Playing the Long Game

A genius businessman, Henry Singleton successfully managed conglomerates by consistently reporting high earnings and strategically buying stocks on the way down. Although he operated in a more centralized manner than Berkshire Hathaway, he excelled in understanding high-tech businesses and playing the public markets well. Despite his success, he tended to view shareholders as a means to an end, conducting numerous acquisitions using inflated stock prices to benefit shareholders who stayed with him.