"Profitability is the Key to Value. If You've Got it, Flaunt It. If You Don't Have It, Get It (business strategy). If You Can't Get It, Get Out (capital strategy)."

--- Bill Fruhan, Professor of Finance, Harvard Business School, author of: Financial Strategy: Studies in the Creation, Transfer, and Destruction of Shareholder Value.

Capital Strategy: Investing in Growth Opportunities (Positive Net Present Value Investing Opportunities) - committing the least amount of capital at the widest capital spreads (between expected returns and the cost of capital) for the longest periods. PNPV Considerations: Growth (how big), Duration (how long) and Risk (how great, relative to alternative investments).

A bad financing won't kill a good investment - but a good financing won't rescue a bad investment.

CEO   (Corporate Culture, Ethics, Leadership)

Control-Corporate

Entrepreneurship

Governance-Corporate

Invention

R&D

Shareholder Value

Venture Capital