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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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      "text": "Capital allocation is a CEO’s most important job; What counts in the long run is the increase in per-share value, not overall growth or size; Cash flow, not reported earnings, is what determines long-term value; Decentralized organizations release entrepreneurial energy and keep both costs and ‘rancor’ down; Independent thinking is essential to long-term success, and interactions with outside advisers (Wall Street, the press, etc.) can be distracting and time-consuming; Sometimes, the best investment opportunity is your own stock; With acquisitions, patience is a virtue… as is occasional boldness",
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