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When stock prices are high, use shares as currency. When prices are low, buy shares back. It's arithmetic, not genius.
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I repurchased 90% of our shares. It was the best investment Teledyne ever made — buying ourselves.
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Decentralization works. Give good managers autonomy and judge them on results.
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The corporate headquarters should be small enough that everyone knows everyone. Fifty people can run a $3 billion company.