Investment training for your team by practitioners

Training for Institutional Investors

ANALYST ACADEMY FOR TEAMS

Analyst Academy is a practical way to get analysts up the learning curve faster.

Many firms have told us that qualifications such as the CFA are useful, but they do not necessarily produce analysts who are equipped to do the job in a live investment environment.

This programme covers the technical core of good research: accounts, valuation, idea generation, risk, and portfolio thinking and the PRO module adds practical training in writing notes, pitching ideas, and communicating clearly.

In other words: better analysis, and less wasted senior time.

FORENSIC ACCOUNTING

Our Forensic Accounting Course is designed to help investment analysts detect earnings manipulation. It focuses on creative accounting rather than conducting detailed forensic analysis but we explain the tools short sellers employ to detect fraud and some of the techniques we used at hedge funds to identify short opportunities. The course has some 200 real life examples of tricks and several in-depth case studies. Delivered by a veteran analyst with 30+ years of experience, it also draws on a number of relevant academic studies.

"The team, to a single person, found the Forensic Accounting Course very useful. From our point of view, it went very well and ticked the boxes we were after"

ADVANCED VALUATION

This course was developed for one of the largest investment institutions in the world, a multi-trillion household name. We explain in detail our tips and tricks to build an accurate and rolling enterprise value, and then review different valuation methodologies, from DCF, through sum of the parts and football field analyses to LTV/CAC based methods. We conclude with a series of case studies examining the valuation of individual stocks.

BANKS

Many investors ignore the financials sector as they view financial companies as a black box. But the sector is a large one and presents an opportunity. This course equips participants with the tools necessary to understand the bank sector deeply, guides them in what to look for when analysing a bank and addresses topical issues through the use of case studies.

What clients say

“Our investment team very much enjoyed the forensic accounting course – with relevant reminders for the vintage corporate collapses, such as Polly Peck, and the more recent falls from grace, like Carillion or Patisserie Valerie. 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.”

“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 was delighted with the professional approach from Behind the Balance Sheet. Over thirty of our team attend the Forensic Accounting Course, and I am really pleased with the results. The team are more aware of accounting risks, and this enhanced awareness was a key objective given where we are in the cycle. Steve was very helpful in customising content and even put on an additional workshop to help some of the team further develop their accounting skills. I would highly recommend this product, so much so, we are now discussing follow-up programmes.”

“It is easy to forget in a world where companies’ own narratives tend to dominate opinion that there is still a critical place for financial analysis. 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 team, to a single person, found the Forensic Accounting Course very useful. From our point of view, it went very well and ticked the boxes we were after”

“Steve’s course was an excellent refresher in detecting accounting red flags and included lots of interesting and relevant case studies to illustrate concepts. The breadth and depth of the content was vast, and delivered by Steve in his usual engaging and energetic demeanour. I think what gives the workshop an edge over peers’ offerings is Steve’s unique insights as a successful analyst, the sheer number of relevant case studies and the range of topics covered. Overall, well worth the investment and far superior than alternative courses that I have attended.”

Your team in good hands

Hi, I’m Stephen Clapham. Thank you for visiting Behind The Balance Sheet, where you can level up your investing skills by training like the best.

My career started as a sell-side analyst covering the transport sector. I then switched to the buy-side, where I became a partner and Head of Research at two multi-billion hedge funds.

Today I train investment teams at some of the world’s largest and most successful hedge funds; some of the largest long only asset managers on the planet; multiple billionaire family offices; and wealth managers. Over 1000 professionals in all 5 continents have taken our financial statement training. Multiple managers of portfolios of over $10bn have come away learning new tools and techniques. And all our training is customised to your needs.

Why Choose Us

We have a unique training philosophy and are one of few training firms to offer practitioner-led training and specialise exclusively in the investment field.
Training delivered by practitioners who understand the problems faced by fund managers and analysts and have experience to call on.
The advantages of using us to train your team are:
– Training delivered by practitioners who understand the problems faced by fund managers and analysts and have experience to call on

– “no bull” content: theory is kept to a minimum; we teach using real-life examples (some of which are current and actionable)
– every course is bespoke: we consult with you first to understand your needs, before course construction

– massive knowledge bank: we have over 5000 course slides and hundreds of pages of online content
Our content is second to none with many man-weeks of preparation and is continuously updated
That content is backed by decades of experience – you can learn from our past mistakes.

Don’t take our word for it – below are a sample of our clients and here are just a few of the testimonials from delighted front office participants. To learn more, visit the individual course pages above, or email us at info@behindthebalancesheet.com to arrange a call to discuss your requirements.

What clients say

Other Services

BESPOKE RESEARCH

We specialise in difficult and complex financial analysis, and are most commonly asked to produce forensic accounting analyses of quoted companies and valuations of unquoted companies.

Our core analytical expertise lies in the B2B space, and we have the longest experience in UK and US stocks. We also have extensive experience in Asia and consumer sectors. We have zero knowledge and understanding of sectors like banks, insurance and pharmaceuticals, but use an affiliate network of analysts with an average of 25 years’ experience in these sectors.

The main concerns for institutional clients when appointing someone to do bespoke research for them are will the work be of the right quality and how much will it cost?

Clients are always reassured about quality when they see our experience and past work. On costs, the nature of investment research means that it’s sometimes difficult to predict precisely how long a piece of work may take. We therefore agree a set of milestones with clients at the outset, with agreed deliverables. The client can then decide how much, if any additional due diligence is required on any issue which may emerge from the research. If an issue requires further verification, we immediately report on this, and the client can authorise additional work if they feel it is necessary.

Our other model is to produce bespoke research for a client and once it has been digested and acted on, to publish it for a wider audience. Our first such publication was a Forensic Accounting Report on 5 Chinese Internet stocks.

CORPORATES

We offer a range of services to corporates, from competitor and industry analyses (including unquoted players), to management information for executive and non-executive directors and valuation services. Our rigorous analysis is informed, independent, and impartial.

Our only interest is in offering unbiased, impartial and honest advice. We have no incentive to advise you to engage in a transaction, whether it’s a float a takeover or a buyback – we shall give you impartial advice.

Our analysis is rigorous and the output simple: We take pride in doing detailed work, but producing output that is easy to assimilate. Examples of the sort of work in which we engage include Industry studies, competitor financial analysis, management information for executives, independent information for non-executive directors, company valuations and simplified accounts data for employee communications.

There are 3 common themes across the above

- Rigorous financial analysis
- Accurate data
- Clear presentation

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