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About Behind the Balance Sheet

We are a research consultancy, with our roots in equity research. We produce bespoke investment research and offer training services.

About Stephen Clapham

Steve is the founder of Behind the Balance Sheet. Following a 25-year career as an investment analyst, Steve decided to put that experience to good use and offer training to professional investment analysts and portfolio managers. More recently, our online school offers training to private investors as well.

Steve’s experience includes working on the ‘sell side’ for a number of investment banks, and the ‘buy side’ as a partner and head of research at two multi-billion dollar firms. He has won awards like the prestigious Starmine Most Accurate Forecaster award and is regarded as one of the top forensic analysts around.

Featured in

We are regularly quoted and featured in the media. Steve has appeared on multiple podcasts, on BBC Radio 4's Today programme and is a regular guest on Real Vision. Our work is widely quoted in leading media including the Financial Times Bloomberg BusinessWeek, The Times, the Sunday Times and many more. Steve also writes a column for the UK’s Investors Chronicle magazine.

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<img width="300" height="158" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1024x539.png 1024w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-768x404.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1536x808.png 1536w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-600x316.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1.png 1764w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="158" src="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1024x539.png 1024w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-768x404.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1536x808.png 1536w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-600x316.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1.png 1764w" sizes="(max-width: 300px) 100vw, 300px" />

Steve writes about quality stocks for Moneyweek

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

<img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" sizes="(max-width: 300px) 100vw, 300px" />

Steve looks back on a year of podcasts for Investors Chronicle

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

<img width="300" height="189" src="https://behindthebalancesheet.com/wp-content/uploads/2022/09/ftwfestivalidentitydev10328129-1-300x189.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/09/ftwfestivalidentitydev10328129-1-300x189.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/ftwfestivalidentitydev10328129-1-768x483.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/ftwfestivalidentitydev10328129-1-600x378.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/ftwfestivalidentitydev10328129-1.png 963w" sizes="(max-width: 300px) 100vw, 300px" />

Steve speaks at the FT Weekend Festival

<img width="300" height="158" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1024x539.png 1024w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-768x404.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1536x808.png 1536w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-600x316.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1.png 1764w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="158" src="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-300x158.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1024x539.png 1024w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-768x404.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-1536x808.png 1536w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1-600x316.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/09/the-moneyweek-podcast-wide-2-1.png 1764w" sizes="(max-width: 300px) 100vw, 300px" />

Steve writes on inflation for Moneyweek

Where to find inflation-resistant stocks.

<img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" sizes="(max-width: 300px) 100vw, 300px" />

Steve looks at Boyar Research’s receommendation on Scotts Miracle-Gro

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

<img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" alt="" data-srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" data-src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" data-sizes="(max-width: 300px) 100vw, 300px" class="attachment-medium size-medium lazyload lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" /><noscript><img width="300" height="174" src="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48-300x174.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/03/logo-strip-investors-chronicle-48.png 500w" sizes="(max-width: 300px) 100vw, 300px" />

Steve examines the quality factor for Investors Chronicle

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

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