[Founder Notes] Henry Singleton

The CEO has two primary jobs: capital allocation and operational efficiency.

Productive guide: every day work on the most important thing. Don't get hampered down by fixed schedules.

There is a time to conglomerate and a time to decentralize. Do whatever is best at the moment. Businesses should be free cash flow generating machines. If they aren't, they should go.

When asked about his aggressive share buybacks when everyone else was avoiding them, he said: "If everyone is doing it, there must be something wrong with it."

— Jay