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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William Knecht rated it liked it Jul 17, This use of a stock dividend by Santander is reminiscent of Teledyne. According to a Fortuna case studyDanaher has traditionally purchased companies that are relative laggards in their fields. However, one downside of memor dividends was that yield seeking investors who did not sell their original shares but who did sell their stock dividends saw thw holdings diluted by those dividends.
Also like Teledyne, this method aids long-term shareholders who accept a share dividend and do not sell the shares they receive, because they gain a proportionally larger ownership in the company.
As head of Teledyne Corporation, Henry Hte is probably best known for his share buybacks. Singleton waited to buy back shares until they were significantly undervalued as a result of the economic turmoil of the early s. Like Teledyne, Santander can retain additional cash by avoiding cash distributions, while also improving the tax efficiency of its dividend policy.
That said, Zimmer Holdings has also made extensive repurchase this past year, as its stock price rose to record highs.
Matt rated it liked it Feb 25, Singleton’s response, as described in Distant Forceis particularly relevant to today’s market:. Most issuers are more into buying high and selling low. As a result, it is difficult to know if the company’s actions in were a fluke. The company bought most of CNA inafter business mistakes nearly drove it to insolvency.
Nedim Umur rated it it was amazing Jun 22, In the Globe and Mail article cited above, the company is ninth of ten companies in its reduction in outstanding shares in the past five years.
Book Review – Distant Force: A Memoir Of The Teledyne Corporation And The Man Who Created It
The one oddity of Teledyne’s stock dividend, though, is that much of it occurred at the same time as Teledyne’s share buybacks. Moreover, Danaher focuses on acquiring underperforming companies, it has consistently managed to buy its acquisition targets cheaply.
Like many companies run by a strong capital allocator, Teledyne avoided paying a significant cash dividend for most of its history, preferring to retain cash for future investments. The company would eventually diversify into such areas as aeronautics, steel, and insurance before breaking itself up into such successor companies as Allegheny Technologies NYSE: That said, it is interesting that two of the most successful investments in history have so much in common, a fact that offers important lessons for investors looking for the next Teledyne or Berkshire Hathaway today.
It gave yield oriented investors a yield that they could access without selling the principal part of their investment. 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 teledynf growth.
Nathan Hall rated it really liked it Oct 23, Danaher’s acquisition system involves buying undervalued companies, successfully integrating them into a larger corporation, hhe using them to create growth.
Shortcut help message s Highlight search box esc Close dialog. The company’s managers have demonstrated skill in not only choosing acquisition targets, but also integrating them into the overall company.
Of course, memoid fact that corporate managements have terrible timing in their share buybacks is old news to many investors.
During the same period when its revenues only grew at an average annual rate of 1. The company famously bought the drilling rigs that would later form Diamond Offshore for less than their scrap value in the late s and early s, taking advantage of weakness in the oil sector.
Distant force | Open Library
Both of these services were a small part of the final product- a tiny seismometer used in a space mission or a set of coordinates and elevations overlaid on a map created from thousands of aerial photos-but their effect was critical.
Dec 11, Fredric Y. 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. WFCholding them, like Teledyne, in insurance subsidiaries. Sagar Patel rated it really liked it Jan 12, Singleton’s goal was to create a source of persistent capital to fuel the company’s future growth. During the period [Singleton] considered bonds as high risk and stocks as low risk, contrary to popular opinion, and he instructed his insurance companies to follow that advice in their investments.
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 Subjects A limited number of items are shown. In Singleton’s own words, “there [were] tremendous values in the stock market, but in buying stocksnot entire companies.
An absolutely fascinating look into a company that even Warren Buffett greatly admired. Behrak rated it it was ok Dec 27, LO was bought in as the first anti-tobacco advertisements began to air, while luxury watchmaker Bulova was purchased in during an oil crisis.
The content here reflects only the author’s opinions. Physical Details vii, pages,  pages of plates: Jason Sooter rated it it was amazing Feb 05, They often do so when they feel the company is at its best, which is usually when the company’s shares are at their most expensive.
They reflect Memoi participation in various emerging Even when the company does produce its own, finalized products, these products are still often “demon dust” products. 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.
And yet, Facebook has been noteworthy for one characteristic reminiscent of Teledyne-taking advantage of share overvaluation to maximize value for its owners. Thus, to find a company that acquires like Teledyne today, it is necessary to find a corporayion that not only avoids overpaying for acquisitions, but also integrates them successfully and uses them as a source of growth.
Kim rated it liked it Mar 01,