There's an excellent book (you're probably aware of) called The Outsiders. It compares the results of operations focused CEO's like Welch to capital allocators like Buffett, Singleton, and Malone. The thesis is that overtime, the good cap allocators just blow everyone else out of the water.

http://www.amazon.com/Outsiders-Unconventional-Radically-Rat...

“An outstanding book about CEOs who excelled at capital allocation.” — Warren Buffett