Carter Johnson is the manager of MCJ Capital Partners, an investment management firm concentrated primarily on small caps. This episode is focused on Distant Force, a book about Teledyne written by Henry Singleton’s right-hand man, George A. Roberts. As usual, our conversation reaches far and wide, covering topics such as dividend policies, working with incentives, and understanding serial acquirers.

We welcome all suggestions of interesting authors, books, investors, and voracious readers. For more info about the podcast, go to the episode page and follow us on Twitter. This episode was recorded on November 10, 2022.

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Episode Chapters

(00:00) Intro by Eddie & Niklas

(01:08) How Carter’s passion for investing started

(02:20) The Teledyne success story

(05:41) Henry Singleton

(09:55) How Teledyne/Singleton approached acquisitions

(13:19) Managing the culture while growing through M&As

(25:56) Decentralization; now and then

(33:15) Untangling Singleton’s toolbox

(41:44) Should you pay dividends as a serial acquirer?

(46:15) Why did Teledyne split up?

(50:52) MCJ Capital Partners

(52:49) The importance of available reinvestment opportunities

(54:39) Redishred Capital Corp

(59:51) Allocating time between reading and researching

(01:01:28) Unique book recommendations

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Books Mentioned

Distance Force - George A. Roberts
The Outsiders - Will Thorndike
The Sleuth Investor - Avner Mandelman
The Rise and Fall of American Growth - Robert J. Gordon
Junk to Gold - Willis Johnson

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Companies Mentioned

Teledyne
Redishred Capital Corp
Copart

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More on Carter

Website
Twitter

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About the Podcast

Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books

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What is Investing by the Books?

Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis.

Visit the website: http://www.investingbythebooks.com/

Follow on Twitter: https://twitter.com/Investbythebook

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What is Redeye?

Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality.

Visit the website: https://www.redeye.se/

Follow on Twitter: https://twitter.com/Redeye_

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Disclaimer

Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se

#37 Carter Johnson on Distant Force

Investing by the Books