Welcome to Episode 36 of the Preferred Shares Podcast.
This podcast is the first of two about Corning, an American business that has existed for 175 years. We hope you enjoy.
Introduction and Company Origins (00:00 - 04:09): The early history of Corning, founded in 1858 by Amory Houghton in Cambridge, Massachusetts, before eventually relocating to Corning, New York.
Early Innovations in Railroads and Light Bulbs (04:09 - 09:02): The company pioneered durable ruby-colored railway signal lenses and later partnered with Thomas Edison in the 1920s to mass-produce light bulbs and secure its business against competitors.
Consumer Breakthroughs with Pyrex and Corningware (09:02 - 11:20): Corning expanded into household consumer goods by introducing Pyrex heat-resistant glassware and accidentally discovering “pyroceram” (Corningware), a durable ceramic material later repurposed for missile nose cones.
The Television Era and Market Shifts (11:20 - 17:52): Corning became the primary exclusive supplier of TV glass bulbs to companies like RCA, but ultimately exited the market in the 1960s.
Healthcare Expansion and Fiber Optics Breakthrough (17:52 - 20:12): The company diversified into healthcare diagnostics by acquiring Metpath in 1982 (later spun off as Quest Diagnostics). Corning also laid the foundation for the information age when its scientists proved light could carry data through glass via fiber optics in 1970.
Gorilla Glass and the Modern Information Economy (20:12 - 22:37): Prompted by Steve Jobs in 2007, Corning adapted its 1960s-era technology to create scratch-resistant Gorilla Glass touchscreen displays for the iPhone.
Key Strategic Takeaways and R&D Resilience (22:37 - 28:33): A review of Corning’s corporate philosophy highlights the importance of sustained R&D investment through downturns, seizing opportunities when competitors stumbled, and looking beyond legacy products.
Conclusion and Upcoming Interview (34:01 - 35:01): The hosts wrap up the history portion of the episode and announce a forthcoming part two featuring an interview with Will Kerwin from Morningstar to discuss Corning’s current financials and market prospects.
Additional Reading & Listening
Curious to see what else we’ve been working on? Check out some of the interesting things we’ve done recently:
Douglas Ott (Andvari Associates and @yesandnotyes)
Lawrence Hamtil (Fortune Financial and @lhamtil)
Devin LaSarre (Invariant and @DevinLaSarre)
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Disclaimer
All opinions expressed by Preferred Shares hosts and guests are solely their own opinions and do not reflect the opinions of their respective employers. This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. None of the information contained in the podcast or this web site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.
Clients of Andvari and Fortune Financial may maintain positions in the securities discussed in this podcast. Furthermore, from time to time, the Hosts may hold positions or other interests in securities mentioned in the Podcast and may trade for their own accounts based on the information presented. The Hosts may also take positions inconsistent with the views expressed in its messages on the Podcast.
