Henry Singleton

Summary

Leaders Podcast: Henry Singleton (Episode 28)

Host: John Rodriguez
Date: February 19, 2024

Episode Overview

This episode of Leaders dives into the life and business philosophies of Henry Singleton, founder and former CEO of Teledyne. Singleton is celebrated for his innovative leadership, relentless focus on efficiency, and a contrarian approach to management and capital allocation. Despite his major influence, Singleton remains an understudied figure among legendary business leaders. The episode explores the strategies, management style, mentors, and the broader context of Singleton’s impact—providing key lessons for business leaders today.

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Key Discussion Points & Insights

1. Singleton’s Approach to Meetings and Bureaucracy

• Singleton Edict: Singleton, notorious for his disdain of meetings and bureaucracy at Teledyne, implemented the “Singleton Edict” to ensure meetings were rare and efficient.
  • Policy Details: Meetings only occurred when absolutely necessary and had to be brief and focused.
  • Financial Disincentive: Any executive calling a meeting paid a fee per attendee, the proceeds going toward office parties, disincentivizing unnecessary gatherings.
  • [01:15] "The Singleton Edict mandated that meetings at Teledyne should only occur when absolutely necessary and they should be as brief and focused as possible." (Host)
  • [01:40] "This created a financial disincentive for unnecessary meetings and encouraged executives to think twice before scheduling them." (Host)

2. Career Progression and Business Growth

• Academic and Technical Foundation: Combined practical, early life experience with academic rigor from MIT—a foundation crucial for his business and technological success.
  • [03:33] "He has a rich blend of practical knowledge from his early years combined with the academic excellence achieved at MIT." (Host)
• Dramatic Company Expansion: Grew Teledyne from $10 million in revenue to $3.5 billion through a three-phase strategy:
  • Rapid acquisitions (over 130 companies)
  • Aggressive share buybacks
  • Spinning out subsidiaries

3. Leadership Qualities and Management Style

• Tenacity & Rationality: Described as tenacious and rational—hands-on, detail-oriented, and both a scientist and an industrialist.
• Historical Learner: Studied corporate history and used lessons from companies like Ford, GM (Sloan), and others to inform strategies.
• People-Focused: Sought talented, creative, and capable managers down to the smallest divisions.
  • [10:35] "Singleton believed and often said that the key to success was people, talented people who are creative, good managers, and doers. From the start, he surrounded himself with that kind of person." (Host)
• Decentralization: Gave autonomy to divisional leaders, encouraged lean management with minimal bureaucracy.
  • [13:30] "He also favored a decentralized management structure with minimal bureaucracy. He believed in giving autonomy to divisional leaders allowing them to make decisions quickly." (Host)

4. Strategic Flexibility and Capital Allocation

• Flexibility and Adaptability:
  • [07:47] “I know a lot of people have very strong and definite plans...but...a vast majority of them cannot be predicted. So my idea is to stay flexible.” (Singleton, via Host)
  • Focused on steering the company day-to-day, not rigid long-term plans.
• Financial Ingenuity: Pioneered aggressive share buybacks—repurchased up to 90% of Teledyne’s stock when he deemed shares undervalued.
  • [12:22] "He believed that buying back undervalued shares was an efficient way to return value to shareholders." (Host)
• Long-Term Vision and Contrarianism: Avoided short-termism; bought back shares during economic downturns, seeing value where others saw risk.

5. Challenges and Setbacks

• Antitrust Lawsuit: Faced a US government antitrust lawsuit in 1969 due to claims of anti-competitive behavior via acquisitions.
  • Responded by divesting some businesses.
• Stock Volatility: The aggressive acquisition and divestiture strategy led to significant stock price fluctuations, sometimes unsettling to investors.
• Succession Planning: Post-retirement, Teledyne struggled to maintain Singleton’s high level of leadership; lack of a clear successor raised concerns.

6. Influences and Mentors

• Jerome Weisner: MIT mentor who influenced Singleton’s approach to science and business.
• Claude Shannon: Friend and advisor from MIT; contributed expertise during key acquisitions.
  • [19:56] "Claude Shannon, a well known figure within information theory...was a good friend of Henry's from his days at MIT, director of the company for many years, also played a valuable part in helping him evaluate those acquisitions." (Host)
• Arthur Rock & George Roberts: Early Teledyne board members and financing partners; Roberts was pivotal in Teledyne’s operational history and shared Singleton’s detail-oriented style.

7. Similarities with Warren Buffett

• Buffett’s Admiration:
  • [20:36] "Singleton's mastery in business management and capital allocation was highly regarded by peers, including Buffett. Buffett has been quoted as saying Singleton had the best operating capital deployment record in American business." (Host)
  • Singleton and Buffett shared: decentralized operations, focus on capital allocation, major ownership stakes, little engagement with Wall Street analysts, preference for long-term value, and heavy use of insurance subsidiaries for capital leverage.
  • [21:16] "Buffett has criticized business schools for not studying figures like Singleton who demonstrated that success in business could be achieved through unconventional paths and strategies." (Host)

8. Singleton’s Legacy

• Understudied but highly influential, Singleton’s blueprint remains relevant for leaders seeking to break the mold.
• Emphasis on hiring talented, autonomous managers, focusing on value creation (not just revenue), and adapting to unpredictable circumstances are key takeaways from his career.

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Notable Quotes & Memorable Moments

• On Meetings (Singleton Edict):
  “Meetings at Teledyne should only occur when absolutely necessary and ... be as brief and focused as possible.” (Host, [01:20])
• On Flexibility:
  “I know a lot of people have very strong and definite plans...but...a vast majority of them cannot be predicted. So my idea is to stay flexible.” (Singleton, via Host, [07:47])
• Arthur Rock on Singleton’s Unique Style:
  “Singleton didn’t care what other people thought. His style was to stay in his office and to think things up and to get other people to carry them out.” (Host, [07:33])
• On People:
  “Singleton believed and often said that the key to success was people, talented people who are creative, good managers and doers. From the start, he surrounded himself with that kind of person.” (Host, [10:35])
• Warren Buffett’s Assessment:
  “Singleton had the best operating capital deployment record in American business.” (Host, [20:45])

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Timestamps for Important Segments

| Timestamp | Segment | |-----------|-------------------------------------------| | 01:06 | Singleton’s dislike of meetings | | 01:15 | The Singleton Edict explained | | 03:16 | Singleton’s academic and technical roots | | 04:37 | Acquisition strategy overview | | 07:33 | Arthur Rock’s view on Singleton’s style | | 07:47 | Singleton on adaptability | | 10:35 | Focus on talent and management inventory | | 12:22 | Share buybacks and financial engineering | | 13:30 | Decentralized, autonomous management | | 14:40 | Contrarian style and buybacks in downturns| | 15:17 | Antitrust lawsuit and response | | 16:09 | Challenges with succession planning | | 17:56 | Mentors and technical influences | | 19:42 | Claude Shannon’s contribution | | 20:36 | Buffett’s connection and praise | | 21:53 | Parallels between Buffet and Singleton |

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Conclusion

The episode positions Henry Singleton as a masterful leader whose blend of scientific rigor, financial acumen, adaptability, and people-centric management drove Teledyne’s extraordinary growth. Singleton’s approach, often unconventional, serves as a vital counterpoint to mainstream business practices and is lauded by peers like Warren Buffett. His underappreciated legacy is a rich source of lessons for current and future leaders.

“Large financial results within heavy acquisitions that he made, but also a leadership style that helped enable all of this as well. And so a great person to further study.” (Host, [25:26])

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Further Reading / Sources Mentioned

• The Outsiders (book)
• Founders podcast episodes on Henry Singleton
• 1979 Forbes article with Henry Singleton interview

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For a deep dive into his strategies, leadership ethos, and why Warren Buffett called him one of the best, this episode is an essential listen for any student of business leadership.

Transcript

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Switch upfront payment of $45 for 3 month plan equivalent to $15 per month Required intro rate first 3 months only then full price plan options available taxes and fees Extra default [e-mail] Singleton was

[D]

notorious for his dislike of meetings and bureaucracy within his company Teledyne.

[E]

He believed that excessive meetings were often

[D]

unproductive and wasted valuable time that could

[E]

be better spent on more meaningful tasks. As a result, he implemented a policy

[D]

known as the Singleton Edict.

[E]

The Singleton Edict mandated that meetings at

[D]

Teledyne should only occur when absolutely necessary

[E]

and they should be as brief and focused as possible. To enforce this policy, Singleton implemented a

[D]

system where any executive who called for

[E]

a meeting had to pay a nominal fee per attendee, with the money going

[D]

into a fund for office parties.

[E]

This created a financial disincentive for unnecessary

[D]

meetings and encouraged executives to think twice before scheduling them. Singleton's approach to minimizing meetings and bureaucracy

[E]

became legendary within Teledyne and served as

[D]

a testament to his focus on both efficiency and productivity.

[E]

Also reflected his unconventional management and leadership

[D]

style and willingness to challenge traditional corporate

[E]

practices in pursuit of greater effectiveness. That excerpt was about today's subject for the episode 28 Henry Singleton, founder and

[D]

Former CEO of Teledyne.

[E]

And that excerpt just is a manifestation and a small microcosm of how Singleton approached leadership within his company. Very business centric. And that led to tremendous results of him as a leader of that company. With that welcome back to Leaders, a podcast dedicated to exploring the best leaders

[D]

this world has ever seen.

[E]

Let us dive into Henry Singleton, a very understudied, I would say, CEO and leader of the past business world. There's many other figures, I think, that

[D]

come to mind when you, when you speak about business history and renowned CEOs

[E]

but Singleton and his results are really

[D]

incredible and ones to study I think.

[E]

And so he starts from a company of revenue wise from 10 million and

[D]

he takes that over time to three

[E]

and a half billion. And so from his background he has a rich blend of practical knowledge from

[D]

his early years combined with the academic excellence achieved at mit. And that was crucial in shaping his career.

[E]

It provided a solid foundation for his

[D]

future endeavors, business and technology, paving the

[E]

way for his success as a business

[D]

leader and innovator in the field.

[E]

And his tenure at Teledyne was mainly

[D]

marked by a three phase strategy. Rapid expansion through acquisitions, aggressive share buybacks and eventually spinning out subsidiaries.

[E]

He has a background as well. He was trained as a scientist. And that MIT background I think is very similar and akin to episode 26 and Lisa Su, she was a PhD in engineering. And Singleton is definitely trained as that. Not as we've seen with salespeople, MBAs, executives, business types.

[D]

Types. He is a scientist first and foremost.

[E]

And so that background lends itself well

[D]

and over time he's really renowned for

[E]

being the best operating and capital deployment person arguably ever. And part of that strategy, as we mentioned, is heavy on acquiring companies. So he acquires over 130 companies over time that entail the Teledyne sort of what we would view today as a conglomerate, which there are not as many today, but in his age he built that over time by serially acquiring companies. Let's go into more of who he was as a person. How did that reflect on Teledyne? What were his kind of key values philosophies as well as his leadership style. So when people describe Singleton they call him a incredibly has incredible tenacity. That technical expertise we spoke to as a scientist combined with strategic business acumen produced great results. He was also while tenacious, he was also coolly a rational man that that people set in certain situations avoiding risk decidedly sort of. We've seen do two different spectrums I think of both hands on and hands off management leadership.

[D]

And he was certainly hands on and

[E]

detail oriented from that standpoint. And so it was described as an industrialist.

[D]

His Dr. Singleton was a student and observer of the history of manufacturing.

[E]

He studied the progress and growth of

[D]

corporations from the days of Henry Ford,

[E]

who he covered on Episode 6 to

[D]

General Motors and how successful corporations grew by acquisitions.

[E]

Study the behavior of Jimmy Ling and

[D]

others who are beginning to grow in this manner.

[E]

He studied the emerging conglomerates, Litton, trw, ltv, Citi, Investing, Gulf and Western and General Electric, which we also covered on episode three with Jack Welch. And so Dr. Singleton also used history strategically.

[D]

For example, in reading Alfred Sloan of

[E]

GM Cloud classic memoir, My Years at General Motors, he realized that for a corporation to grow and to have a

[D]

strong financial base, it needed to have as part of itself an interest in substantial financially oriented institutions.

[E]

Therefore, Teledyne augmented its technological core competency

[D]

with insurance businesses, which Dr. Singleton managed remarkably well.

[E]

Further quoting Arthur Rock, who was a ventral venture capitalist and really one of

[D]

the first, I think, venture capitalists of

[E]

its form provided the initial financing for

[D]

Teledyne and served on his board for 33 years.

[E]

He said Singleton didn't care what other people thought. His style was to stay in his office and to think things up and

[D]

to get other people to carry them out.

[E]

And a quote, a few quotes to follow this up would be, I know a lot of people have very strong

[D]

and definite plans that they've worked out

[E]

on all kinds of things.

[D]

But we're subject to a tremendous number of outside influences and the. A vast majority of them cannot be predicted.

[E]

So my idea is to stay flexible. And we've certainly seen this within previous episodes and studies of those leaders that we have covered. The capacity and the ability to think nimbly and adapt to change is certainly one that resonates and sticks out as a consistent form of a quality that

[D]

breeds success within these leaders.

[E]

He says his only plan is to keep coming to work. I like to steer the boat each day rather than plan ahead way into the future. He also thinks the CEO's most important job is to anticipate trends and to act, help act to help his company the way that Roberts. So before we get into more Roberts here is going to be a key figure within Singleton's career. George Roberts, the CEO COO of Teledyne. And we will go into more of him within mentors. But he also does have a book where he shares his perspective on the Teledyne history as well as within Singleton. And so going into that a little bit more, he says the way that

[D]

Roberts ultimately teamed up with Singleton was

[E]

in 1966 when Roberts was at Vanadium Alloy Steel Company in Pennsylvania, also known as Vasco. The two friends who had remained in

[D]

contact over the years agreed that a merger of their companies would be profitable to both.

[E]

With that merger, George became president of Teledyne with Henry as Teledynes, the chief

[D]

executive officer and chairman.

[E]

So that is kind of the initial start of the Teledyne business of Roberts and Singleton coming together. So within the Book Roberts also searched

[D]

his archive of corporate documents to construct a memoir that describes the first decade of aggressive acquisitions and diversification.

[E]

Henry's reasons for adding financial institutions to his highly technical mix, his controversial program of aggressive stock buy, stock buybacks, the

[D]

spin off to shareholders of certain entities which greatly broaden their flexibility in handling their investments.

[E]

And finally, the difficult days of hostile

[D]

takeover attempts that followed his retirement from Teledyne.

[E]

Further in the book, and we're going to quote quite a few passages that Singleton believed and often said that the key to success was people, talented people

[D]

who are creative, good managers and doers. From the start, he surrounded himself with that kind of person.

[E]

Henry's search for talented people went down

[D]

even to the individual managers of his smallest companies.

[E]

So again, a common theme in addition to that adaptability, change is also a heavy focus on talent. Acquiring talent, being in the business of having the right smart people and motivated

[D]

people around you to make that company better.

[E]

So he definitely honed on that. And then in a September 1967 interview with Forbes magazine, Singleton said, we have

[D]

what is called a management inventory.

[E]

We work our heads off to increase our own capability at collecting and promoting the right people.

[D]

To the extent we succeed, the whole company will succeed. We increase our bets on the men who seem to be performers.

[E]

A few other leadership style and qualities that really stand out from Singleton's end are decisiveness. So he was known for really making bold and decisive decisions in the 60s and 70s. During this time, he rapidly expanded Teledyne

[D]

through a series of acquisitions, often at times when others were hesitant.

[E]

He definitely struggled some acquiring struggling companies, turning them around and integrating them into Teledyne's portfolio, which acquiring all these companies is, Is one feat. But the idea of really acquiring them and then integrating them into a large conglomerate and having it succeed is another level of leadership and success. Financial engineering we've kind of talked about with the buybacks, but he really had a deep understanding of the finance and

[D]

used financial engineering to create value for shareholders.

[E]

The stock buybacks.

[D]

He believed that buying back undervalued shares was an efficient way to return value to shareholders.

[E]

So he became known for those really unconventional at the time, probably more norm or the course of action that you see a lot of companies do is. Is share buybacks today in his day and age, he was really the only one who was doing it and doing it to the. In excess of, of I think over

[D]

time, buying back something like 90% of the stock that was outstanding and buying

[E]

that back at a.

[D]

What he deemed as a undervalued asset

[E]

that focus on shareholder value too. So traditional corporate growth metrics, you know, around revenue and those sort of things. He valued the shareholder value and known

[D]

to seller spin off under underperforming businesses

[E]

focusing on optimizing overall overall portfolio to enhance those returns risk taking an innovation. So he also favored a decentralized management

[D]

structure with minimal bureaucracy.

[E]

He believed in giving autonomy to divisional

[D]

leaders allowing them to make decisions quickly.

[E]

The lean management approach helped them operate

[D]

efficiently and respond nimbly to market changes.

[E]

He also did exhibit a longer term vision, so known for taking that perspective.

[D]

The strategic decisions he made, the acquiring of companies with growth potential, divesting those

[E]

non core businesses were really driving a

[D]

vision of building sustainable value over time.

[E]

Rather than focusing kind of on that next quarter or what a lot of I think companies deem is what is the next metric we have to hit to for the next quarter's kind of

[D]

earnings call and that sort of thing.

[E]

He definitely wasn't focused on those sort of things looking more long term kind of. Also along those lines a contrarian approach was definitely part of his style. He wasn't afraid to really go against that conventional wisdom. During those periods of economic downturn that he experienced. He often increased their stock buyback activities

[D]

believing that depressed stock prices presented opportunities for value creation. Again

[E]

that really is it from a I think a leadership style standpoint. A few sort of failures. Challenges to also highlight here would be the antitrust lawsuit that Teledyne experienced within 1969. So within that career this was filed against them by the US government. The government alleged that Teledyne had violated antitrust laws by engaging in anti competitive practices. Lawsuit claimed they had acquired numerous companies

[D]

in various industries, consolidating power and potentially limiting competition.

[E]

So in response to that he really

[D]

adopted a strategy of divesting some of those businesses to address those concerns.

[E]

So ultimately met the challenge and pivoted based on what he could have been facing there. And so stock price volatility too. So his management style which involved those

[D]

aggressive acquisitions and divestitures

[E]

made the stock price of Teledyne fluctuate fairly significantly. So while he was praised for those skills, some investors were uneasy with that

[D]

rapid and unpredictable change in their portfolio stocks. Stock performance could be affected by perception of a decision's market reaction to them.

[E]

So maybe it was deemed a little

[D]

bit of extreme, but it ended up

[E]

kind of working out in his favor as well as for the shareholders success succession planning issues. So we've definitely seen this within other leaders here. The next sort of CEO that they Tap or put in line after they step away, retire, that sort of thing. That was another challenge within his career. And so he was a key figure in a lot of their success.

[D]

His management style, decision making were really

[E]

closely tied to to their performance. So that lack of really who to

[D]

appoint as a next leader of the company raised concerns about their future leadership and direction. So after his retirement in 1986 they

[E]

teledyne faced some challenges in maintaining that previous level of success. And I think we do see that within the company after he leaves that

[D]

there is just not the same level

[E]

of leadership within that. So definitely part of that, what we now can transition into a little bit more is the mentors and heroes of Henry Singleton. So Jerome Weisner is the first one we will talk about here. And so Jerome was a mentor while getting the doctorate at MIT that Henry received. He was. Weisner later went on to be president of MIT and science advisor to three presidents. So he developed an important optimum linear filter and prediction technique for his dissertation. Singleton generalized that technique for the nonlinear

[D]

solution, making a major contribution to the emerging field at that time of information theory.

[E]

The co founder George Kozmetsky and then the aforementioned Arthur Rock were also part of that founding team and the funding of the company. So worked closely with Singleton. We mentioned before George Roberts, the coo, he was a doctorate from Carnegie Mellon and metallurgy. So Dr. Singleton hired managers who shared his hands on detail oriented approach. For example, George Roberts joined and Singleton

[D]

introduced him to one of his managers whom he described this way.

[E]

What's unique about him is that I'll ask him a question about one of

[D]

those companies that I've asked him to supervise and he always knows the exact numerical answer.

[E]

If I ask him what they did

[D]

in sales last month, he knows right

[E]

away without calling

[D]

someone to find out.

[E]

So that's the kind of fellow that

[D]

you pick who runs a company and does it well.

[E]

But it is also able to quickly

[D]

understand and supervise and have the facts about other companies under his wing. That's the kind of a group leader we need.

[E]

So he definitely embodied and admired the way Roberts went about leading Teledyne with him. There is also a strong connection to Claude Shannon of MIT and he really

[D]

helped in terms of the evaluation of

[E]

a lot of the acquisitions. So Claude Shannon, a well known figure

[D]

within a lot of the different information theory, early technology, famous scientist of the 20th century. So Shannon was a good friend of Henry's from his days at mit, director of the company for many years, also

[E]

played a valuable part in helping him evaluate those acquisitions. Notable because

[D]

he is that renowned scientist.

[E]

In fact, there's quite a a lot written about him. There are a few things, sure things. Least of all in the competitive world of academic recruitment, Claude Shannon was as

[D]

close to a sure thing as existed. That is why MIT was was prepared to do what was necessary to learn

[E]

Shannon from AT&T's Bell Labs and why

[D]

the Institute was delighted when Shannon became a visiting professor in 1956.

[E]

The final thing that we will cover off on here is a strong Warren Buffett connection.

[D]

So Singleton's mastery in business management and

[E]

capital allocation was highly regarded by peers, including Buffett. Buffett has been quoted as saying Singleton

[D]

had the best operating capital deployment record in American business. He's even suggested that if you were to take the top 100 business school graduates, no one would be able to surpass his achievements.

[E]

Buffett's admiration for Singleton was not just

[D]

for his business achievements but also for his unconventional approach which starkly contrasted with the typical business school models.

[E]

Buffett has criticized business schools for not

[D]

studying figures like Singleton who demonstrated that success in business could be achieved through unconventional paths and strategies.

[E]

Instead, Buffett has noted that business schools

[D]

often promote a standard model of executives which he likens to a McKinsey Co. Cookie cutter approach.

[E]

In fact, Singleton can be seen kind of as a sort of proto Buffet. And there's many similarities between these two CEOs. If we do it a step further here following the list, the following list that we have contrived here demonstrates that so that I think this is an

[D]

excerpt from the Outsiders book looking at

[E]

a careful study of Singleton as well

[D]

as some outstanding CEOs and their history

[E]

of what really was some of the

[D]

factors that led to outstanding outlier sort of results. And so Buffett and Singleton share the CEO as investors. So both Buffett and Singleton designed organizations that allowed them to focus on capital allocation, not operations. Both viewed themselves primarily as investors, not managers. Decentralized operations centralized investment decisions. Both ran highly decentralized organizations with very few employees at corporate and few if any intervening layers between operating companies and top management.

[E]

Both made all major capital allocation decisions for their companies investment philosophy. So both Buffett and Singleton focused their

[D]

investments in industries they knew well and were comfortable with concentrated portfolios of public

[E]

securities their approach to investor relations so

[D]

neither offered quarterly guidance to analysts or attended conferences. Both provided informative annual reports with detailed

[E]

business unit information dividends Teledyne among alone

[D]

among conglomerates didn't pay a dividend for its first 26 years. Berkshire has never paid a dividend stock

[E]

splits so Teledyne was the highest priced issue on the New York Stock Exchange

[D]

for much of the 70s and 80s.

[E]

Buffett has never split A shares and significant CEO ownership.

[D]

So both Singleton and Buffett had significant ownership stakes in their companies, 13% for Singleton, 30 plus percent for Buffett.

[E]

They thought like owners because they were owners. Insurance subsidiaries was another commonality.

[D]

So both Singleton and Buffett recognized the

[E]

potential to invest insurance company quote unquote

[D]

float to create shareholder value. And for both companies insurance was the largest and most important business.

[E]

And finally here the restaurant analogy.

[D]

So Phil Fisher, a famous investor, once compared companies to restaurants over time. Through a combination of policies and decisions analogous to cuisine, prices and ambiance, they self select for a certain clientele.

[E]

By this standard, both Buffett and Singleton intentionally ran highly unusual restaurants that over

[D]

time attracted like minded long term oriented customer shareholders.

[E]

And so clear that one of the best investors of all time, Buffett really

[D]

admired and was very similar to Singleton.

[E]

And so with that, the sources that we leverage for this episode would include the Outsiders book, two episodes of the Founders podcast on Mr. Henry Singleton, as well as a

[D]

longer 1979 Forbes article, a rare interview with Henry Singleton and outside of that there was a few

[E]

articles I also looked at in terms of the research for this. But really a great master of business, Henry J. Singleton. Large financial results within heavy acquisitions that he made, but also a leadership style

[D]

that helped enable all of this as well.

[E]

And so a great person to further study.

[D]

Here is Henry Singleton and his business Teledyne. And that is it for episode 28. We will see you here back for episode 29 soon. Thanks for listening.

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