DISTANT FORCE A MEMOIR OF THE TELEDYNE CORPORATION PDF
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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. George ForcfTeledyne, Inc. The writer s of this content may have positions in securities mentioned in this article.
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?
During the period [Singleton] considered bonds as high risk and stocks as low risk, contrary to popular teledynd, and he instructed his insurance companies to follow that advice in their investments.
Preview — Distant Force by George A. Lists with This Book. In andTeledyne purchased several insurance companies, diversifying the company into the financial industry. The content here is not meant as investment advice. They reflect Teledyne’s participation in various emerging However, what’s important about Me,oir buybacks is not their size, but the attitude he took towards them.
After all, Facebook is infamous for having paid a billion dollars in to acquire Instagram, a company with not only zero earnings, but zero revenues, a far stretch from Henry Singleton’s refusal to pay even average valuations for an acquisition target. In his opinion, a stock dividend was the best of both worlds. The company bought most of CNA inafter business mistakes nearly drove it to insolvency. However, unlike most such companies, Teledyne did pay a regular stock dividend, beginning it injust as the company ended corporaiton acquisitions.
One source of Teledyne’s performance, which has perhaps been underappreciated, is the company’s ownership corporaton businesses in highly technological niches.
Library Staff Details Staff view. To see what your friends thought of this book, please sign up. 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 At the same time, other investors could avoid having part of their investment forcibly returned to them in cash.
It is too early to tell whether this approach will augment the returns of such shareholders like it did those of Teledyne. However, I feel that there is one company that represents all of the characteristics that made Teledyne such a great investment-Berkshire Hathaway NYSE: Content Types A limited number of items are shown. Singleton waited to buy back shares until they were significantly undervalued as a result of the economic turmoil of the early s.
Buying companies tends to raise the purchase price too high. 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 on niche businesses. Phillip rated it really liked it Jan 02, Of course, just because Zimmer Holdings and its CEO David Dvorak were willing to increase their share purchases when prices were low, like Teledyne and Henry Singleton, that doesn’t mean that they are going to give shareholders the same kind of returns.
I wrote this article myself, and it expresses my own opinions. During the same period when its revenues only grew at an average annual rate of 1.
Distant Force : A Memoir of the Teledyne Corporation and the Man Who Created It
Also like Teledyne, this method aids long-term shareholders who accept a share tteledyne and do not sell the shares they forcee, because they gain a proportionally larger ownership in the company.
William Knecht rated it liked it Jul 17, However, if Corporatkon shareholders do benefit in such a way from the company’s stock dividend, it will be another example of the lesson learned by Teledyne shareholders-stock dividends can be a powerful source of value for long-term shareholders. Those buybacks were highlighted by a June Globe and Mail article appropriately titled “Looking for stock buybacks – done right. Teledyne Geotech labeled the US Army’s comprehensive map of the entire nation of Iran, turning a set of photos into an important source of intelligence.
In this, Danaher is somewhat different from Xorporation, which generally focused on purchasing companies, which did not need significant improvements after acquisition. Darin rated it really liked it May 30, Such a dividend would not be taxed unless its recipient chose corporaton sell his or her shares, unlike a cash dividend, which would incur an automatic tax.
And yet, DBS has produced concrete results for the company. Such returns will require appreciation in Santander’s shares, which probably requires an improvement in the Spanish economy. Moreover, Danaher focuses on acquiring underperforming companies, it has consistently managed to buy its acquisition targets cheaply.
Unsurprisingly, this emphasis was a key part to Teledyne’s financial success. DHRan industrial conglomerate founded in its current form in by the Rales brothers.
This system is a modern day version of the Teledyne model or 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.
In comparison, the company’s net income had a CAGR of