Shows
Behind the Balance Sheet#46 The Numbers LadyJennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value investor Bob Bruce (who used to hang out with Warren Buffett). Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest leverage when they are super cheap. This means she will often find stocks with issues that are hopefully temporary. But she has found a winning formula, having delivered a 7.8x return to...2025-04-241h 01
Behind the Balance Sheet#45 The Chess MasterIn his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity hedge fund out of London. Since 2006, he has compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entered his longest-running short position 10 years ago. We talked about his investing philosophy, his theory about alifestyle recession, why shorting is critical to performance, how he manages the fund an...2025-03-201h 17
Behind the Balance Sheet#44 The Think Tank ManagerDan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan’s favourite financial metric. Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory co...2025-02-201h 12
Behind the Balance Sheet#43 The Growth InvestorIn this episode with Tom Slater of Baillie Gifford, manager
of the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do differently from traditional value managers and how the firm’s culture has made Baillie Gifford such a successful manager.
Tom explains how he remains calm in the roller coaster rides of many of his stocks, with drawdowns of 60-70...2025-01-231h 18
The Value PerspectiveThe Value Perspective with Stephen ClaphamWe’re thrilled to kick off the New Year with our first guest Stephen Clapham. You may remember Stephen from our episode at the Quality Growth Conference, but he’s widely recognised in both City and Wall Street circles for his impressive career. He’s been a sell side and a buy side analyst, founded his own research boutique and launched the popular website Behind the Balance Sheet, which offers courses on understanding accounting in complex situations. Stephen is also the host of a highly regarded podcast and Substack under the same name, where he has interviewed some of the bi...2025-01-0657 min
Behind the Balance Sheet#42 The Credit Expert
When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why covenants have gone out of fashion and why that’s dangerous, ad much more. Listen to the end for an update on the outlook for markets in 2025.
2024-12-231h 15
Behind the Balance Sheet#41 The ComposerAnthony Bolton is best known for Fidelity Special Situationsfund’s 19.5% pa returns, 6% above his benchmark, over a 28 year period. He was not only a highly accomplished investor but was both revered and liked by his colleagues. Pragmatic, unfailingly courteous, courageous, and universally popular, he exhibits none of the arrogance that is sometimes exhibited by successful investors with far inferior performance. In a first for this podcast, this interview was recorded live at the Library of Mistakes in Edinburgh on November 21, 2024, in front of an audience of investors, professional and amateur. ...2024-11-221h 20
Behind the Balance Sheet#40 The ChroniclerLionel Barber is the former editor of the Financial Times
and probably the only journalist on the planet to have interviewed Presidents Obama, Trump and Putin. Under his stewardship, the FT metamorphosed from a newspaper into a digital subscription business, and was sold to the Japanese company Nikkei for 44x
earnings. And as editor, Barber fully backed up former guest Dan McCrum in his investigation of Wirecard.
I was delighted when Lionel agreed to come on the show to talk about his new book, Gambling Man, a biography of Masa Son, founder of Softbank and creator of the $100bn Vision F...2024-10-1757 minThe Value PerspectiveThe Value Perspective London Quality Growth Conference 2024 QuiltRecently we attended the London Quality Growth Conference and we’ve put together a special quilt episode, featuring many of the key speakers at the event. One of the things we love about recording this podcast and attending this type of conference, is it gives us a chance to step outside of our usual circle and have conversations with people who think differently. Whether it’s Value, Growth or Quality it’s all investing at the end of the day, and hearing new perspectives sharpens our own thinking. We’re joined by an incredible line-up of investors and allocators from the...2024-10-141h 18
Behind the Balance Sheet#39 The OptimizerBill Nygren has been at Harris Associates for over 40 years and considers himself a value investor. Yet his portfolio has owned Netflix, Amazon and Meta recently, while Alphabet is his largest position. Bill explains his unusual but highly effective approach to value investing.
Harris has also constructed a unique organisational methodology to handle investing mistakes – I have never encountered a process in which the analyst is changed when the stock doesn’t go to plan. Bill explains why and other techniques in this fascinating discussion. Steve was so looking forward to this conversation and Bill didn’t disapp...2024-09-191h 06
Investing by the Books#61 Stephen Clapham: The Smart Money MethodStephen (Steve) Clapham is the founder of Behind the Balance Sheet, an investment research and investor training consultancy. He has 25 years of experience as an investment analyst and has been a partner and head of research at two multi-billion dollar hedge funds. We discuss his book, the Smart Money Method, how he trains finance professionals, and his investment philosophy. For more info about the podcast, go to the episode page and make sure to follow us on Twitter/X. We love to hear your thoughts on what you like and what we can improve, so please give...2024-08-201h 27
Behind the Balance Sheet#38 The Cyclist
Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles.
His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer term secular trends and the future outlook for economies and markets. Our discussion covers both.
Our episode title refers to Peter’s study of cycles in
markets, but amusingly for a partner at Goldman Sachs, he...2024-08-151h 13
HTC | Holy Trinity ClaphamPodium People: Stephen | Josh Moxon | 4 August 2024On Sunday evening Josh Moxon spoke on knowing our story and making a stand for Jesus like Stephen the martyr.2024-08-0429 minHTC | Holy Trinity ClaphamPodium People: Stephen | James Farley | 4 August 2024On Sunday morning James Farley spoke on Acts 7:44-8:1 on Stephen the martyr and following his example of keeping his eyes fixed on Jesus.2024-08-0426 min
Behind the Balance Sheet#37 The Analyst
John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital, celebrates its 30th anniversary this year. In
this conversation, John explains how he started with $10m, and why you couldn’t do that today. He touches on his portfolio, talks about his approach to investing, explaining why he requires his analysts to follow more than one sector, and why he doesn’t employ data scientists. We discuss Elon Musk, AI, and geopolitics and John gives advice to a young person contemplating a career choice.
2024-07-1859 min
Multibagger NuggetsStephen Clapham: Behind The Balance SheetToday, we have a special guest joining us: Stephen Clapham. He’s the author of The Smart Money Method. Stephen Clapham has a background in accounting and worked as a sell-side analyst for investment banks, 2 multi-billion dollar funds and he offers professional training consultancy with Behind The Balance Sheet, where he uncovers aggressive and fraudulent accounting methods. He has been featured on the BBC, The Sunday Times, The Financial Times, The Acquirer’s podcast and his own podcast Behind The Balance Sheet. And today, he joins Multibagger Nuggets for a deep dive into the world of stocks.2024-07-0159 min
Behind the Balance Sheet#36 The RunnerJohn Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio.
John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles.
We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation even more today, where he sees the sweet spot in revenue growth, why he likes Alphabet, why he is focused in North American stocks but is now looking at Japan and US small caps...2024-06-201h 18
Behind the Balance SheetE3 Carine Smith Ihenacho of Norges Bank IMCarine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG.
In our podcast episode, Huw van Steenis and I discussed:
How you can combine sustainability with the
pursuit of returns
The difference between the US and Europe when it
comes to the energy transition
How the fund takes action to divest and exclude
companies on climate, enviromental an...2024-05-2648 min
Behind the Balance Sheet#35 The 100 Bagger Hunter
Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investing
newsletter which led him to travel the world seeking investment ideas.
Studying the universe of 100 Baggers has led Chris to a clear set of investing principles which mean his universe of investible ideas is extremely limited and his fund owns just 11 stocks.
Our discussion covers his respect for family owned businesses, his emphasis on c...2024-05-1657 min
Joe Marler's Things People DoThings People Did, with Stephen Bailey: A guide on how to make Joe Marler uncomfortableWe are back at The Clapham Grand for another episode of Things People Did, who is probably the first person to ever leave Joe Marler sweating and lost for words. Stephen worked in a supermarket for 6 years, a job he describes as 'the best ever', he licked envelopes for a week and worked as a TV runner, where he lost his mind making Cheryl Cole a cup of tea. We'll be honest, this episode is pure filth and you will love it.If you would like to be a guest on the show, click here: https://docs...2024-05-1050 min
Joe Marler's Things People DoClassic: About Flight AttendantsCome and see us at the Clapham Grand on 7th May, with guests Seann Walsh and Stephen Bailey: https://dice.fm/event/2ymoo-joe-marler-presents-things-people-did-7th-may-the-clapham-grand-london-ticketsToday, Joe and Tom meet 'Damien', a flight attendant. Want to know why you always fart on planes? What about the mile high club? And is the in-flight shopping a rip-off? Yes it is.If you would like to be a guest on the show, click here: https://docs.google.com/forms/d/1rfSo3PVJgtBRZHCCAZndem-iyy2EdvGcEYDqycsM2aQ/viewformTo get ad-free and longer episodes on Apple, hit the 'grow...2024-05-0348 min
Behind the Balance Sheet#34 The Letter Reader
Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser.
His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subject. In our conversation, he tells how he first met Mr Buffett, how the books came about, how he sends Mr Buffett a draft of each publication, and explains how and why the letters are so carefully crafted. ...2024-05-021h 03
Joe Marler's Things People DoAbout Wildlife Cinematographers: Filming elephants, living with penguins and what David Attenborough is really likeCome and see us at the Clapham Grand on 7th May, with guests Seann Walsh and Stephen Bailey: https://dice.fm/event/2ymoo-joe-marler-presents-things-people-did-7th-may-the-clapham-grand-london-ticketsOur guest this week is Sophie Darlington, who might just have the best job in the world. She is a wildlife cinematographer, and has worked on pretty much every massive nature and David Attenborough documentary you can think of. She has filmed incredible species in their natural habitats, including lions, penguins, bears and killer whales. She has seen incredible things, but we also learn about the unglamorous sides of the job, including being...2024-05-0157 min
Joe Marler's Things People DoThings People Did, with Maisie Adam: Litter picking, a Christmas Elf, and spilling graving down a brides dressCome and see us at the Clapham Grand on 7th May, with guests Seann Walsh and Stephen Bailey: https://dice.fm/event/2ymoo-joe-marler-presents-things-people-did-7th-may-the-clapham-grand-london-ticketsThis is Things People Did, live at the Clapham Grand, and we have a belter of a guest - comedian Maisie Adam! She tells us all about her jobs before coming a comedian, including the time she was a waitress and dropped a gravy boat on a bride, working in an ice cream van and eating all the flakes, and the time she worked as a Christmas Elf for a Mr and Mrs...2024-04-2652 min
Joe Marler's Things People DoAbout Bin Lorries: The unsung heroes of our streetsCome and see us at the Clapham Grand on 7th May, with guests Seann Walsh and Stephen Bailey: https://dice.fm/event/2ymoo-joe-marler-presents-things-people-did-7th-may-the-clapham-grand-london-ticketsIs there another podcast that could make a chat about coloured bins interesting? If you're into in that sort of thing, you'll love this episode. Our guest is Phil, who has been a bin man since he was 19. He tells us about the pranks you used to be able to pull before Ring doorbells came along, the worst smelling items he's ever experienced, and about the weird things he's found in peoples rubbish...2024-04-2454 min
Behind the Balance Sheet#33 The StoicPeter Cowley is a successful angel investor. But it was his
tragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosed
with terminal Stage 4c cancer and statistically has 9 months to live.
In this interview, Peter calls himself fortunate. Since
meeting Peter, not a day has passed that Steve has not thought about this remarkable man and day felt grateful for his lot. Hopefully the p...2024-04-1852 min
Bubble Trouble: Laying Out Inconvenient Truths About How Business and Financial Markets Really WorkBehind the Balance Sheet with Stephen ClaphamThis week we have a distinguished guest with an estimable track record at calling out the machinations and malfeasance behind the numbers: Stephen Clapham, the driving force of Behind the Balance Sheet, a podcast of the same name and education company. Stephen helps teach fund managers and others the tricks of financial chicanery and magical massaging of the numbers. (Repeat from July, 2024.) Hosted on Acast. See acast.com/privacy for more information.2024-04-1544 min
Behind the Balance SheetE2 Barry Norris explains why offshore wind economics are unsustainable.Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital.
Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliable
workers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a factory staffed only by unreliable workers he argues.
Barry has made good money out of shorting Orsted, the Danish offshore wind company which fell 60% from the peak. Barry explains why he thinks there may be more to go.
We think you will find...2024-04-0257 min
Behind the Balance Sheet#32 The “Do-Gooder”
Jonathan Ruffer is the founder of the eponymous asset
management firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks the Yen could double, why the equities age is behind us, why inflation is here to stay
and much more. And in a first for this podcast, Jonathan turns the tables and asks me the most difficult interview question of all...2024-03-2158 min
Behind the Balance SheetE1 Emmanuel Lagarrigue explains the opportunity for KKR and private equity in the energy transitionEmmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastructure-like renewables area.
This middle area is not really served today and he explains where they see the greatest investment opportunities, why decarbonisation is a good business, and why he is not concerned about political risk. This is a fascinating...2024-03-0153 min
Behind the Balance SheetBeyond the Balance Sheet Podcast TrailerExplaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis.
Sign up for the newsletter.2024-02-2205 min
Behind the Balance Sheet#31 The Justice WarriorBill Browder is a human rights activist who championed the Magnitsky Act, signed into law by President Obama. It not only sanctions Russians, but others around the world. Similar legislation is now in place in over 30 countries. He is also a bestselling author and former hedge fund manager.
In this episode, we talk about his career, about how he coped with a 90% fall in the value of his fund, about how he subsequently engineered a 37x recovery for the portfolio, about his deportation from Russia and how he subsequently secretly cashed in the gains...2024-02-151h 04
The Intrinsic Value Podcast - The Investor’s Podcast NetworkMI321: Uncovering Stocks Like A Pro w/ Stephen ClaphamKyle Grieve chats with Stephen Clapham about how to use “laterals” to leverage your circle of competence and find great ideas, simple ways to test your investment hypothesis, methods to reduce your exposure to investing frauds, the importance of investing in businesses with properly incentivized management, why you should pay close attention to the value a business's debt, the role that stock charts can play in a fundamental investors toolbox, the power of simplicity in valuation, and a whole lot more!IN THIS EPISODE, YOU’LL LEARN00:00 - Intro01:54 - How to...2024-01-231h 05
Behind the Balance Sheet#30 The Japanophile
Grant Williams is a former hedge fund manager who now
publishes the monthly newsletter Things that Make You Go Hmmm and a subscription-only investing podcast channel that incredibly is one of the top 0.5% of all podcasts globally.
In this fascinating discussion, Grant explains his fascination for Japan and why we should all pay attention. We discuss US Treasuries, and why there is a risk that the current glut of supply could meet a dearth of buyers. And of course we talk about gold as well as how Grant has built a financial media empire.
Show...2024-01-181h 34
Behind the Balance Sheet#29 The PlumberJames Aitken is an expert in the plumbing of the financial system. We go on a world tour of the hotspots in global finance. You will learn why James is relaxed about the US; why the Japanese government will Make Japan Great Again and why this could have serious repercussions for global bond markets; and why China will likely muddle through, in spite of massive problems in its property sector.
Show Notes
2023-12-141h 20
The Acquirers PodcastValue After Hours S05 E 45: Forensic analysis with Stephen Clapham on $BABA, $TSLA, LVMH and $RACEValue: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast
We are live every Tuesday at 1.30pm E / 10.30am P.
About Jake: Jake is a partner at Farnam Street.
Jake's website: http://farnam-street.com/vah
Jake's podcast: https://twitter.com/5_GQs
Jake's Twitter: https://twitter.com/farnamjake1
Jake's book: The Rebel Allocator https://amzn.to/2sgip3l
ABOUT THE PODCAST
Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks...2023-12-111h 02
Behind the Balance Sheet#28 The Continuous LearnerSebastian Lyon is a conservative investor who manages two highly successful multi asset funds. His motto is simple over complex and he is intent on protecting the downside. In this interview, we discuss his views on markets (spoiler: not super bullish); how he built Troy into a significant asset management business from scratch; how he has managed his fund to deliver only 3 down years in 20 and create outstanding performance as a consequence; what he looks for in stocks; why he invests only in quality companies; and why he owns gold.
Show Notes2023-11-161h 08
Library of MistakesEP 19: Behind the Balance Sheet (with Stephen Clapham)Stephen Clapham joins Russell Napier to discuss the clues and warnings that are often hiding in plain sight within the pages of a company's accounts – and yet are all too often missed by investors and journalists. Steve is the author of The Smart Money Method, and the creator of the Behind The Balance Sheet podcast and the popular online training course of the same name. Join us for an entertaining and insightful conversation.Also, to find out more about Stephen's course, go to: www.behindthebalancesheet.comAnd remember that the Library of Mistakes also runs an outstanding course ca...2023-11-0640 min
Behind the Balance Sheet#27 The HandicapperBill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour.
He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why he thinks the stock market is going down over the next decade and offers his views on the stocks that will deliver great returns, focusing on demographics and out of favour sectors.
And he...2023-10-191h 08
Behind the Balance Sheet#26 The Pragmatist
Alec Cutler runs one of the best performing low risk global funds and has a pragmatic investing approach. In this interview, we discuss inflation and markets and what this means for stock selection. Alec explains his views on what makes for a successful investment team. And he explains the principles of investing he learned as a child from his grandmother, which still guide his investing
framework today.
Show Notes2023-09-211h 19
The Rig Biz PodcastStephen 'Beaver' Donald - World Cup Special - How Kicking The Winning Points In The WC Final Changed His Life!We're honoured to be joined by a legend of the game in Stephen Donaldson, a man who famously kicked the winning points in the 2011 World Cup Final, having been called up to the squad a few days prior. Beaver had been dropped by the All Blacks for the World Cup and so decided to go on a 3 months long piss up and fishing trip across NZ, where he put on a lot of weight and decided to turn his back on watching or following the World Cup. But one evening he returned from the river, drunk as always, and found...2023-09-1446 min
Talking Billions with Bogumil BaranowskiStephen Clapham: Behind the Balance Sheet & Smart Money MethodIf you are curious to learn more about analyzing business, and picking stocks, this episode is a fascinating look behind the curtain with a seasoned hedge fund analyst, who now teaches a variety of courses on the matter.
Steve is the founder of Behind the Balance Sheet (https://behindthebalancesheet.com/), the premier investment training consultancy. The company runs Forensic Accounting Courses for leading institutions like Schroders and Baillie Gifford – since the first course in June 2018, over 500 investment professionals have taken the programme. More recently, courses have been made available to private investors online (https://courses.behindthebalancesheet.com/).
Steve also pr...2023-09-0453 min
Behind the Balance Sheet#25 The Celebrity InvestorGuy Spier is a successful value investor and has spent
considerable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different.
We discuss why the best ideas are simple, yet analysts always want to impress with their understanding of complex situations. Guy talks about his university chums, David Cameron and Chris Hohn and why his father entrusted his life savings to a young man with no investing experience and how that has...2023-08-171h 34
Behind the Balance Sheet#24 The Family Office CIOBeth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful value
investors in the world, and now runs money for the multi-billion Pohlad family in Minnesota.
We discuss the power of compounding, Beth’s research process
and how she conducts company meetings. We disagree on the attractiveness of the auto dealership industry, and Beth explains how she approaches the management of inter-generational wealth, how she decides much cash to hold and we...2023-07-201h 04Bubble Trouble: Laying Out Inconvenient Truths About How Business and Financial Markets Really WorkBehind the Balance Sheet with Stephen ClaphamThis week we have a distinguished guest with an estimable track record at calling out the machinations and malfeasance behind the numbers: Stephen Clapham, the driving force of Behind the Balance Sheet, a podcast of the same name and education company. Stephen helps teach fund managers and others the tricks of financial chicanery and magical massaging of the numbers. Hosted on Acast. See acast.com/privacy for more information.2023-07-1744 min
DumTeeDum - A show about BBC Radio's 'The Archers' No Sleep 'til Swindon Railway StationThis week’s episode is presented by Jacqueline and Stephen. The DumTeeDum is from Stephen. We found it down the back of the sofa when tidying up and realised that it hadn’t been used before.If you can help with editing, as mentioned on today's episode, please email jacqueline.bertho@yahoo.fr On this episode we hear from:· Tracy from California, who thinks Stephen sounds like Adam,· Martin Evans, who is a first time callerinerer and who isn’t impressed by Tom and Lee,· Globetrotting Richard, who h...2023-06-181h 14
Behind the Balance Sheet#23B The Best Selling Author Part 2William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.
We split this interview into two parts. Last time we heard Green explain that the great investors are such thoughtful practical philosophers because they are students of life. Green quotes Munger who says that he watches what works and what doesn’t work and learns from it.
In this second half...2023-06-1544 min
Behind the Balance Sheet#23A The Best Selling Author Part 1William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.
William spent five years painstakingly crafting the book and distilling his learnings from interviewing the world’s top investors. This was a labour of love for him – he didn’t take a vacation in that time – and he went to extraordinary lengths. The love and careful craftmanship shines through and is what made the b...2023-05-1845 min
Behind the Balance Sheet#22 The OctogenarianMario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading trade
journals; and in monitoring the results of the sector. The day after we spoke he was due to visit a company he first visited in 1967!
Few investors active today were investing back in the 1970s and this long history is just one reason why Gabelli is a...2023-04-2054 min
Behind the Balance Sheet#21 The EconomistGavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about investing, and about financial services; but we also cover public service broadcasting, streaming and politics.
See the website for full show notes.
2023-04-1958 min
Behind the Balance Sheet#20 The Data ScientistTian Yang was a fascinating guest and we covered a wide range of subjects. He explains why ChatGPT may be useful in solving accounting problems, but it produces gibberish when asked about investing. We talk about his work on the commodity super cycle, looking at rubber, whaling and fur.
He explains how he applies quantitative techniques to the capital cycle framework championed by Marathon Asset Management and featured by Edward Chancellor.
His work encompasses 3 different timeframes – the long term fundamental, the 6-12 month business cycle and the shorter term tactical trades – Tian is unusual in that h...2023-04-1950 min
Behind the Balance Sheet#19 The Value InvestorChris Bloomstran is best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway. Not only is he an outstanding value investor, he is a highly accomplished analyst. His Semper Augustus annual letter runs at over 100 pages and in recent years, it has included an evaluation of Berkshire Hathaway – his analysis of the stock is the best I have read.
In this interview, we discuss his start in the business, his investment approach, why college investment funds make a great apprenticeship, why he writes such a detailed letter and Chris shares his analysis of the lo...2023-04-191h 10DumTeeDum - A show about BBC Radio's 'The Archers'The shadow of Rob's returnBridge Farm residents face betrayal, pantomime villains, and righteous indignation, all while trying to navigate the drama of Rob's return and Martin Gibson's election win. But hey, at least Tom's sausage boy got to pout. Just another week in Ambridge.I am reaching out to you today to request your support for my friend Susan Rae who is suffering from dementia. Now, it's our turn to support her. Every little bit counts and your donation will make a huge difference in Susan's life. Let's show her that she is loved and cared for. Thank you for...2023-04-171h 07
Behind the Balance Sheet#18 The Distressed DamselDominique Mielle had an illustrious career as a distressed debt hedge fund manager, including building a $5bn CLO business from scratch at Canyon Advisors. She retired from hedge funds, wrote a book, amusingly titled Damsel in Distressed (it was too good not to borrow), about her story to inspire women to follow her lead.
In this interview, she talks about why there are not more women in hedge funds and in investing more broadly; about the complexity of the distressed debt business; and about being a woman in a man’s world.
See the website for...2022-12-3056 min
Behind the Balance Sheet#17 The WriterVitaliy Katsenelson is an investor and writer. Born in Russia, he now runs an investment adviser in Denver which specialises in picking individual stocks and eschews the usual 60:40 portfolio with equities indexed. In this podcast we talk about investing, about his third book and about his life philosophy. Vitaliy has a wisdom beyond his years and his positive attitude can improve anyone’s life.
An illustration of this philosophy is his belief that scarcity is an essential concept that enables him to lead a more fulfilled life. US society is an aspirational society, it’s about abundance. But...2022-12-151h 16
Shares for BeginnersQUICK TIP - Behind The Balance SheetStephen Clapham is the founder of Behind the Balance Sheet. He’s had a 25-year career as an investment analyst. He now offers training to professional investment analysts, portfolio managers and private investors. In this Quick Tip He talks about how the finance industry bewilders ordinary investors with jargon that is not really that hard to understand. He talks about Fees, Discounted Cash Flow and The Balance Sheet.Find out more about Stephen's work here: https://behindthebalancesheet.com/Here's a link to the full episode: https://shows.acast.com/stocks-for-beginners/episodes/stephenclapham-behindthebalancesheet...2022-11-2609 min
Stocks for BeginnersQUICK TIP - Behind The Balance SheetStephen Clapham is the founder of Behind the Balance Sheet. He’s had a 25-year career as an investment analyst. He now offers training to professional investment analysts, portfolio managers and private investors. In this Quick Tip He talks about how the finance industry bewilders ordinary investors with jargon that is not really that hard to understand. He talks about Fees, Discounted Cash Flow and The Balance Sheet.Find out more about Stephen's work here: https://behindthebalancesheet.com/Here's a link to the full episode: https://shows.acast.com/stocks-for-beginners/episodes/stephenclapham-behindthebalancesheet...2022-11-1909 min
Behind the Balance Sheet#16 The Podcast HostBarry Ritholtz hosts Bloomberg’s Masters in Business, one of the most popular business podcasts in the world. He rather modestly says he was one of the first. Ritholtz not only has managed to interview investing heroes like Ed Thorpe, Ray Dalio (twice) and Michael Lewis (four times) but also has built a $3bn wealth manager in just ten years.
In this interview, Barry explains why financial TV is irrelevant, why the F.I.R.E. contingent (Financial Independence, Retire Early) have it wrong, why 70:30 should be the new 60:40, why investors should think in decades, how he can...2022-11-171h 26
Behind the Balance Sheet#15 The Short SellerCarson Block is one of the world’s top short sellers, and one of few still managing a specialist fund.
In this interview, Carson explains the business of short selling; the difference between fundamental shorting and his business of shorting and exposing frauds; how he spots these fraudulent companies; where to find frauds; and why it takes Muddy Waters 3 months to launch a short campaign. We discuss the economics of a short fund, why short selling is so much more difficult than long only investing and why Europe is a more difficult area to operate in.
...2022-10-201h 28
Behind the Balance Sheet#14 The CoachSir Clive Woodward is a winner. He is best known for managing the England rugby team, taking them from world #6 to a world cup win. In this revealing interview, he explains that there is no difference between managing a sports team, a business or an investment team. It’s all about managing people. Winning teams are made up of winning individuals - you can persuade the individuals in a team to strive to improve performance and the team will benefit. He is a proponent of continuous learning, and his team members must be teachable. I was fascinated by his man...2022-09-151h 04
Behind the Balance Sheet#13 The ContrarianRichard Oldfield is a true value investor. Author of the delightful commonsense investing book, Simple but not easy, in this interview he recites several wonderful anecdotes from his long experience as a value investor. We even get a song (while Steve recites one of Richard's investment poems). Richard has an innate belief in the cyclical nature of markets and the madness of crowds. He is a classic contrarian investor and he came out with numerous gems about how to think in this way. Richard is a truly independent thinker. He doesn’t believe in index funds, likening them to ha...2022-08-1856 min
Behind the Balance Sheet#12 The Value ArchitectChris Pavese, President and CIO of Broyhill Asset Management, is a seriously thoughtful investor. We talk about how investing straddles left and right brain thinking, about whether the advantage of being located outside the bustling environment of a New York or London will continue to confer the same benefit in the days of Zoom, and about the benefits and joy of reading widely. Chris explains his investment philosophy, why he has fewer than 20 stocks in the portfolio, why the only research he buys is from a short seller (even though he doesn't short), and we discuss the north-south divide...2022-07-211h 18
Behind the Balance Sheet#11 The InvestigatorWe speak to Dan McCrum, the award winning FT journalist who exposed Wirecard as a fraud. Once a stockmarket darling valued at over €25bn, Wirecard crashed to worthless in June 2020, when its auditors could not confirm €1.9bn of cash. Dan pursued the story for six years and has now written a book about the saga. “Money Men” is an amazing account of how the company used every tactic possible to disguise its activities. This is an extraordinary tale and Dan, a brilliant raconteur, explains the highs and lows of his struggle to reveal the truth. We also speak to market p...2022-06-161h 08
Behind the Balance Sheet#10 Mr BRICsFormer Goldman, Sachs partner, Jim O’Neill (more properly, Baron O’Neill of Gatley), is best known as the man who coined the term BRICs. He correctly identified that this group of emerging markets would drive global growth and published a paper on it over 20 years ago. In this wide discussion, we talk about the BRICs, about why for the first time in 30 years of close study of the country, he is puzzled on Chinese policy, and what inevitably lower Chinese growth means for the global economy.
Of course, we discuss his beloved Manchester United, kids’ education, a caus...2022-05-1958 min
DumTeeDum - A show about BBC Radio's 'The Archers'Goodbye P&QThis week’s Dumteedum tune is a really special one from our Stephen to bid farewell to P&Q and on this episode we are lucky enough to hear contributions from: Simon in Shropshire, Our Rob, Suzanne in the United States. Our Stephen, Katherine, Claire from Clapham, Bernadette, Witherspoon, Brian, Sarah from Smethwick, Richard in Poland, Julia in Manchester, God Squad Mia, Glyn, Purple Pumpkin & Anon of Ambridge. Plus: Tweet of the week with Bernadette, Facebook roundup with Stephen and welcoming new members of our Facebook group, plus the DumteeBOOKdum item, this time with author Michael Arditti. Marvellous!P...2022-05-081h 27
Behind the Balance Sheet#9 Two Capital CyclistsRussell Napier and Jeremy Hosking discuss how the capital cycle will become an even more important driver of equity returns as we move into an age of financial repression. This series of macro episodes focuses on the changes we should expect in the new era, as we exit a 40-odd year period of falling rates, globalisation, cheap energy and disinflation.
In this fascinating interview, these two giants of the investment world discuss the way forward, covering everything from banks to ESG, from Tobin’s Q to excessive liquidity, and from the tragic events in Ukraine to the sink...2022-04-211h 18
Behind the Balance Sheet#8 GREED & FearIn this wide-ranging interview, recorded before Russia’s invasion of Ukraine, Chris Wood, Global Head of Equity Strategy at investment bank Jefferies, talks about his route to success, why he is bullish on energy stocks, some of his fun trades (long Ryanair, short Zoom), why he doesn’t use Zoom, how the pandemic has altered his approach and why his multi-million air miles account won’t get built up quite so much going forward. We cover the long-term outlook for the global economy, why the Fed has a straight jacket, and how the world will look in years to come a...2022-03-171h 03
Behind the Balance Sheet#7 A Scotsman and an EnglishmanIn this interview, Dylan Grice and Rob Crenian discuss how markets work, how “stupid” investors have been winning of late but will not do so for much longer, how quants think, how real alpha will be more difficult to come by, and how this will likely be found not by being smarter but by doing something different; and they explain how they are seeking to preserve wealth with an unconventional investment strategy at Calderwood Capital.
Full show notes here.2022-02-171h 26
The Chris Naugle ShowGrowing Wealth in an Inflation Avalanche | Stephen ClaphamToday's Guest - Steve Clapham from “Behind the Balance Sheet”Following a 25-year career as an investment analyst, Steve decided to put that experience to good use and train the next generation (or sometimes the current generation) of investment analysts, private investors, and portfolio managers. ~ How do you analyze growth opportunities? ~ How do you spot something that you think will make a good investment? ~ After doing research what’s the next stage people should do? Steve’s Trainings: https://www.behindthebalancesheet.com2022-01-271h 02
Hrkn to .. The Financial Outlook for Personal InvestorsThe Financial Outlook for Personal Investors: The Rise of Impact and ESG InvestingWelcome to another panel session from the Sustain:Social Conference, featuring an all-star line-up of investment professionals: Stephen Porter of Scottish Widows, Nanne Tolsma of Satelligence, Kenneth Mackenzie of Target Fund Managers, Myron Jobson of Interactive Investors and Stephen Clapham of Behind the Balance Sheet. Learn more about your ad choices. Visit podcastchoices.com/adchoices2022-01-2448 min
Behind the Balance Sheet#6 The Existentialist: Hugh HendryFormer hedge fund manager Hugh Hendry is best known as the man who made 30% in 2008, when others crashed, including many so-called hedge funds. He described his cockroach mandate as being a survivor no matter what. He closed the fund in 2017 after a period of lackustre but far from shocking performance and has become a property developer and landlord of upmarket rentals on the billionaire favourite Caribbean hideaway of St Barths. But few owners of vacation lets could tell you what the 10 year bill has done in the last month, let alone give a coherent view of how it might...2022-01-201h 07
DumTeeDum - A show about BBC Radio's 'The Archers'DTD: 420 - Stephen Fry Interview Special - The ArchersStephen Fry joins DumTeeDum to discuss all things Ambridge, from his first memories of ‘The Archers’ to his views on current storylines. From what character he’d like to play, to the next potential Lynda Snell production. He also answers calls from Ambridge ‘residents’ with rather interesting results!This week’s DumTeeDum tune is from Stephen Bowden and we are lucky enough to hear thoughts from Rob, Milly Molly Mandy, Dusty Substances, Big Sister Helen, Witherspoon, Brian, Sarah from Smethwick, Claire from Clapham, Glyn, Richard and Annie.Please call in to the show using this li...2022-01-091h 57
Behind the Balance SheetBonus Episode - Financial LiteracyI interviewed Patrick Jenkins, Deputy Editor of the Financial Times, about the paper's new charity, the Financial Literacy and Inclusion Campaign. We discuss why Patrick decide to set up the charity, its aims and objectives, and why this is such an important cause. My take: this is less important than curing cancer, but it's a lot easier. This is one of Warren Buffett's one foot bars. We can easily make a big difference to a lot of people's lives by explaining simple concepts like the power of compound interest. No more payday loans may be a big ask, but...2021-12-1919 min
Behind the Balance Sheet#5 The PianistLucy Macdonald is the former CIO of Global Equities at Allianz Global Investors where she worked for almost 20 years and managed £5bn or $8bn of assets. She is currently a NED on JP Morgan GEM Income Trust and taking care of a new puppy. Lucy has 30 years of experience in financial markets and is exactly the sort of guest we are hoping to have on the podcast – a wealth of experience, semi-retired, and not afraid to speak out.
In this podcast she explains her really unusual route to finance, her approach to running successful portfolios, how to run a tea...2021-12-161h 05
Compounding Curiosity22 | Stephen Clapham, Behind the Balance SheetMy guest today is Stephen Clapham (@steveclapham). Steve is a former partner of a Tiger Cub and former Head of Research at a second multi-billion hedge fund. Nowadays, he is the founder of Behind the Balance Sheet, where he produces investment research and offers training services. Steve is also the author of the book, The Smart Money Method: How to pick stocks like a hedge fund pro. In this conversation, we cover red flags for fraud, accounting standards, and his new podcast. I hope you enjoy my conversation with Stephen Clapham. Fo...2021-12-0246 min
Behind the Balance Sheet#4 The Not Quite Trillion Dollar ManUntil 2015, Quintin Price was Global Head of BlackRock’s Alpha Strategies business where he was responsible for nearly $1 trillion of assets under management and was a member of the Global Executive Committee, working closely with Larry Fink. Quintin has 30 years of experience in financial markets and is exactly the sort of guest we seek to have on the podcast – a wealth of experience, retired from day to day fund management, and not afraid to speak out, as you will hear.
Full show notes here.2021-11-171h 13
Forward GuidanceHunting for Hidden Financial Risks | Stephen ClaphamDo balance sheets matter? Do cash flows matter? In a world where asset prices are driven by liquidity rather than fundamentals, the answer can seem to be yes. But since this environment gives companies license to embroider their finances, the ability to spot their accounting sleight-of-hand is of immense value to investors. Today on the third episode of Forward Guidance, Jack Farley welcomes Stephen Clapham, forensic accountant and founder of Behind the Balance Sheet. Clapham shows the most common instances of financial legerdemain and gives in depth analysis of companies such as Tesla, Ferrari...2021-11-021h 00
Behind the Balance Sheet#3 Two UK Venture LeadersPete Davies has long been widely considered one of the greatest long term thinkers in the hedge fund world. He was early to recognise the opportunities to provide venture capital to UK academia and his firm, Lansdowne Partners, was instrumental in setting up Oxford Science Innovation.
Spencer Crawley is the co-founder of FirstMinute Capital, a UK seed investor which boasts an astonishing 111 unicorn founders as investors.
In this interview we discuss the UK venture scene, why early stage investing is truly a long term activity, and how this cycle compares to the late 1990s tech...2021-10-201h 18
We Talk FinanceStephen Clapham, Founder of Behind The Balance SheetHaving started his career as an investment analyst at various Investment Banks, he became Partner at Toscafund Asset Management in 2005, then became Head of Research at Altima Partners, and then Partner at Fenician Capital Management. Stephen is also a shareholder of Hardman & Co, a leading corporate research firm. As well as having various speaker, presenter and mentor roles such as ICAS Financial Services Ambassador, he’s also been mentioned in the FT, on BBC Radio 4, City AM and many more.
You will learn about:
- Go-to balance sheet parameters and valuation metrics
- Portfolio con...2021-10-1217 min
X BusinessWeek PodcastStephen Clapham, BehindTheBalanceSheetIn this episode, Max Shannon, our Host, President & Co-Founder of EUBW, interviews Stephen Clapham, Founder of BehindTheBalanceSheet, about creative accounting, manipulating expenses, inflating profits, go-to balance sheet parameters and valuation metrics, and portfolio concentration/diversification.Follow his twitter here: https://twitter.com/steveclapham2021-10-1117 min
Behind the Balance Sheet#2 The Risk TakerIn this fascinating interview, Stuart Roden, former Chairman of Lansdowne Partners, explains the 5 keys to a successful fund, how his 25 year partnership with Pete Davies produced one of the most successful hedge funds in the UK and how now managing venture capital is a different, yet similar, game.
I have known Stuart for over 25 years but I learned more in this hour about his philosophy than I had previously. He has a winning combination of a razor sharp intellect, a love of markets, a wealth of experience and a nose for a winning idea.
In...2021-09-161h 20
The Judgment Call PodcastStephen Clapham (How to spot a good investment - and a fraud!)
00:00:33 How Stephen got started in the world of finance and what motivated him to write his latest book.
00:10:05 What is the basic premise of Stephen's analysis of financial statements (forensic accounting)?
00:21:01 What is the fine line between fraud and creative accounting?
00:27:22 What is Stephen's analysis of the Wirecard fraud?
00:32:27 How well do the current accounting standards actually work for provide transparency into profits/ losses of banks?
00:39:51 Where does all the printed money (from Central Banks) actually go? What is the best option to 'weather the current low growth environment'?
00:51:10 How 'money printing' at this huge scale seems to be deflationary...2021-08-271h 07
Behind the Balance Sheet#1 Two TitansTwo investors who went to the same school, then to Oxbridge, and have been awarded the CBE (*). They are both titans in their fields but through very different routes. One has run his hedge fund firm for 27 years, has been incredibly successful as evidenced by $28bn AUM, yet is so under the radar that few have heard of him. The other has started multiple companies, is a business celebrity and is recognised as one of the most successful people in UK tech.
Full show notes here2021-08-1948 min
Behind the Balance SheetPodcast TrailerOur new podcast is focused on equity investing. We shall meet leading investors and commentators and educate ourselves about the world of investing and the world.
Our mission is to remove some of the mystique around investing and improve our understanding of what makes a successful investment, or indeed an unsuccessful one.
We shall look in particular at the conjunction of venture and quoted stocks investing and interview practitioners, current and retired.
Our goal is to inform, educate and entertain – we hope you every episode.2021-08-0901 min
Finance FocusedProfessional Industry Insight, Episode 17 - Stephen Clapham (Founder of BehindtheBalanceSheet.com)We hope you enjoyed this podcast and if you have any feedback, then drop us an email at podcast@finfoc.com!2021-06-1842 min
RHLSTP with Richard HerringRetro RHLSTP 01 - Stephen Fry#1 Hit It Bitch! - In the first of a series of Retro RHLSTPs, we present Stephen Fry's interview from 2013. In a frankly extraordinary, must-listen, funny, poetic and heart-breaking podcast Richard interviews quintessential Englishman (take that EDL) Stephen Fry. Find out what the Spice Girls said to Prince Charles about Prince Albert, the favourite expletive of Lionel Jeffries, why Fabian is the best character in Twelfth Night, why Richard is going to graffiti Fry's grave, which women Steve wants to have sex with, Richard's clunky attempts to audition for QI (will be more of that next week). Richard's clunky attempts...2021-05-071h 36
Real Vision: Finance & InvestingGrowing Wealth in an Inflation Avalanche (w/Russell Napier and Stephen Clapham)The Interview: If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is indeed on the horizon, discussing everything from rent controls and yield curve capping to credit rationing and pricing power, and then he and Clapham explore the...2021-04-031h 03
Real Vision PresentsRussell Napier: Growing Wealth in an Inflation Avalanche (w/Russell Napier and Stephen Clapham)If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is indeed on the horizon, discussing everything from rent controls and yield curve capping to credit rationing and pricing power, and then he and Clapham explore the various investments that...2021-03-291h 01
Real Vision PresentsPREVIEW: Russell Napier: Growing Wealth in an Inflation Avalanche (w/ Stephen Clapham)Get full access to this interview and others with the likes of Howard Marks, Mark Cuban, Joel Greenblatt, Raoul Pal, and more here for just $1: http://rvtv.io/Napier
If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is i...2021-02-1104 min
Real Vision: Finance & InvestingAccounting Schemes at Chinese Tech Giants (w/ Stephen Clapham and Kyle Bass)Hayman Capital's founder and CIO Kyle Bass welcomes forensic accountant and Behind the Balance Sheet's founder Stephen Clapham to break down the accounting irregularities peppered throughout the regulatory filings of China’s biggest tech companies. Sharing insights from his proprietary research report on Alibaba, Baidu, JD.com, Meituan Dianping, and Tencent, Clapham shines a light on the ways these companies are using loopholes in order to inflate profits, hide liabilities, and mask the capitalization of questionable assets. Bass frames Clapham's findings through the lens of notable balance sheet disasters and downright frauds, and they explore the jurisdictional risk of in...2021-01-0546 min
Stocks for BeginnersStephen Clapham - Behind the Balance SheetStephen Clapham is the Founder of 'Behind the Balance Sheet'. Stephen also just recently wrote a fantastic book called "The Smart Money Method" which has just hit the stores. We discuss accounting and how the balance sheet gives the greatest clues to the quality of your investments and how to identify great companies by recognising the ones that you personally like and use.Portfolio tracker Sharesight tracks your trades, shows your true performance, and saves you time and money at tax time. Get 4 months free at https://www.sharesight.com/au/sharesforbeginners2020-12-2128 min
Real Vision PresentsAccounting Schemes at Chinese Tech Giants (w/ Kyle Bass and Stephen Clapham)Hayman Capital's founder and CIO Kyle Bass welcomes forensic accountant and Behind the Balance Sheet's founder Stephen Clapham to break down the accounting irregularities peppered throughout the regulatory filings of China’s biggest tech companies. Sharing insights from his proprietary research report on Alibaba, Baidu, JD.com, Meituan Dianping, and Tencent, Clapham shines a light on the ways these companies are using loopholes in order to inflate profits, hide liabilities, and mask the capitalization of questionable assets. Bass frames Clapham's findings through the lens of notable balance sheet disasters and downright frauds, and they explore the jurisdictional risk of investing in...2020-12-2144 min
“The Wolf Den” hosted by Dan DavidEpisode 7 - Stephen ClaphamIn this episode we travel across the pond to chat with internationally renowned forensic accountant and author Steven Clapham. Steven talks to us about life as a sell-side analyst, his due diligence work when vetting a company, and his book “The Smart Money Method.”
When he’s not providing research for private clients, Stephen is educating the next generation of analysts with his online investment research and analysis training course - Behind the Balance Sheet.
Sit back, have a drink, and enjoy a conversation with Dan and The Pack as they swap stories with award-winning forens...2020-12-181h 07The Acquirers PodcastSmart Money: Steve Clapham on forensic accounting for hedge funds with Tobias Carlisle on The Acquiers PodcastStephen Clapham, the forensic accounting expert and founder of Behind the Balance Sheet, on his new book The Smart Money Method: How to pick stocks like a hedge fund pro
Stephen Clapham runs Behind the Balance Sheet https://www.behindthebalancesheet.com/
Stephen's Twitter account: https://twitter.com/steveclapham
ABOUT THE PODCAST
Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast.
The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.
We uncover the tactics and strategies fo...2020-11-3053 min
Value Hive PodcastWorking With Tiger Cubs & Spotting Frauds w/ Stephen Clapham, (Episode 52)This episode is brought to you by TIKR. Join the free beta today at TIKR.com/hive. They're constantly releasing new updates that make the platform better including a new Business Owner Mode that hides share count, market cap and enterprise value. I couldn't be more excited to partner with TIKR.
Stephen Clapham has one of the most decorated resumes of any guest I've interviewed. He's traveled Europe as an equity analyst. Worked his way up to partnership status at multiple multi-billion dollar hedge funds. And now he runs a website dedicated to training investment analysts in...2020-11-201h 10
AJ Bell Money & MarketsPicking stocks like a pro, investments relevant to the UK’s 2030 ban on new petrol and diesel cars, Tesla in demand again and potential capital gains tax changesThis week’s podcast guest is ex-hedge fund partner Stephen Clapham who shares his wisdom on finding information to help with investment decisions.
Dan chats about the market’s reaction to more vaccine news and the latest in the punch-up between EasyJet and its founder Stelios Haji-Ioannou. He also runs through the stocks and funds that are relevant to the UK’s acceleration towards electric vehicles, and he explains why tracker funds are racing to own shares in Tesla.
Laith runs through some new developments on potentially changing UK capital gains tax rates.
Presen...2020-11-1937 min
Odd LotsA Forensic Accountant On Why Chinese Internet Companies Are So Tough To AnalyzeThe IPO of Ant Financial will go down as one of the most extraordinary deals of all time. And in general, Chinese internet companies have been huge winners in the post-crisis period. But what does it take to really analyze the quality of their businesses? On this episode, we speak with Stephen Clapham, a forensic accountant, and the founder of Behind The Balance Sheet, who explains why understanding what's really going on with these companies is so tricky.See omnystudio.com/listener for privacy information.2020-11-0252 min
The Rig Biz PodcastS2: Paul Doran-Jones - Inferno's Bust Ups, Stag Do's & Vegas Lash - Archie's Estate Agent Enquiries - Jack Wills's Lawyers AttackWe're back for episode 2 and it's been an incredibly busy week in the life of Archie Curzon, we find out about; working out with Anthony Watson, Jonathan Davies & Rhys Priestland and Archies insistence in staying fit doing TRXs as he has a feeling that he may be asked to join a pro club to help them when the premier league season resumes.
We get an update on Barkley and Curzon's property venture, Archie also lets us know the latest on developments about his initial plans pre lockdown to move in with Popey and lets us know if and why...2020-06-1852 min