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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.

Steve writes in The Times about the demise of Made.com

The red flags that Made’s investors should have seen

Get in touch!

About Behind the Balance Sheet

About Stephen Clapham

Featured in

Steve writes in The Times about the demise of Made.com

Steve writes in Investors Chronicle about growth stocks

Steve writes about the cash flow statement for Investors Chronicle

Steve is quoted in the Washington Post on non-GAAP

Steve is quoted in the Financial Times, described as a “gloomy prophet”

Steve writes about stock based comp for Moneyweek