Todays Capital Allocation Daily: $JNJ said growth 103x and margin 14x on its earnings call then announced it would spin off its orthopedics business. Another global giant refocusing after decades of diversification 👇"  
[X Link](https://x.com/AdamRich_CAF/status/1978484798818570401) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"$JNJplans to spin off its orthopedics division DePuy Synthes sharpening focus on higher-growth areas: oncology immunology neuroscience cardiovascular surgery and vision. That ratio XXX mentions of growthto XX of margin says it all. The companys language mirrors its capital allocation: growth over margin"  
[X Link](https://x.com/AdamRich_CAF/status/1978484801146355720) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"Orthopedics once a core pillar of J&Js MedTech segment will become a standalone business. CEO Joaquin Duato said the move creates a champion within orthopedics while freeing J&J to redeploy capital toward higher-return opportunities. Its a shift from breadth to focus and from defense to offense"  
[X Link](https://x.com/AdamRich_CAF/status/1978484802647937337) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"CFO Joe Wolk said the spin will lift MedTechs growth and margins by XX bps. But with growth dominating managements language the deeper question is: Is this about productivity or about becoming a growth stock"  
[X Link](https://x.com/AdamRich_CAF/status/1978484806112473546) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"The Great Unwind: $JNJ and $BASFY $JNJ isnt alone. $BASFYis also selling assets and scaling back investment unwinding decades of M&A-driven expansion. Both are moving from growth by accumulation to value by focus. The diversification model that defined industrial and healthcare leaders for decades is giving way to portfolio simplification and capital discipline"  
[X Link](https://x.com/AdamRich_CAF/status/1978484808603832558) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"Capital Allocation Lens: Capital Source:Mature slower-growth ortho assets Capital Use:Higher-ROI pharma and robotics businesses Capital Motivation:Refocus on where incremental returns remain highest Will this refocus be as successful as $GEs GEs breakup unlocked value by simplifying its balance sheet focusing management and aligning capital with core returns. Both $GE and $JNJ are products of an era that rewarded diversification and both are now unwinding it in search of higher ROIs. Not investment advice"  
[X Link](https://x.com/AdamRich_CAF/status/1978484810738765925) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"Sources: Johnson & Johnson Q3 2025 Earnings Call Oct XX 2025 Johnson & Johnson M&A Call Apr X 2025 BASF 2025 Strategy Update & Divestment Announcements Company IR & Bloomberg coverage"  
[X Link](https://x.com/AdamRich_CAF/status/1978484813490470944) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-15T15:35Z XX followers, XX engagements


"Sources: Salesforce Investor Day Oct 2025 FY2025 Annual Report Bloomberg & Company IR data"  
[X Link](https://x.com/AdamRich_CAF/status/1978841437207752916) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-16T15:12Z XX followers, XX engagements


"$GMs $1.6B EV impairment a capital cycle repeating. $GM recorded a $1.6B charge including $1.2B in EV write-downs. After years of buybacks and slowing R&D management calls it a reassessment. Capital discipline is back but so is product risk"  
[X Link](https://x.com/AdamRich_CAF/status/1979216328167764074) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:01Z XX followers, XX engagements


"Over the past three years $GM returned $20B+ to shareholderswhile cutting investment. Chinese peers like BYD ($1211-HK) and Xiaomi($1810-HK) ramped R&D and capacity producing EVs that now outclass global incumbents in range cost and integration"  
[X Link](https://x.com/AdamRich_CAF/status/1979216329518223607) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:01Z XX followers, XX engagements


"After the restructuring BYD now spends more on R&D than $GM. The capital cycle is diverging: Western automakers are returning cash; Chinese firms are still investing. Innovation is the new scale and BYD is building both"  
[X Link](https://x.com/AdamRich_CAF/status/1979216331174969450) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"$F s CEO even said hes been driving a Xiaomi SU7for six months and doesnt want to give it up. A small moment but a telling one: Western automakers now admire the products their "capital discipline" helped others create"  
[X Link](https://x.com/AdamRich_CAF/status/1979216332554989630) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"Weve seen this movie before. In the 1970s GM underinvested in product quality while Japanese automakers reinvested heavily. By the 1980s GM had to partner with Toyotajust to relearn how to compete"  
[X Link](https://x.com/AdamRich_CAF/status/1979216333930647894) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"The pattern rhymes. Years of buybacks then the realization that competitors built better products. This time the learning curve isnt small cars or lean systems its batteries software and integration"  
[X Link](https://x.com/AdamRich_CAF/status/1979216335356702928) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"We flagged this earlier in our Winners & Warningsseries on autos: The Developed World Has an Auto Problem"  
[X Link](https://x.com/AdamRich_CAF/status/1979216338418647325) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements


"Sources: GM 8-K & Reuters Oct XX 2025 GM filings (20212025) BYD Annual Reports (20202024) Winners & Warnings The Developed World Has an Auto Problem (Vaughan Nelson 2025) Ford CEO quote via Car and Driver 2025"  
[X Link](https://x.com/AdamRich_CAF/status/1979216339869847680) [@AdamRich_CAF](/creator/x/AdamRich_CAF) 2025-10-17T16:02Z XX followers, XX engagements