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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Danaher’s acquisition system involves buying undervalued companies, successfully integrating them into a larger corporation, and using them to create growth.
However, what differentiated Teledyne from those other conglomerates was that Henry Singleton stopped making acquisitions after the stock prices of target companies became inflated. It gave yield oriented investors a yield that they could access without selling the principal part of their investment.
Even better, the company made a significant amount of its froce during the first quarter ofthe lowest point of a low year for its stock price. The company’s other acquisitions have also been made during downturns that allowed the company to get a good deal.
A directory of all reports, which have been indexed by date, title and Teledyne company featured, is in a PDF file on this disk and also included in the Appendix of the book [p. Kim rated it liked it Mar 01, As a result, Teledyne avoided diluting shareholders by using shares to make overpriced acquisitions. This system is a modern day version of the Teledyne model of corporate acquisitions, and it is unsurprising that as a result, Danaher’s share returns over the past two decades have been reminiscent of those of Teledyne.
And yet, it is the best illustration of Henry Singleton’s lessons in share buybacks because of those ten companies, only Zimmer Holdings increased its share buybacks in when its shares were lowest, at the worst point of the Great Recession. Beyond this judicious purchasing of publicly traded securities, like Teledyne, Loews has also aggressively repurchased its shares, taking advantage of chronic market undervaluation to buy back over two thirds of its shares between and Just a moment while we sign you in to your Goodreads account.
Distant force | Open Library
Just like Henry Singleton used overvalued Teledyne shares to acquire companies, Mark Zuckerberg has used Facebook’s high valuations as an opportunity to raise cash and build corporate value. Kcc rated it really liked it Aug 21, Gurpreet Narang rated it it was amazing Nov 02, As a result, you see charts like the below one from FactSet’s December issue of Buyback Quarterly. 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.
Gabriel Raoni rated it really liked it Dec 15, That said, Distant Force isn’t one of those investing books that neatly gives each concept its own chapter before wrapping up with a nice summary at the end.
Sophie rated it it was amazing Sep 30, Trivia About Distant Force: ZMHa producer of tools used by surgeons in reconstructive surgery and treating degenerative diseases, as well as orthopedic reconstructive devices such as artificial joints. Summary [The] CD contains articles from the Teledyne quarterly and annual reports from through As head of Teledyne Corporation, Henry Singleton is probably best known for his share buybacks.
Much of this performance can be attributed to the company’s acquisitions. In andTeledyne purchased several insurance companies, diversifying the company into the financial industry. Keyboard Shortcuts Close Available anywhere?
Jason Orthman rated it really liked it Jan 08, Shortcut help message s Highlight search box esc Close dialog. However, with interest rates as low as they are and set to rise, it seems likely that we’re in another situation where it would be prudent to move from bonds to stocks. 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.
Businessmen — United States — Biography. And yet, Zimmer Holdings is extraordinary in one way-its stock buybacks. Such returns will require appreciation in Santander’s shares, which probably requires an improvement in the Spanish economy.
In this taking advantage of market irrationality, he resembles Henry Singleton. The content here is not meant as investment advice. The company would eventually diversify into such areas as aeronautics, steel, oc insurance before breaking itself up into such successor companies as Allegheny Technologies NYSE: In his opinion, a stock dividend was the best of both worlds.
Nevertheless, it is striking how many characteristics of Teledyne can be seen in Berkshire Hathaway. For example, according to the company’s Annual ReportExelis sensors “currently provide all of the commercial distannt resolution space-based imagery in the United States.
However, unlike most such companies, Teledyne did pay a regular stock dividend, firce it injust as the company ended its acquisitions. However, it was a more recent event that brought Facebook to mind while I wrote this section-the company’s December share offering, which was designed to take advantage of the recent rise in the company’s shares.
The one oddity of Teledyne’s stock dividend, though, is that much of it occurred at the same time as Teledyne’s share buybacks. At first glance, the characteristics of the Danaher Business System seem like meaningless management buzzwords-after all, what company doesn’t say that it is working towards growth, leanness, and better leadership?
Singleton’s response, as described in Distant Forceis particularly relevant to today’s market:.