Results 1 – 12 of 12 Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by George A. Roberts and a great selection of related. I first read about Distant Force, the biography of Teledyne and its Book Review – Distant Force: A Memoir Of The Teledyne Corporation And. Find Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It by George A. Roberts.
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Singleton’s decision to begin buying partial stakes in other publicly traded companies was an firce of his decision to stop acquiring companies in Thus, it is necessary to read between descriptions of rocket nozzles and rolled steel, of managers and mechanics, to understand the basis of Teledyne’s extraordinary performance. I have no business relationship with any company whose stock is mentioned in this article.
There are no discussion topics on this book yet. Just like Henry Singleton used overvalued Teledyne shares to acquire tue, Mark Zuckerberg has used Facebook’s high valuations as an opportunity to raise cash and build corporate value.
Distant force | Open Library
The writer s of this content may have positions in securities mentioned in this article. Moreover, one method of finding good stock investments would be to search for companies like Teledyne that have consistently taken advantage of low valuations in investing in publicly traded companies.
If you purchase items through those links, I will receive a small commission, but there will be no additional charge to you. Another way in which Henry Singleton took advantage of the irrationality of public markets was in his purchase of publicly traded securities when they were undervalued. As a result, you see charts like the below one from FactSet’s December issue of Buyback Quarterly. Do not rely on it in making an investment decision. The stock market is hardly depressed today.
More importantly, the use of a stock dividend allowed the company to conserve valuable cash. Click to view More Singleton, Henry Earl, Such a dividend would not be taxed unless its recipient chose to sell his or her shares, unlike a cash dividend, which would incur an automatic tax. As a result, corporate management would always be aware of what was going on, even if it rarely chose to intervene in the decisions of segment presidents. Just a moment while we sign you in to your Goodreads account.
In producing such products, Exelis is reminiscent of Teledyne, which also emphasized products critical to mission success, both military and civilian. This difference of nearly 10 percentage points between the company’s annual net income growth and its per share net income growth can be attributed to Singleton’s buybacks. Of course, just because Zimmer Holdings and its CEO David Dvorak were willing to increase their share purchases when prices were low, teleydne Teledyne and Henry Singleton, that doesn’t mean that they are going to give shareholders the same kind of returns.
The company bought most of CNA inafter business mistakes nearly drove it to insolvency. Click to view More Biography. As a result, once the acquisition spree ended, the company was not left with a disorganized collection of unrelated businesses, but rather a group of companies with real synergies between them.
However, one downside of stock dividends was that yield seeking investors who did not sell their original shares but who did sell their stock dividends saw their holdings diluted by those dividends. Tri rated it it was amazing Jun 17, The company’s managers have demonstrated skill in not only choosing acquisition targets, but also integrating them into the overall company. One quote from Distant Force describes Singleton as being unwilling to pay even 12 or 14 times earnings for an acquisition target.
Want to Read saving…. It’s not very creative to describe Warren Buffett and Berkshire Hathaway as successors to the traditions of Henry Singleton and Teledyne. It gave yield oriented investors a yield that they could access without selling the principal part of their investment. As Bloomberg View columnist Matt Levine puts it”[Facebook] is unusual among public companies in its desire and ability to sell stock at local maximums. Gives a decent insight into the workings of Singleton’s mind nonetheless, about how his acquisitions were built on the existing competencies of his businesses, and how he allocated his capital efficiently.
Do your own research. Paul rated it liked it Nov 05, Lists with This Book. Another method by which Henry Singleton built value was through careful acquisitions.
Summary [The] CD contains articles from the Teledyne quarterly and annual reports from through These companies did just that, moving their portfolios from fixed income securities to equities when the stock market was depressed…. Buffett is well known for using the term “moat” to describe the kind of niche businesses with unshakeable competitive positions that Teledyne acquired. This content is meant solely for the entertainment of the reader and its writer s.
Dec 11, Fredric Y. However, what sets Danaher apart isn’t the use of acquisitions for growth-that’s a strategy used by many companies.
Distant Force : A Memoir of the Teledyne Corporation and the Man Who Created It
Gabriel Raoni rated it really liked it Dec 15, Because their holdings of company stock became proportionally larger, their returns were augmented once Teledyne share prices began to grow again in the s.
George AdamTeledyne, Inc. Roberts first published January Drex rated it really liked it Feb 12, To see what your friends thought of this book, please sign memokr.