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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.

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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="225" src="https://behindthebalancesheet.com/wp-content/uploads/2022/07/https-s3-eu-west-1.amazonaws.com-ic-ez-prod-ez-images-3-1-0-1-5511013-6-eng-GB-Twitter_Fotoware_150722-300x225.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/07/https-s3-eu-west-1.amazonaws.com-ic-ez-prod-ez-images-3-1-0-1-5511013-6-eng-GB-Twitter_Fotoware_150722-300x225.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/07/https-s3-eu-west-1.amazonaws.com-ic-ez-prod-ez-images-3-1-0-1-5511013-6-eng-GB-Twitter_Fotoware_150722-600x450.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/07/https-s3-eu-west-1.amazonaws.com-ic-ez-prod-ez-images-3-1-0-1-5511013-6-eng-GB-Twitter_Fotoware_150722.png 624w" sizes="(max-width: 300px) 100vw, 300px" />

Steve writes about stock options

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

<img width="300" height="300" src="https://behindthebalancesheet.com/wp-content/uploads/2022/07/E15_CZ_316x316-300x300.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/07/E15_CZ_316x316-300x300.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/07/E15_CZ_316x316-150x150.png 150w, https://behindthebalancesheet.com/wp-content/uploads/2022/07/E15_CZ_316x316-100x100.png 100w, https://behindthebalancesheet.com/wp-content/uploads/2022/07/E15_CZ_316x316.png 316w" sizes="(max-width: 300px) 100vw, 300px" />

Steve is interviewed by the leading Czech paper

<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 writes about Home Country Bias for the IC

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

<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 writes on capital intensity for Investors Chronicle

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

<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 analyses Netflix for the IC

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

<img width="300" height="170" src="https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-300x170.png" class="attachment-medium size-medium lazyload" alt="" srcset="https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-300x170.png 300w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-1024x579.png 1024w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-768x435.png 768w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-1536x869.png 1536w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-800x450.png 800w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve-600x339.png 600w, https://behindthebalancesheet.com/wp-content/uploads/2022/05/RealvisionSteve.png 1870w" sizes="(max-width: 300px) 100vw, 300px" />

Steve interviews Horizon Kinetics manager James Davolos for Real Vision

Is This the Best Way To Beat Inflation?

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