Away from allowing random share price movements to determine my actions to having the underlying business tell me how to act through its operating results.
This were the foundation stones of leaving behind a career of being a securities (or investment) analyst to becoming a business analyst and subsequently fund manager. Over the years I have burnished the model from practice and experience.
The discipline keeps me away from the boom-and-bust of the latest stock market fad and has also ensured that I have never had a company go bust under me.
In a nutshell, buying an excellent business at an excellent price invariably makes an excellent long-term investment. That is the essence of Business Perspective Investing.
Keith Ashworth-Lord is founder and managing director of Sanford DeLand Asset Management
