Samsung - one direction - FT.com Imagine a giant, clanking robot whose parts move semi-independently and which blasts power rays at whatever stands in its way. Say hello to Samsung. Jay Lee, who was just elevated to the vice-chairmanship, is expected to take the mighty robot's controls one day. What direction will he point it? The same direction it is pointed now, in all likelihood. The company has successfully used the profits from mature businesses (chips, say) to fund the next big thing (smartphones). It divides its array of businesses into consumer and components divisions, but in reality it is an ecosystem of units that sell to, and fund, each other. Samsung's power derives from its enormous capital spend. Three quarters of operating cash flow over the past decade have gone on capex - about double the proportion allocated by either Apple or Intel. This year, it will have spent Y25tn ($23bn) - almost enough to buy all of Hewlett-Packard's shares. This spending has built the fifth biggest tech company in the world by market capitalisation (and a few robots, to boot). Yet it trades on 8 times this year's earnings, two-thirds of Apple's market rating. The top of its share register is dominated by local names, not the international funds who, in theory, should have crowded in. Some of that is down to Samsung's complex web of companies; some, to investors" uncertainty about where to place it. Mr Lee's record to date includes managing relationships with clients and partners, including some of its strained dealings with Apple. Assuming more managerial control of Samsung will take plenty of additional effort. But Mr Lee should give some thought to investor relationships, too. Samsung has been a phenomenal business story, but hasn't created an investment story to match. Does this robot come in peace, or not?