The case for share buybacks

Warren Buffett described Henry Singleton as the ‘greatest capital allocator the world had ever seen’. So, who is this Singleton fellow and what was his genius? In 1973, Singleton watched as the share price of Teledyne Corporation, an industrial conglomerate he founded in 1960, collapsed. Starting as just a $450,000 cash shell, he’d turned the company into a billion dollar conglomerate. Now the sellers were out in force. Singleton was perplexed. At a price of five times earnings, generating a return on equity of 30% and the dominant player in many of its businesses, Singleton knew the company was...

Warren Buffett described Henry Singleton as the ‘greatest capital allocator the world had ever seen’. So, who is this Singleton fellow and what was his genius?

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