Conversations with some of the most insightful people in finance and business.

Tune in for market beating views from top investment practitioners and commentators.

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#19 – The Value Investor

Chris Bloomstran is a value investor, best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway.

#17 -The Writer

Vitaliy Katsenelson is an investor, writer and stock-picker. He eschews the usual equity index 60:40 portfolio and uses individual stocks.

#16 – The Podcast Host

Barry Ritholtz hosts one of the most popular business podcasts in the world. He rather modestly says he was one of the first. He has also built a $3bn wealth manager in just ten years.

#15 – The Short Seller

In this interview, Carson explains the business of short selling; the difference between fundamental shorting and his business of shorting and exposing frauds; how he spots these fraudulent companies; where to find frauds; and why it takes Muddy Waters 3 months to launch a short campaign.

#14 – The Coach

Sir Clive Woodward is a winner. He is best known for managing the England rugby team, taking them from world #6 to a world cup win. In this revealing interview, he explains that there is no difference between managing a sports team, a business or an investment team.

#13 – The Contrarian

Richard Oldfield is a true value investor. Author of the delightful commonsense investing book, Simple but not easy, in this interview he recites several wonderful anecdotes from his long experience as a value investor. We even get a song (and Steve recites one of Richard’s investment poems). Richard has an innate belief in the cyclical nature of markets and the madness of crowds.

#12 – The Value Architect

Chris Pavese, President and CIO of Broyhill Asset Management, is a seriously thoughtful investor. We talk about how investing straddles left and right brain thinking, about whether the advantage of being located outside the bustling environment of a New York or London will continue to confer the same benefit in the days of Zoom, and about the benefits and joy of reading widely.

#11 – The Investigator

Dan McCrum is the award winning FT journalist who exposed Wirecard as a fraud. Once a stockmarket darling valued at over €25bn, Wirecard crashed to worthless in June 2020, when its auditors could not confirm €1.9bn of cash. Dan pursued the story for six years and has now written a book about the saga.

#10 – Mr BRICs

Former Goldman, Sachs partner, Jim O’Neill (more properly, Baron O’Neill of Gatley), is best known as the man who coined the term BRICs. He correctly identified that this group of emerging markets would drive global growth and published a paper on it over 20 years ago.

#9 Russell Napier & Jeremy Hosking – 2 Capital Cyclists

In this interview we discuss the coming age of financial repression and why the capital cycle theory will be so important for investors in this new era. We also discuss the banks sector, the Asian crisis, value vs growth and the problem with ESG.

#8 – GREED and Fear

In this wide-ranging interview, recorded before Russia’s invasion of Ukraine, Chris Wood, Global Head of Equity Strategy at investment bank Jefferies, talks about his route to success, why he is bullish on energy stocks, some of his fun trades (long Ryanair, short Zoom), why he doesn’t use Zoom, how the pandemic has altered his approach and why his multi-million air miles account won’t get built up quite so much going forward.

#7 – A Scotsman & an Englishman

Dylan Grice is a former economist, prop desk trader, strategist and family office investor. Rob Crenian is the former UK CEO of Renaissance Technologies, the world’s most successful hedge fund. They teamed up to form Calderwood Capital whose reason d’etre is preservation of capital in what is likely to prove a much more difficult long term environment in the next decade or two than in the last.

#6 – The Existentialist

Former hedge fund manager Hugh Hendry is best known as the man who made 30% in 2008, when others crashed, including many so-called hedge funds. He described his cockroach mandate as being a survivor no matter what. He closed the fund in 2017 after a period of lackustre but far from shocking performance and has become a property developer and landlord on St Bart’s.

#5 – Lucy Macdonald The Pianist

In this podcast, MacDonald explains her really unusual route to finance, her approach to running successful portfolios, how to run a team of fund managers and analysts and how a woman copes in a man’s world.

#4 – The Not Quite Trillion Dollar Man

In this interview, a rarity for Price, he talks about his snakes and ladders route to success, why doing the work is an integral part of his approach, and how putting clients first is the key to success in any business. Putting yourself in the client’s shoes not only ensures that you are delivering the right product, it also removes any possible temptation for ethical conflict.

#3 – Two UK Venture Leaders

In this fascinating interview, Pete Davies of Lansdowne Partners and Spencer Crawley of First Minute Capital discuss the UK venture scene, look at why academia is such a fertile source of innovation, discuss how venture networks operate and look at how today compares with the 1990s tech boom.

#1- Head to Head: John Armitage and Brent Hoberman discuss where quoted investing meets venture.

Two investors who went to the same school, then to Oxbridge, and have been awarded the CBE (*). They are both titans in their fields but through very different routes. One has run his hedge fund firm for 27 years, has an astonishingly good track record, yet is so under the radar that few have heard of him. The other has started multiple companies, is a business celebrity and is recognised as one of the most successful people in UK.

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We are supporting an important new charity: the Financial Times charity, Financial Literacy and Inclusion Campaign (FLIC).

Financial literacy has been proven to increase social mobility and improve financial behaviour for individuals and communities. It’s the charity’s aim to democratise financial education by providing free and engaging content to those who need it most: young people, women, and disenfranchised groups including minority ethnic communities and migrants.

This resonates with our mission at Behind the Balance Sheet to provide useful education to investors at a sensible cost. We believe that the lack of proper education on finance in schools (a problem in the US as well as the UK) is scandalous. It’s the poorest in society who suffer the most from finance scams.

It is simple to explain the power of compound interest and why you should never borrow on your credit cards – any child can grasp and remember that. It will save them money and grief later.

Please listen to our interview with Patrick Jenkins, Deputy Editor of the Financial Times and the driving force behind this new charity. He explains why this is a cause anyone with an interest in finance should support. Please send them some money or at least spread the word. Thanks


The podcast is sponsored by Stream by AlphaSense. Steve has started to use the product and is finding it really useful in his stock research.