Jigar Shah

Jigar Shah, Director, Banyan Tree Advisors

Jigar Shah joined Banyan Tree Advisors in 2010. As Director, he focuses on managing and mentoring the research team and meeting clients.

Jigar has completed his CA from ICAI, India. He has also completed the requirements of a Chartered Financial Analyst from the CFA Institute, USA.

I have always been passionate about understanding business models, history, and statistics, and this naturally drew me to the world of finance and the stock market.

Before joining Banyan Tree Advisors in 2010, I spent eight enriching years at Multi-Act Trade & Investments. During this period, I learned a great deal about investing and equity research. Networking with friends in the fund management industry also significantly enhanced my knowledge and perspective. I delved into global equity investing and immersed myself in the philosophies of investment legends like Warren Buffett and Charlie Munger. These giants have deeply influenced my approach to value investing.

I joined Banyan Tree Advisors driven by my eagerness for independent fund management. The initial years were challenging, as it was a one-man show in Mumbai until Vishal joined. However, we gradually overcame these challenges by building a team of analysts and establishing strong client relationships. Over the last 14 years at Banyan Tree, my vision has been to build a team of fund managers to drive the company to new levels of growth and longevity, aiming to “Celebrate 100 years of building wealth safely.”

My investment philosophy focuses on picking high-quality businesses with negative working capital, recognizing competitive advantages, evaluating management quality, and prioritizing entry-level valuations for investor returns. At Banyan Tree, I manage the research team, oversee the Mumbai office, find new investment ideas, train and mentor the team, and conduct client webinars. The journey has been transformative, moving from a small office to a larger one, building a substantial team, and experiencing market ups and downs.

My philosophy is to “win and let others win.” I strongly believe that focusing on systems helps in the long term. Reading and thinking have been crucial to my development, and I strive to help my team continue doing good work. Beyond money management, we assist clients with holistic financial well-being.

Outside of work, I enjoy playing cricket, traveling, reading, and spending time with family and friends.

Recommended Books

The Interpretation of Financial Statements - Benjamin Graham

This book is a timeless guide to understanding and analyzing financial statements, essential for both novice and experienced investors. This practical and accessible volume complements Graham's other works, offering invaluable insights into value investing.

The Five Rules Of Successful Stock Investing - Pat Dorsey

"The Five Rules for Successful Stock Investing" by Pat Dorsey offers clear, sound methodologies and timeless advice for picking stocks and understanding industries, based on Morningstar's independent and reliable guidance. This comprehensive guide helps investors uncover financial insights, identify great companies, and navigate the stock market effectively.

Common Stocks and Uncommon Profits and Other Writings - Philip A. Fisher

Philip Fisher's "Common Stocks and Uncommon Profits," first published in 1958, remains a foundational text for investors, revered for its enduring investment philosophies.

The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments - Pat Dorsey

In "The Little Book That Builds Wealth," Pat Dorsey, Director of Equity Research at Morningstar, explains the significance of competitive advantages, or economic moats, in identifying long-term investments. He examines four common sources of these moats—intangible assets, cost advantages, customer-switching costs, and network economics—providing a proven approach for investors to apply in their own strategies.

Value Investing: From Graham to Buffett and Beyond - Bruce Greenwald

Bruce Greenwald, a leading authority on value investing, presents the fundamental techniques and their applications in his book. With insights from his Columbia Business School course, Greenwald and his colleagues illustrate these principles through profiles of successful investors like Warren Buffett and case studies demonstrating value investing in practice.

Understanding Michael Porter: The Essential Guide to Competition and Strategy - - Joan Magretta

"Understanding Michael Porter" by Joan Magretta provides a concise and accessible summary of Michael Porter’s foundational frameworks for achieving and sustaining competitive success. With insights from Porter himself, the book clarifies common misconceptions and illustrates concepts like competitive advantage, the value chain, and industry structure, offering practical applications for managers to enhance their company's strategy.

The Checklist Manifesto: How to Get Things Right - Atul Gawande

In "The Checklist Manifesto," bestselling author and surgeon Atul Gawande explores the transformative power of the simple checklist in managing complexity and reducing errors across various fields. Through riveting stories and examples, Gawande demonstrates how checklists have revolutionized practices in medicine, aviation, disaster response, and beyond, making a significant impact on improving outcomes and saving lives.

The Rebel Allocator - Jacob Taylor

Taylor's book on capital allocation is a practical guide for business decision-makers, investors, and startup advisors, offering valuable lessons wrapped in an engaging story. Covering everything from customer transactions to M&A, the book aims to teach effective capital allocation, promising to help readers make better decisions and achieve outsized returns.

Business Model Generation - Alexander Osterwalder

"Business Model Generation" is an inspiring handbook for improving or crafting business models, offering powerful innovation techniques used by leading companies. Co-created by 470 strategy practitioners from 45 countries, the book features a visual, hands-on design and is aimed at executives, consultants, entrepreneurs, and leaders ready to embrace innovative value creation.

Berkshire shareholder letters for last 30 years

Berkshire Hathaway's shareholder letters, primarily penned by Warren Buffett, provide invaluable insights into the company's performance, investment philosophy, and market outlook. Known for their clarity, wisdom, and occasional humor, these letters are essential reading for investors seeking to understand long-term value investing.

The Aspirational Investor: Taming the Markets to Achieve Your Life's Goals - Ashvin B. Chhabra

In "The Aspirational Investor," Ashvin B. Chhabra, Chief Investment Officer of Merrill Lynch Wealth Management, advocates for a goals-based investment strategy over traditional market-focused approaches. He introduces the "Wealth Allocation Framework," which prioritizes financial security, maintaining living standards, and pursuing aspirational wealth creation, offering a practical roadmap for aligning investments with personal financial goals.