Robert j mcvicker the cd contains articles from the teledyne quarterly and annual reports from 1969 through 1995. Even in a book filled with ceos who were aggressive in buying back stock, singleton is in a league of his own. Henry singleton and the recording the manual of ideas on business leader henry singleton, founder of teledyne, there is a part starting at 1. Its interesting how he mixes deep fundamental investing along with. The brain behind teledyne, a great american capitalist something went haywire with american capitalism in the 1990. Teledyne, which for decades was run by henry singleton, was probably one of the outstanding investments of all time. If no such deals could be found, henry singleton devoted teledynes capital. A memoir of the teledyne corporation and the man who created it. I believe this book has more information on henry singleton than any other. Lessons from business leader henry singleton moi global. One of my favorite chapters is on teledyne ceo henry singleton, who buffett said. His track record and decision making are consistently revered as an example of one of the alltime greats among capital allocators. All of this stuff is in the book, by the way the merger and the spinoff, and the chapter teledyne renaissance written by the then at spin and current ceo dr. Excerpts are from the book, distant force, a memoir of the teledyne corporation and the man who created it by dr.
A dozen things ive learned from henry singleton about value. Henry singleton and teledyneof the outsiders emphasis added. A memoir of the teledyne corporation and the man who created it george a. Not a lot of people have heard of henry singleton, a person that buffets consider the best one the greatest capitalists and capital allocators of alltime. Henry singleton and his management teams would be tragic. One of my favorite investing books is the outsiders. The ceos he ended up profiling were tom murphy of capital cities, henry singleton of teledyne, bill anders of general dynamics, john malone of.
Henry singletons cash flow machine this post is about earnings, cash flow and. Other books on singleton, such as the outsiders, provide helpful colour, but. In this chapter from his recent book, the outsiders, which provides accounts of eight remarkably successful and longtenured ceos, the author describes the successful management by henry singleton of the conglomerate teledyne from 1963 to 1990, a period during which the companys shareholders enjoyed annualized returns of over 20%. Presented by the singleton foundation for financial literacy and entrepreneurship in recognition of extraordinary lifetime achievement by a chief executive officer, the award is inspired by the remarkable work of henry singleton, engineer and founder of teledyne, inc. Once the acquisition engine had slowed in 1969, roberts and singleton turned their attention to the companys existing operations. While the whole chapter is a must read i pulled out the following excerpt on. Henry earl singleton was an american electrical engineer, business executive, and rancherland owner. On may 31, 1982, business week ran a cover story on henry singleton and teledyne, in which the magazine came very close to calling him a. Henry singleton was more than just a great capital allocator, he was a visionary, entrepreneur, and excellent. He could read a book a day and play chess blindfolded.
The singleton ceo prize v1 singleton foundation for. I dont believe all this nonsense about market timing. One of my favorite chapters is on teledyne ceo henry singleton, who buffett said had the best operating and capital deployment record in american business. Excerpts are from the book, distant force, a memoir of the teledyne corporation. Teledyne case study of an excellent capital allocator, dr. Henry singleton, teledyne, and free cash flow phils. All four major industry groups in teledyne are in fully competitive areas. Hey guys, i attended the brk meeting this year and the short seller asked about henry singleton and teledyne. Distant force a memoir of the teledyne corporation and the man who created it, with an introduction to teledyne technologies. In this chapter from his recent book, the outsiders, which provides accounts of eight remarkably successful and long. Not to study the teledyne story and the managerial success of dr.
Growth was driven through acquisitions of deeply undervalued public companies. William thorndike author of the outsiders said in an interview that henry singleton. Henry singleton, teledyne, and free cash flow hurricane. Henry earl singleton, pioneering cofounder of teledyne, inc. This is the second part of a multipart series on dr henry singleton the legendary value investor and founder of the teledyne empire.
Henry singleton the best capital deployment record in. Late in life, singleton became one of largest holders of ranchland in the united states. Taking a leaf from 3ms corporate books, it breaks up a. Singleton, a brilliant engineer who cofounded and built teledyne inc. Henry singleton teledyne case study of an excellent capital allocator, dr. Teledyne and a study of an excellent capital allocator, mr. Henry singleton is known as one of the best capital allocators ever. The document states it was edited by john chew from, a great blog to follow. Henry singleton was more than just a great capital allocator, he. Buffett considers that henry singleton of teledyne has the best operating and capital deployment record in american business. Henry singleton has the best operating and capital deployment record in american business. Henry singleton was also a good friend of leon cooperman, who has published and presented case studies on singletons performance as a capital allocator during his time at teledyne. He was also a cofounder of one of americas most successful business corporations teledyne, inc. How the outsiders became one of the most important.
Henry singleton was described by those who knew him as extremely brainy. Eight unconventional ceos and their radically rational blueprint for success. Singleton was a splendid electrical engineer, business mogul as well as a cattle rancher who was famous for his innate contributions to the aircraft industry. The best investors are avid history students of the market, companies, and great investors. His track record and decision making are consistently revered as an example of.
Henry singleton was one of the most brilliant engineers and businessmen of the twentieth century. Given his voracious appetite for teledyne s shares and the overall high levels of repurchases among the outsider ceos, its worth looking a little more closely at singleton s approach to buybacks, which differed significantly from that of most ceos today. I first read about distant force, the biography of teledyne and its founder henry singleton, in an article by geoff gannon titled what would. I bought and read this book in an attempt to better understand henry singleton, a now. In this refreshing, counterintuitive book, author will thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their. A dozen things ive learned from henry singleton about. Henry singletonmany students of investing know about the great investment record of warren buffett but few even know of theman buffett called one the greatest capitalists and capital allocators of alltime, dr.
Henry singleton has the best operating and capital deployment record in american businessif one took the 100 top business school graduates and made a composite of their triumphs, their record would not be as good as singletons. I have read the outsiders also good but this has more meat and insights not found. The brain behind teledyne, a great american capitalist. Feel free to just search distant force, the title of the book. For example, in 1966, with the stock trading around. Singleton entitled distant force, authored by george roberts, a longtime business associate and president of teledyne corp, which singleton founded.
Singleton made significant contributions to aircraft inertial guidance and was elected to the national academy of engineering. Henry singleton 19161999 fundamental finance playbook. Henry singleton was one of the best capital allocators and teledyne was his masterpiece. Henry was as intellectual as anyone i had come across. Excerpt below from chapter twoan unconventional conglomerateur. Henry singleton and teledyne vintage value investing. Henry singleton of teledyne has the best operating and capital deployment record in american business. Although singleton would only acquire companies that promised a high rate of return. Singleton, longtime chief executive of teledyne inc. George kozmetsky was the educator, and teledyne was the company. Henry singleton was its chief executive officer for three decades. In his book the money masters, john train writes that buffett once said this. He took advantage of the markets enthusiasm for teledyne shares during the late 60s conglomerate craze to buy up companies.
The more you learn from others, the less expensive your own tuition will be. Henry earl singleton, american engineer who was the cofounder of the semiconductor maker teledyne inc. Also another book i highly recommend is damn right. Henry singleton, case study in capital allocationteledyne and a study of an excellent capital allocator, mr. Singleton started teledyne in 1960 but it wasnt until 1966 when the story really begins. Warren buffett, quoted in john trains the money masters, virtually crowned him king. Henry singleton a case study of a great capital allocator. The oil painting henry singleton ariel on a bats back pillow covers of,16 x 16 inches 40 by 40 cm decoration,gift for teens,divan,dance room,coffee house,deck chair two sides. In truth, there was only one henry singleton, and he died in 1999. The book provides stories on eight of the most successful ceos in history who were great capital allocators. He said, i want to be a great man, bob flaherty, who conducted the. One incredible tidbit of knowledge after another in the pageturning masterpiece of a book.
Taking a leaf from harold geneens book, teledyne has supertight financial controls. Henry singleton, teledyne, and free cash flow by hurricane capital henry singleton has the best operating and capital deployment record in american business if one took the 100 top business school graduates and made a composite of their triumphs, their record would not be as good as singletons. Why did warren buffett and charlie munger admire henry. As head of teledyne corporation, henry singleton is probably best known for his share buybacks. Coming up with 12 quotations in this case was not easy since henry singleton was a very private individual. While he was there he programed the first computer on the mit campus. Henry singleton was an accomplished and talented individual.382 1561 26 1215 967 1476 1368 1210 368 332 566 913 110 796 939 1533 1650 404 1050 340 515 68 705 273 847 1068 804 1645 952 1149 650 211 877 578 764 1474 1078 814