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.
|Published (Last):||13 May 2005|
|PDF File Size:||14.91 Mb|
|ePub File Size:||11.70 Mb|
|Price:||Free* [*Free Regsitration Required]|
Distant force | Open Library
However, what’s important about Singleton’s buybacks is not their size, but the attitude he took towards them. 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. However, I feel that there is one company that represents all of the characteristics that made Teledyne such a great investment-Berkshire Hathaway NYSE: In Singleton’s own words, “there [were] tremendous values in the stock market, but in buying corporatlonnot entire companies.
There are a number of companies today that exhibit each of these characteristics.
Moreover, unlike most of its conglomerate peers, Teledyne successfully integrated its acquisitions. Buffett is well known for using the term “moat” to describe the kind of niche fogce with unshakeable competitive positions that Teledyne acquired. Those opinions might be wrong. The one oddity of Teledyne’s stock dividend, though, is that much of it occurred at the same time as Teledyne’s share buybacks.
Kim rated it liked it Mar 01, It gave yield oriented investors a yield that they could access without selling the principal part of their investment. Thanks for telling us about the problem. 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. No trivia or quizzes yet. However, unlike most such companies, Teledyne did pay a regular stock memior, beginning it injust as the company ended its acquisitions.
Jean-marc Tekedyne rated it liked it May rorce, Moreover, beyond the issue of rising valuations for acquisitions, there was another reason for Henry Singleton’s decision to start buying large stakes in public companies. One such company is Zimmer Holdings, Inc. Once growth through acquisitions-which, it is worth mentioning again, were undertaken using stock instead of cash-was no longer an option, it was necessary to obtain all growth organically, thus requiring as much cash as possible to fuel that growth.
Distant Force : A Memoir of the Teledyne Corporation and the Man Who Created It
More importantly, the use of a stock dividend allowed the company to conserve valuable cash. Afterwards, the rate of buybacks falls just as it would have made more mwmoir to buy shares when they became depressed by the Great Recession.
This content is meant solely for the entertainment of the reader and its writer s. At Teledyne, such businesses included Teledyne Geotech, which built seismometers and created maps by assigning coordinates and elevations to locations identified in aerial surveys.
The company would eventually diversify into such corpofation as aeronautics, steel, and insurance before breaking itself up into such successor companies as Allegheny Technologies NYSE: For example, according to the company’s Annual ReportExelis sensors “currently provide all of the commercial high resolution space-based imagery in the United States.
Roberts first published January Moreover, Danaher focuses on acquiring underperforming companies, it has consistently managed to buy its acquisition targets cheaply.
Jan 11, Ngee Poo rated it it was ok. Teledyne Corporation’s success as a long-term investment, as described in George Roberts’ Distant Forcecan be attributed to five key factors- stock buybacks, careful acquisitions, dividends targeted to reward the long-term shareholder, the contrarian ownership of publicly traded securities, and a focus corportion niche businesses. It is too early to tell whether this approach will augment the returns of such shareholders like it did those of Teledyne. In producing such products, Exelis is reminiscent of Teledyne, which also emphasized products critical to mission success, both military and civilian.
Danaher’s acquisition system involves buying undervalued companies, successfully integrating them into a larger corporation, and using them to create growth.
Most issuers are more into buying high and selling low.
Goodreads helps you keep track of books you want to read. Of course, just because Berkshire Hathaway embodies all of the important characteristics of Teledyne doesn’t mean that someone buying Berkshire Hathaway today will earn Teledyne’s historical returns-or, for that matter, Berkshire Hathaway’s historical returns.
Much of this performance can be attributed to the company’s acquisitions. As head of Teledyne Corporation, Henry Singleton is probably best known corporatoon his share buybacks. These companies did just that, moving their portfolios from fixed income securities to equities when the stock market was depressed…. Even better, the company made a significant amount of its repurchases during the first quarter ofthe lowest point of a low year for its stock price.
WFCholding them, like Teledyne, in insurance subsidiaries. In each of those cases, the tepedyne supplied by the company is a small part of the overall mission, but is crucial to ensuring mission success and the safety of military personnel.
GD is that it generally does not produce comprehensive final products like Lockheed’s F fighter or General Dynamics’ Abrams tank. Moreover, one method of finding good stock investments would be to search for companies like Teledyne that have fore taken advantage of low valuations in investing in publicly traded companies. Singleton’s response, as mmoir in Distant Forceis particularly relevant to today’s market:.
Gurpreet Narang rated it it was amazing Nov 02, During the same corporwtion when its revenues only grew at an average annual rate of 1.
Also, it is possible that the company’s prospects have improved so much this year that shares have become undervalued despite their rise.