Successful capital allocation by management (part custodians of wealth creation) is the cornerstone of future wealth creation. Allocating capital to projects that exceed your cost of capital will ultimately create more value for shareholders (and result in the intrinsic value of a company increasing over time). In South Africa, we have had mixed results from management teams, some of whom have created enormous value for shareholders and others (sadly) who have destroyed an enormous amount of value. In this short piece, we examine some of the successes and some of the failures. Note: some of the failures have by no means been totally disastrous.