Look at some big technology names such as Apple, Microsoft and Cisco Systems. I want you to attempt to create a link between these companies capital budgeting and capital expenditure (capex) decisions over the years and what products they invested in, and what consequences they experienced due to those decisions. You can simply determine the Companys capital budgeting decisions, the sources and the associated cost, and how that money was invested by looking at its financial statements (the cash flow statement in particular), financial news, or what you already know about the Company. For example, does anyone remember Flip camera? This was a company that Cisco acquired for close to $500 million. After few years, the company shut down Flip as every new phone would have a high quality camera. This is an example of a very bad capital budgeting and capital expenditure decision. At some point, Cisco's management decided to raise $500MM, either internally or externally, and where to invest in for whatever reason. This action destroyed $500MM in value, clear and simple. On the other hand, at some point in Apple labs the company choose to direct time, resources and capital towards a project called "Purple", which created the first iPhone and cemented Apple's legacy as one of the most valuable companies in the world by deciding to direct capex dollars towards a mega block buster product. I encourage that you to bring up other company names for discussion, where you can intelligently apply the overview of capital budgeting decisions from chapter 10 to that particular companys capital budgeting decisions. Does Amazon's big bet on cloud technology and the enormous financial capital invested justify the risks? What direction of capital budgeting has Apple taken versus a Google that has bet heavily on Android? How about Tesla, Oracle, or billions of dollars automakers such as GM and Ford are directing towards electric and self-driving technology? Look at Capital Budgeting as a business and operating decision across many industries. Also, take the time to look at the above companies' cash flow statements, under the investing cash flow section to see how much of their cash goes toward capital expenditures, or CAPEX. What other examples can you think about where the company's cash flow has been invested wisely or unwisely for the purpose of the next big thing? In summary, take a good look at multiple companies' cash flow statements, see the trends in cash invested in capital budgeting decisions, and link those trends to actual investments these companies have made and discuss the rational, success and failures of those companies.

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