Buying the business

At the heart of our investing strategy is the belief that when we invest in a company, we buy a small piece of the underlying business. It so happens that the businesses we invest in are listed on the stock market, and their market values fluctuate every day on the stock exchange. What changes in a more gradual way, over years is the underlying intrinsic value of the business. Instead of depending on price to be a guide, we focus on the characteristics of the underlying business and how it is changing over time. Our endeavour is to spot ‘wonderful’ or ‘high quality’ businesses that will stand the test of time – we would not mind owning these businesses even if the market were to theoretically shut down and we have no price indicators to judge the company by. As Warren Buffet famously said, “Price is what you pay. Value is what you get.”

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https://banyantreeadvisors.com/investment-philosophy/buying-the-business/