Featured In

Behind the Balance Sheet is a featured publication on Substack

Behind the Balance Sheet is a featured publication on Substack

In a review of online investing courses, Forbes featured our Analyst Academy

Steve contributed a post on private equity and credit

Thanks for having me on!

It’s always nice to noticed by the pink’un!

Talking about Japan, US markets and sterling

How to think about Returns on Capital

What I learnt at the Berkshire Hathaway AGM

Any podcasts or TV shows you’d recommend that you’ve enjoyed?
He says: I’m listening to a podcast called Behind the Balance Sheet by Stephen Clapham. He conducts wonderfully in-depth interviews with some of the world’s most interesting investors.

Bad banks: respite or recovery?

‘We’re at the point of maximum risk for investors’

dLocal Stock Demolished by Short Report

The London South East, Investing Matters Podcast, Episode 29, Steve Clapham, Founder of Behind the Balance Sheet

Cathy Newman with Times Radio Drive

The red flags that Made’s investors should have seen

Growth investing for sceptics

How to make sense of cash flow

Opendoor Follows WeWork Into Non-GAAP Land

The hidden cost of employee share schemes

Strong businesses are the best way to cope better with a world of uncertainty and high inflation

Stephen Clapham shares useful insights from his interviews with a range of highly skilled investors

Where to find inflation-resistant stocks.

Stephen Clapham assesses the potential for significant upside in a US lawn and garden products manufacturer

Former hedge fund manager Stephen Clapham explores ways of identifying quality stocks

After Hours (S04 E022): Quality, Cotton-Eye Joe Market, Markets in TurmOIL! and Metal Detection

Stephen Clapham explains why tech investors need to keen an eye on stock options

Stephen Clapham assesses the dangers for investors of sticking too close to what you are familar wit

The real headwind for airlines is not Covid, oil prices or oversupply says Stephen Clapham, and the issue applies to other companies too.

Former hedge fund analyst Steve Clapham examines the tricky question of how to amortise streaming content.

Is This the Best Way To Beat Inflation?

Lights, camera, hiss: Netflix is the deflating growth bubble in action.

The City is trying to learn lessons from 50 years ago as inflation turns back the clock.

Three key themes for investors in 2022.

Former hedge fund analyst Steve Clapham examines the tools available to give private investors an edge.

Stephen Clapham is no stranger to investing and portfolio management. Using his 25-year industry experience as an investment analyst, Clapham founded Behind The Balance Sheet, a universe of learning material that helps investors make informed decisions.

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.

Steve reviews Russell Napier’s book

Steve looks at The Hut Group adjusted earnings for Investors Chronicle.

Steve is interviewed on Jack Farley’s podcast on Blockworks.

Steve writes about the Patisserie Valerie audit for Investors Chronicle.

Steve is quoted in Bloomberg Businessweek review of Greensill.

Former hedge fund analyst Steve Clapham has been waiting years for Universal Music to float – read his verdict on the company.

There are risks to holding on to star performers in your portfolio beyond their sell-by date, says former hedge fund analyst Steve Clapham.

Former hedge fund analyst Steve Clapham expands on how international comparators can help establish whether there is value to be had in a company.

Steve Clapham illustrates how to understand earnings estimates and use them to your advantage.

Australian billionaire Lex Greensill beguiled the world’s rich and powerful. Until it came crashing down.

Mario Gabelli, Chairman & CEO of Gabelli Funds, joins Stephen Clapham, founder of Behind the Balance Sheet, on Real Vision to explain his unique investment framework for identifying companies that generate long-term returns.

When reading company accounts, investors must focus on what they need to see ahead of what management wants them to see.

Steve is the former partner of a Tiger Cub and former Head of Research at a second multi-billion hedge fund. Here he shares various accounting shenanigans that are taking place right now, where he sees opportunity, and much more!

Steve reveals intricate details about the $3.5 billion implosion of Greensill Capital.

Why do Trump’s foreign golf resorts lose millions of dollars every year? Experts say it could be incompetence, vanity, or something more sinister.

Steve appears on the MoneyWeek podcast.

Steve is quoted in a Greensill article.

Steve is quoted on the John Lewis results.

More on Greensill and our coverage.

Australian press picking up on coverage of Greensill.

Stephen Clapham was a guest on Chris Naugle Show podcast

As The Donald prepares to return to his business empire, he does so without the support of America’s first-tier banks.

Donald Trump has been toying with bankers for decades. He bashed Wall Street during his presidential campaign, then filled his cabinet with ex-Goldman Sachs executives. He sued Deutsche Bank during the financial crisis, then publicly defended his lender of choice when he became president.

Stephen Clapham is the founder of Behind the Balance Sheet, a training and research consultancy, which he set up after he retired from the hedge fund world. His book, the Smart Money Method, How to Invest like a Hedge Fund Pro, was published in November 2020.

My interview with Kyle Bass on the Chinese tech companies and their aggressive accounting has now been published on YouTube. Kyle Bass is well known for having a negative stance on China and the tech stocks are no exception, but it’s worth watching.

The London-based based equity analyst Steve Clapham said in November that it was unlikely the Trumps would make a profit on their Scottish golf business interests.

Richard Gill, CFA, reviews The Smart Money Method, where author Stephen Clapham provides investors with the insider stock picking techniques used by top hedge funds.

Phil Oakley chats with former analyst and hedge fund investor Steve Clapham about his new book and how to research companies well.

Keith Hiscock talks to Stephen Clapham, founder of Behind the Balance Sheet about his book, ‘The Smart Money Method: How to pick stocks like a hedge fund pro’

Book review: Stephen Clapham’s Smart Money Method. The book offers a comprehensive methodology to assess stocks

Real Vision editor Jack Farley welcomes Stephen Clapham, founder of Behind the Balance Sheet and author of “The Smart Money Method.” Using the tools gained as a forensic accountant in the hedge fund business, Clapham analyzes the current ploys that companies use in order to flatter earnings, garnish cash flow, and hide risk.

In 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.”

BBC Radio 4 Today January 4. DIscussion of the year ahead featuring Steve Clapham on the panel, from 19m30s in.

Steve Clapham, author of The Smart Money Method comes on to discuss his new book and some of the valuation and research tricks and tips that didn’t quite make it into his book.

Veteran equity analyst and forensic accountant Steve Clapham believes it is stories that drive investment decisions and seldom cold analysis of financial accounts. But he believes it is hard to find a company which isn’t engaged in some level of financial wrongdoing and argues that auditors are blind to it, wilfully or otherwise.

This is a podcast about finding undervalued stocks, deep value investing, hedge funds, shareholder activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.

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.

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.

Picking 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 changes.

The 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

VALUE II: IS INVESTING NOT AS HARD AS WE THINK?

Self-styled ‘king of debt’ will want to avoid a repeat of his high-profile failures when he leaves the White House in a matter of weeks.

Despite the inauspicious omen, the Trump Organisation pledged it would be profitable from day one. Instead, within a few years it drove Donald Trump to corporate bankruptcy.

In the first installment of his series on value investing, Stephen Clapham of Behind the Balance Sheet is joined by Tobias Carlisle, principal and founder of The Acquirers Multiple.

You might have missed the news in the avalanche of election stories pouring out of America, but earlier this month, Donald Trump received planning approval for a new golf course at his Aberdeenshire resort.

There is an illuminating illustration of the time cost of research in the soon-to-be published book ‘The Smart Money Method’ written by Steve Clapham, a former top hedge fund analyst and founder of training and research firm Behind the Balance Sheet. Mr Clapham puts the hours needed to really get to know a company at about 100 plus. He then breaks down the hours a professional analyst needs to monitor routine announcements during a year, getting to a total of 16 for European stocks (eight for the annual report, four hours for interim results, and two trading updates requiring two hours each)

How Steve Clapham was alerted to the ‘funky accounting’ at Patisserie Valerie by examining how they compared to Starbucks.

How can investors recognize fraud and other accounting irregularities in companies before they invest? Stephen Clapham, a forensic accounting expert and founder of Behind the Balance Sheet, joins Real Vision to break down the telltale signs.

A series of high-profile corporate failures have highlighted the unacceptable quality of auditing in the UK. The collapse of former FTSE 350 companies, such as Carillion, Debenhams and Thomas Cook – to name but a few – have quite correctly led investors to question whether they are receiving the protection they have a right to expect

Investors and fund managers, stung by Carillion and other failures, are being taught to find their own way round a balance sheet