Former ‘Tiger Cub’ hedge fund manager – who controlled stock positions worth $150million+ – invites you to look over his shoulder and discover:

Stock Investing Secrets of 9-Figure Hedge Fund Pros

“I’ve partnered at 2 multi-billion hedge funds, and trained analysts at some of the biggest firms – including Schroders, Fidelity and Baillie Gifford.”

Dear Fellow Investor,

Could you master investing at its most elite level?

Do you have what it takes?

That depends. Are you:

• Curious? Open to new ideas? Do you enjoy learning new skills?
• Ambitious? Have you accomplished something you’re deeply proud of? Or, if not, are you determined to in the future?
• Interested? Do you understand the basics of investing? If I said ‘EBITDA,’ would you know what it means?

If you can answer “yes” to these 3 questions, you’re most certainly ready.

All you need now is the correct guidance.

Let me give it to you today: Try this ‘Analyst Academy’ course risk free for 30 days.

In only the first hour of videos, you’re shown:

• 3 cardinal rules of value investing from Warren Buffet’s mentor. (Rule #2 is always ignored).
• How to approach value stocks in developed markets, where old methods no longer work.
• Why most “growth” investors lose 100%, and how to make sure you’re not one of them.
• Which stocks offer tremendous value and growth?
• 6 stock pickers you must understand to become a great investor. (Even if you don’t follow their methods).
• The most important – and overlooked – financial statement you must focus on first.
• An introductory 8-point crash course in accounting. All great investors are competent accountants. That’s why you must hone this skill today.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

I guarantee this first hour alone makes you a sharper, smarter investor.

And that’s only the very beginning …

You’re taken from enthusiastic amateur through the curriculum I teach hedge fund pros.

Some of whom are responsible for controlling billions of client capital:

“It is our job to avoid the portfolio torpedoes at all costs, which come from poor accounting. It is always helpful to be reminded of them, especially at this stage in the cycle. Our team’s discussions continued long after Steve’s departure. Behind the Balance Sheet planted an essential seed for fund managers and analysts alike - to question company numbers with greater scrutiny. Thank you.”

“Content is excellent, we were positively surprised over the details and breadth of examples of forensic accounting. The course very much delivers on its promise of understanding ways to manipulate company accounts.”

“Financial statements tell their own story, one that often challenges the company’s tale. Steve’s course is a detailed and timely reminder of the importance of looking at the accounts and what might lie beneath the headline numbers. His course covers the basics and is full of anecdotes, examples and tips – as well as plenty of surprises. You will learn a lot, be able to challenge and question companies more, and make better informed investment decisions.”

“The entire team was impressed with both his easy, affable teaching style and immense wealth of experience. The sessions were practical, easy to follow, and had easily implementable ideas that I have no doubt will improve how we think about companies and detecting risks.”

“Excellent course, relevant and suitable for all levels of experience…Steve does a great job in categorising the various relevant topics and manages to make the sometimes dull topics more entertaining.”

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

Explore everything inside the new Analyst Academy today.

You’re under NO obligation.

If you don’t like it, cancel within 30 days for a full refund.

But I won’t sugar coat this.

Developing the instincts of a hedge fund pro is hard.

You will be challenged

So if you’re looking for quick riches on the next “tiny little stock, ready to explode 10,000%,” please look elsewhere. This course isn’t for you.

Instead, it’s for those who understand: all great rewards demand effort.

Since you’re still reading, I suspect you do appreciate this.

You already have the makings of a top investor.

In which case, I guarantee you’ve landed in the right place.

You won’t find an investing education like this anywhere else online.

Why am I so sure?

Let me introduce myself and explain:

My name is Steve Clapham.

You may have arrived here after seeing one of my interviews on Real Vision.

Like the one with Kyle Bass in the shot above.

If you’re in the UK, you might have read my column in the Investor Chronicle.

Or perhaps you’ve seen my research quoted these respected publications:

However, much more important is my background which justifies this attention.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

30 years’ experience, including as a partner at a Tiger Cub and head of research at another multi-billion hedge fund.

In case you’re unsure, “Tiger Cubs” are an elite group of funds.

They were launched by proteges of Julian Robertson, the billionaire money manager and philanthropist. Today, these funds are recognised amongst the most supremely successful investment vehicles on Earth.

As a Partner and Head of Research at these huge funds, I was responsible for enormously high-stake positions.

Sometimes 9-figures on a single stock.

Nobody controls these sums until they seriously know what they’re doing.

Fees at these funds ran at $10s of millions per year, plus 20% of the fund profits.

And it’s not just billionaire clients who’ve paid for my expertise.

Top portfolio managers call me to train their analysts too

Here’s what a few of them have said:

“Stephen Clapham has created an excellent course on forensic accounting that mixes inputs from academic research with practical cases from investing experience. This course, together with his coaching, are excellent for deepening an investor's knowledge of accounting, especially at a time of increased accounting complexity."

“Thanks very much for presenting to us. You pitched at exactly the right level and pace. There were lots of good examples and the range of global stocks were good. We all learned something.”

“A great course, really useful to hear from Steve and benefit from his many years of experience, he was very generous with his time and provided additional help outside the original brief’. An extended bull market and low rates has encouraged a very creative and loose accounting culture and this is a great course getting you prepared for when the tide goes out.”

“I found the case studies and examples very useful; it really opened my eyes to the importance of challenging company management on the numbers presented in the financial accounts, particularly within the cash flow statement.”

Hopefully I’ve made my point:

I am uniquely equipped to show you the absolute summit of what’s possible with investing. If you’re as serious as I hope, you mustn’t look anywhere else. Because everything you need is right here.

Every lesson is tested and refined, proven to give you the skills of a top investor in the quickest possible time.

You’re walked through the entire process – every minute detail – from start to finish.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

And let me be clear: this has nothing to do with having youth, a 160 IQ, or the right “background.”

It doesn’t matter what you did before arriving here. Perhaps:

• You’ve succeeded in another sector and built a tidy sum. You want to see your capital working harder. With the right skills, you reason, you could possibly retire early. Perhaps now.
• You’ve worked decades to build your nest-egg. You don’t dare leave it in someone else’s hands another moment. You watch your money manager, concerned, and wonder, “Could I do a better job?”
• You’re a youngster, energetic and ambitious. Or maybe between careers, looking to start anew. You want the fastest, surest path to becoming a highly-paid analyst. You don’t want to waste a minute on lesser advice.

Whatever your situation, you only need the right attitude.

Let me give you everything else.

You’ll amaze yourself at how quickly you develop.

Imagine, a few months from now:

1. Knowing where to find promising stock ideas. And carrying out professional quickfire

checks, so you know which are worth your time.

2. Fluently reading 10K filings and SEC reports. Right now, these may seem like daunting gobbledegook. Yet after this course, you breeze through filings with confidence, picking out the precise details needed to make sharp decisions.

3. Valuing any stock – with a clear, methodical process. What’s more, instinctively

knowing how to change your approach for each situation.

4. Managing your portfolio like a pro. How should you be diversified? Across which sectors and regions? How many stocks should you have? What about position sizes? Answer all of these questions with total certainty.

5. Developing your own investment philosophy. How do your methods compare with greats like Warren Buffett, Seth Klarman and Peter Lynch? Which approach is right

for you? Where are you similar? What makes you different?

I cover it all.

See how fluent you become with some of investing’s most sophisticated methods.

Every lesson is simple and digestible.

Each video is around 10 minutes or less; it fits easily into your busy day.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

Develop these skills at whatever pace suits you

You’re never left stranded, figuring anything out for yourself.

• Little-known articles and essays from history’s greatest investors. Many of these are rarely mentioned outside professional circles. Yet they’ve formed the foundation of my career, plus many others who’re now earning millions.
• Look-over-my-shoulder lessons. See how professional analysts work through complicated materials. Pick a company that interests you. Copy exactly what I do. You’ll be astounded at what you uncover.
• Quick quizzes to make sure you’re up to speed. Plus, suggested reading to improve your weaknesses. As the great Charlie Munger once said, “In my whole life, I have known no wise people who didn’t read all the time – none, zero.” All great investors are ardent self-improvers, so I want to help you nurture this same habit for yourself.

You’re also invited to the private members forum.

It’s here, you’re welcome to ask questions.

I also hold regular webinars, covering timely topics in depth, such as:

• What is the macro environment right now?
• Which new risks and opportunities are emerging – in geopolitics, monetary policy and more?
• How are the markets expected to respond, and what could this mean for your investments?

Consider top firms – like Schroder’s, Fidelity and Baillie Gifford – pay over $10k per day for my training … professional analysts spend thousands for me to help them strengthen a single weakness.

Yet this private group is free – as a crucial part of your development.

Whatever your background or prior experience, I sincerely hope to see you inside. Ask questions. Take part.

There’s no faster way to develop your own instincts. To start thinking like a hedge fund pro, operating at the pinnacle of what’s possible.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

Imagine taking a company’s balance sheet – and seeing an overlooked red flag, at a moment’s glance.

Imagine opening the Financial Times or Wall Street Journal, noticing hidden opportunities casual readers miss.

Throughout this course, you’re also shown:

• 2 quick questions before you research any stock. (Answer ‘No’ to either and you must walk away.)
• The most important question to answer about any industry. This is a key secret behind the success of funds like Marathon Asset Management and Hosking Partners. Yet almost nobody outside professional circles does this.
• How moats can turn into traps – and what dangers to look out for.
• The ‘Inversion Trick’ of Warren Buffet’s billionaire business partner. Even if you know this, it’s always worth revisiting. I owe much of my success to thinking this way.
• Unusual questions to quickly spot a lemon investment – that few ever bother to ask.
• Which trends matter most when analysing future growth. Some of these answers may surprise you.
• When can unprofitable companies offer excellent potential? Hint: it’s all to do with their capacity.
• Is ESG really the future of investing? Yes. But not for the reasons you might expect.
• What to look for – and ignore – when insiders buy and sell.
• How a U.S. legal requirement helps you piggy-back off research from the world’s smartest hedge funds.
• When it pays to invest with crooks.
• What to listen out for when listening to a company’s earnings call. (Warning: some of these common phrases should make you run for the hills.)
• Red flags on company boards. When a knighted Chair – on 3 FTSE company boards – revealed this to me, I ran from all investments he was involved in.
• How to pick out nuggets of wisdom from tedious company filings. (HSBC’s group accounts have run to as many as 520 pages. Alibaba’s 10-K one year ran to nearly 1000 pages, but even its 2020 report was 386 pages. Get the information you need, before dying of old age.)

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

• Should you meet management? If so, when, how and why?
• How to respond when a director suddenly quits. This always gets markets twitchy. Are they right to be nervous, or just overreacting?
• Pension perils – and how to know if you’re faced with this serial savings killer.
• An unusual measure of business results, even most pros ignore. (An analyst at Bill Ackman’s Pershing Square roasted me for this system. Yet my batting average has always been roughly 50% better than others. And Reuters and similar surveys consistently rated me a Top 10 analyst in my sector.)
• Why picking the poorest quality stock often pays. But only in these sectors.
• Why very few investors read a company’s accounts – even when they think they do.
• 3 possible ways to gain an “edge” – and why retail investors should only focus on one.
• How to make sure you’re not a bag-holder when something’s a screaming sell. This is perhaps the single biggest difference between amateurs and pros.
• Why I wouldn’t touch Australia with a 10ft boomerang – going long or short.
• Why Microsoft’s share price skyrocketed…after its margins collapsed.
• Where to find the best stock gossip and biggest mispricing opportunities
• How to escape the ‘macro time trap,’ and why most world events are little more than a distraction.

I cover all this, plus much more.

And these skills enrich so much more than your bank account.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

You become smarter and sharper in every aspect of your life.

Becoming a great investor is – after all – a quest in understanding yourself.

Listen to the most successful investors:

Warren Buffett…Charlie Munger…Stanley Druckenmiller…Paul Tudor Jones…Peter Lynch…Ray Dalio…Jim Rogers…Mohnish Pabrai…David Tepper…Seth Klarman…

They’ve all reached total self-understanding.

There’s arguably no greater achievement you can accomplish.

During this course, you’re walked through teachings which made them rich.

However, you’re also shown how they fit your unique personality and outlook.

Testimonial

Here’s Steve discussing the course with one of his students, Toby Baxendale. He built a £100m business from scracth, sold it and now wants to invest his capital – he chose the Analyst Academy.

Here is Sanjeev Kriplani a software guy from Palo Alto (students from 48 countries have taken our online courses) who is a keen amateur investor and has really enjoyed the Analyst Academy.

You will, perhaps, take a harder look at yourself than any other time in your life.

And I hope that prospect excites you.

Because it sets you on the path to becoming more effective in all your decisions.

This new way of thinking sticks with you forever.

Don’t take my word for it.

Listen to these ordinary investors who’ve followed the secrets revealed inside Analyst Academy:

“Thanks very much for presenting to us. You pitched at exactly the right level and pace. There were lots of good examples and the range of global stocks were good. We all learned something.”

At $2400, Analyst Academy isn’t the cheapest stock picking course.

However, to paraphrase Warren Buffett, “it’s better to pay a fair price for an excellent course than an excellent price for a fair course.”

If you’re as serious as I suspect, Analyst Academy is your only suitable option. So I want to make your decision as effortless as possible. If you wish, pay in monthly £149 instalments.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

And don’t forget your 30-day, cast-iron guarantee

Explore everything inside – now and for 30 days.

If for any reason you feel it’s not for you, cancel your membership.

You’ll be sent a full and prompt refund, no questions or quibble.

However, rather than obsess over the cost of joining…

…what’s the cost of NOT joining?

After all, you’ll almost certainly take stock positions well above this modest price.

So this small investment pays for itself with alarming speed.

Suppose you have a $1million portfolio – and this added just 1% to your performance.

You would recoup your investment tenfold in little more than a year!

You don’t even need a million on the line.

A $100,000 portfolio would see a compounded return within months.

And don’t forget, investing isn’t just about profit.

What if this stopped you buying one dud stock?

You could be rescued from a devastating loss of 50% or worse.

That’s why you must make this small investment in yourself today.

But please hurry.

On May 1 the price is set to rise by £20/mth.

Even at £149/mth it will still be a bargain.

However, top investors are always decisive.

And they never lose money unnecessarily.

In many ways, your fast action today is another test of your mettle.

Do you really have what it takes?

I’m confident you do.

That’s why I’ve every confidence you’ll accept this no-risk opportunity today.

You already have the makings of a great investor.

Let me prove it to you now.

I've read enough. I’m ready to master stock investing now – with professional secrets that ordinary investors miss

All the best,

Stephen Clapham,

Equity analyst and Founder, Behind the Balance Sheet

A course by Steve Clapham

Steve Clapham has 30 years of stockmarket experience as an equity analyst. He had a successful career as a highly rated sell-side analyst covering a number of sectors. He then moved to become a partner and head of research at two multi-billion hedge funds, based in London.

In 2018, Steve set up his training company, Behind the Balance Sheet, and nearly 400 full-time professional investors have taken his Forensic Accounting Course. Hundreds more have taken his other in person and webinar courses. Some of the world’s top institutions rely on Steve to help their top analysts improve their skills. That expertise is now available to you! That’s why several hundred private investors (and quite a few professionals) are now enrolled in our online school.

Ready to improve your investing skills?

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