Quote of the day by Henry Singleton: "Our attitude toward cash generation and asset management came out of our own thought process. It is not copied. After we acquired a number of businesses we reflected on aspects of business. Our own conclusion was that the key was cash flow."

Henry Singleton, co-founder of Teledyne, emphasised cash generation as central to business strength and long-term decision-making. His philosophy highlights why investors should look beyond accounting profits and assess operating cash flow, capital expenditure, free cash flow, debt and capital allocation.