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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As a result, you see charts like the below one from FactSet’s December issue of Buyback Quarterly. And yet, DBS has produced concrete results for the company. Buying companies tends to raise the purchase price too high. Sophie rated it it was amazing Sep 30, During that time, the company’s stock gave investors Published January 28th by George A. However, the company is best known for its publicly traded subsidiaries: In memoidTeledyne purchased several insurance companies, diversifying the company into the financial industry.
One such company is Zimmer Holdings, Inc. Once growth through acquisitions-which, it is worth mentioning again, were undertaken using stock instead of teledune no longer an option, it was necessary to obtain all growth organically, thus requiring as much cash as possible to fuel that growth. Just like Henry Singleton used overvalued Tdledyne shares to acquire companies, Mark Zuckerberg has used Facebook’s high valuations as an opportunity to raise cash and build corporate value.
On the one hand, this seems to make no sense-Teledyne was spending valuable cash to buy back shares at the same time it was teleddyne new shares to give to stockholders.
Distant Force : A Memoir of the Teledyne Corporation and the Man Who Created It
That said, Teledyne also improved the companies it purchased. Probably the best known example of this is, of course, the Facebook IPO, in which the desire to sell shares at as high a price as possible caused share prices to drop precipitously after the IPO. The one oddity of Teledyne’s stock dividend, though, is that much of it occurred at the same time as Teledyne’s share buybacks.
Thus, to find a company that acquires like Teledyne corporztion, it is necessary to find a company that not only avoids overpaying for acquisitions, but also integrates them successfully and uses them as a source of growth.
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That said, Zimmer Holdings has also made extensive repurchase this past year, as its stock price rose to record highs. Much of this performance can be attributed to the company’s acquisitions. WFCholding them, like Teledyne, in insurance subsidiaries. Nevertheless, it is striking how many characteristics of Teledyne can be seen in Berkshire Hathaway. Even when the dishant does produce its own, finalized products, these products are still often “demon dust” products.
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.
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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. This difference of nearly 10 percentage points between the company’s annual net income growth and its per share net income growth can be attributed to Singleton’s buybacks.
Such returns will require appreciation in Santander’s shares, which probably requires an improvement in the Spanish economy. And yet, Facebook has been noteworthy for one characteristic reminiscent of Teledyne-taking advantage of share overvaluation to maximize value for its owners. Moreover, a stock dividend was more tax efficient.
Trivia About Distant Force: Like Teledyne, Santander can retain additional cash by avoiding cash distributions, while also improving the tax efficiency of its dividend policy. However, unlike most such companies, Teledyne did pay a regular stock dividend, beginning it injust as the company ended its acquisitions.
According to a Fortuna case studyDanaher has traditionally purchased companies that are relative laggards in their fields. Just a moment while we sign you in to your Goodreads account.
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. Those opinions might be wrong. The content here reflects only the author’s opinions.
Dave rated it it was amazing Oct 31, To describe Facebook and its CEO Mark Zuckerberg in a section about prudent acquisitions seems like an odd choice at first. Most issuers are more into buying high and selling low. Though all of these products are a physically small part of the missions they participate in, they are key to their success. At the same time, other investors could avoid having part of their investment forcibly returned to them in cash.
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I wrote this article myself, and it expresses my own opinions. On the other hand, this action had the effect of concentrating share ownership in the hands of long-term shareholders. They reflect Teledyne’s participation in various emerging