Henry Singleton viewed aggressive share repurchases as a superior investment to acquisitions or internal projects when Teledyne's stock was cheap. He controversially bought back 90% of the company's shares, generating a 42% compound annual return on the tenders.

Unlike most CEOs who focus on day-to-day operations, Singleton delegated operational control to focus almost exclusively on deploying the company's cash. Warren Buffett noted this skill is rare but critical for long-term success, as most executives rise through operational roles.

Henry Singleton avoided detailed strategic plans, believing the future is unpredictable. He preferred to "steer the boat each day," retaining maximum flexibility to react to market conditions, such as his abrupt halt to acquisitions when prices rose.

The ultimate differentiator for CEOs over decades isn't just product, but their skill as a capital allocator. Once a company generates cash, the CEO's job shifts to investing it wisely through M&A, R&D, and buybacks, a skill few are trained for but the best master.

For two decades, Domino's translated modest top-line growth into impressive earnings-per-share growth through aggressive share buybacks. This highlights how effective capital allocation can be a primary value driver in a mature, cash-generative business, even more so than revenue growth itself.

To prioritize cash generation over reported earnings, Henry Singleton created the "Teledyne Return" (cash flow + net income / 2). This metric formed the basis for manager bonuses, preventing them from boosting paper profits at the expense of actual cash.

During a market crash, Henry Singleton stopped acquiring companies and did the opposite: he used cash to buy back 90% of Teledyne's stock. While Wall Street saw this as failure, it was a rational trade—repurchasing his own company's earnings at a low multiple—which caused earnings per share to explode.

Companies termed "share cannibals" aggressively repurchase their own shares, especially when undervalued. This capital allocation strategy is often superior to dividends because it transfers value from sellers to long-term shareholders and acts as a high-return, low-risk investment in the company's own business.

After acquiring 130 companies in 8 years using high-priced stock, Henry Singleton completely shut down his acquisition team when his stock's multiple fell and target prices rose. This demonstrates a rare discipline and adaptability to market realities over ego-driven growth.