[My Takeaway]
Capital allocation is the key responsibility of a CEO.
"If you take a CEO that’s in a job for 10 years, and he has a business that earns, say, 12 percent on equity, and he’s — and he pays out a third, that means he’s got 8 percent per year of equity. I mean, when you think of his tenure in office, how much capital he’s allocated, it’s an enormous factor over time. And yet, probably relatively few chief executives are either trained for, or are selected on, the basis of their ability to allocate capital." ~Warren Buffett
[The World Book Encyclopedias]
[Full Videos of Berkshire Hathaway Annual Meeting 1994]
https://buffett.cnbc.com/1994-berkshire-hathaway-annual-meeting/
[ABOUT - Collection: Warren Buffett]
Whenever, I search up on fund managers that practice value investing. All of them done 1 common thing that is, they study whatever they can about Warren Buffett from his annual letters, annual meeting or even interviews. Hence, I decided to do the same and share it together with all of you so that we can learn and grow together :)
[My 2 Cents]

Perhaps, by looking at the Cash Flow Statement we can judge the managements' capital allocation ability.
So that's the importance of Cash Flow Statement. :O