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To say Singleton was a pioneer in the field of share repurchases is to dramatically understate the case. It is perhaps more accurate to describe him as the Babe Ruth of repurchases, the towering, Olympian figure from the early history of this branch of corporate finance. Prior to the early 1970s, stock buybacks were uncommon and controversial. The conventional wisdom was that repurchases signaled a lack of internal investment opportunity, and they were thus regarded by Wall Street as a sign of weakness. Singleton ignored this orthodoxy, and between 1972 and 1984, in eight separate tender offers, he bought back an astonishing 90 percent of Teledyne’s outstanding shares. As Munger says, “No one has ever bought in shares as aggressively.”5
The Outsiders
William N. Thorndike
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But I had a natural curiosity and maybe a wanderlust that goes back, at least in part, to my father telling me I wasn’t leaving Iowa to go to Cornell. I’m not a better person than any other coach for the nontraditional path I took. But I’m pretty sure I’m a different person than I would have been. When I coached the Canadian national team in the summer of 2019, we stopped in Australia to play some exhibition games on our way to the FIBA tournament in China. I took all the guys to the Sydney Opera House to see West Side Story. I know not all of them wanted to go, but I figured they’d thank me in twenty years. A few months before that, on an off night in New York, I arranged for our Raptors players to see Hamilton on Broadway. It’s not my job, of course, to show them this stuff, but I do feel it’s a little bit of my responsibility. It’s not going to hurt their basketball to open up their minds a little—and it might actually help.
Rapture
Nick Nurse and Phil Jackson
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