Teledyne kept buying back its own stock while Wall Street read buybacks as weakness.
In October 1972 Henry Singleton, Teledyne’s co-founder, offered to buy back a million shares. Shareholders sent in 8.9 million, and he took them all. Buybacks were rare, and taken as a sign a company had nothing better to do with its money. Singleton made eight such offers in 12 years, until about 90% of the shares were gone.
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