Why Did Teledyne Stop Buying Companies in 1969?

David Senra, reading the book's account, says Teledyne stopped buying whole companies in 1969 because Henry Singleton decided the prices were getting too high.

In the 1960s Teledyne bought over 130 companies. Other conglomerates were competing for the same businesses, many of the better companies had already been acquired, and sellers began asking more than Singleton thought was reasonable. A business recession was occurring, growth in earnings per share was declining, and the stock market was depressed. After 150 companies, he decided it was time to organize and consolidate. By 1970 Teledyne had stopped direct acquisitions. There was no point in paying inflated prices for complete ownership when the insurance companies could buy a substantial interest at favorable market prices.

His philosophy was that tremendous values sit in the stock market in buying stocks, not entire companies, because buying companies tends to raise the purchase price too high.