Behind the Balance Sheet

Behind the Balance Sheet

Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities

Episodes 66
Avg. Duration 1h 9m
Activity Highly Active
Apple Rating 4.8 (48)
Since Aug 2021
Latest Episode May 2026

Publishing Details

Schedule
Monthly
Format
Episodic
Consistency
33%
Hosting
anchor.fm

Contact & Outreach

About This Podcast

We deconstruct the performance of world beating investors. A former Tiger Cub hedge fund partner interviews top hedge fund & long only managers & leading commentators. Past guests include John Armitage, Mario Gabelli & Bill Nygren. We explore how professionals analyse & value businesses, capital cycles, forensic accounting, pick stocks, construct portfolios, generate alpha & manage risk. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights & to master equity research, fundamental analysis & value investing. https://bit.ly/btbspod

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Recent Episodes

S2E6 #59 The "Permabear" - Jeremy Grantham on why he expects a market crash, navigating bubbles and giving away $1bn

May 21, 2026 1h 27m

Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by 50%. He points out that at…

S2E8 #58 The Chart Guy - $4tn CIO Michael Cembalest on markets, AI and the impending rout in US Treasuries

Apr 16, 2026 55m

Michael Cembalest chairs the Market and Investment Strategy group at JP Morgan Asset and Wealth Management and effectively oversees $4tn AUM. He is responsible for market and investment insights…

S2E7 #57 The Behavioural Scientist - Rory Sutherland on Marketing, What Analysts Miss and Behavioural Economics

Mar 22, 2026 1h 48m

Rory Sutherland is the Vice Chairman of advertising giant Ogilvy UK, a behavioural scientist, TED speaker, organiser of the Nudgestock conference and so much more. Most important, he is one of the…

S2E6 #56 The Sculptor - Jonathan Tepper on 16 Stock Portfolios, Moats & Buying Oligopolies

Mar 13, 2026 1h 3m

The title “The Sculptor” is a play on a quote “every man can be the sculptor of his own mind”, as Jonathan Tepper is uniquely self-educated. Brought up in the slums of San Blas in Madrid, partly…

S2E5 #55 The Pugilist - Terry Smith on Quality, Valuation & Long‑Term Compounding

Mar 13, 2026 1h 24m

Terry Smith is the fund manager the professionals love tohate. A billionaire, he is in the third and most successful phase of a varied career. He trounced the index for years with a simple mantra of…

S2E4 #54 The Innovation Fans - James Anderson & Morgan Samet on Finding the Next Ten‑Baggers

Dec 18, 2025 48m

James Anderson, former Senior Partner of Baillie Gifford and early backer of Elon Musk, now runs the Lingotto Innovation Strategy with Morgan Samet. I interviewed them in front of a live audience at…

S2E3 #53 The Plodder - Tom Gayner on Building Markel and the Art of Long‑Term Compounding

Nov 20, 2025 1h 16m

Tom Gayner is the CEO of Markel Group and has run its investment portfolio for 35 years, beating the index by an astonishing 1.5% pa. This makes him one of the most successful capital allocators in…

S2E2 #52 The Traditionalist - Tim Guinness on Why Beating the Market is Easy

Oct 16, 2025 59m

Tim Guinness is the founder and Chairman of Guinness Global Investors. He has been in business 5 decades and has been managing money for 44 years. He has built up two firms, the first he sold and the…

S2E1 #51 The Franchise Fan - Nick Train on Durable Franchises and 20‑Year Holding Periods

Sep 18, 2025 1h 19m

Nick Train is a seriously thoughtful growth investor with a highly impressive 40 year track record. He invests in eternal franchises and takes a 20 year view. He says his ideal holding period is…

S1E50 #50 The Art Lover - Christopher Tsai on Growth Investing, Tesla & Collecting Ai Weiwei

Aug 21, 2025 1h 17m

Christopher Tsai is a deeply thoughtful growth investor. He became one of the foremost collectors of the works of Ai Weiwei, recognising their implicit value and deeply studying the artist. His…

S1E49 #49 The $50bn Man - David Samra on Global Value & 20 Years of 4% Alpha

Jul 17, 2025 1h 22m

David Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4% pa for over 20 years, in a period when traditional value…

S1E48 #48 The Independent Thinker - Dave Iben on Contrarian Value, Commodities & Emerging Markets

Jun 19, 2025 1h 2m

Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contrarian positions.Steve invited…

S1E47 #47 The Relentless Improver - Gary Channon on 15‑Stock Portfolios, Half Price Stocks & Designing a Process for Better Decisions

May 15, 2025 1h 24m

Gary Channon is one of the UK’s better known valueinvestors. He runs a value fund, a closed-end fund and a private equity vehicle.  He runs a highly concentrated portfolio. The top 5 positions are…

S1E46 #46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record

Apr 24, 2025 1h 1m

Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value investor Bob Bruce (who used…

S1E45 #45 The Chess Master - George Michelakis on Long‑Short Investing, Lifestyle Recession & Man Plus Machine

Mar 20, 2025 1h 17m

In his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity hedge fund out of London. Since 2006, he has…

S1E40 #44 The Think Tank Manager - Dan Rasmussen on Private Equity, Base Rates & Evidence‑Based Investing

Feb 20, 2025 1h 12m

Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky…

S1E43 #43 The Growth Investor - Tom Slater on Scottish Mortgage, China & the Mag 7

Jan 23, 2025 1h 18m

In this episode with Tom Slater of Baillie Gifford, managerof the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag…

S1E42 #42 The Credit Expert - Greg Peters on ZIRP’s Legacy, Bonds, Covenants, & Equity vs Credit Risk

Dec 23, 2024 1h 15m

When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in…

S1E41 #41 The Composer - Anthony Bolton on 28 Years of 19.5% Returns, Mistakes & Staying Humble

Nov 22, 2024 1h 20m

Anthony Bolton is best known for Fidelity Special Situationsfund’s 19.5% pa returns, 6% above his benchmark, over a 28 year period. He was not only a highly accomplished investor but was both revered…

#40 The Chronicler - Lionel Barber on Masa Son, SoftBank, the FT & Wirecard

Oct 17, 2024 56m

Lionel Barber is the former editor of the Financial Timesand probably the only journalist on the planet to have interviewed Presidents Obama, Trump and Putin. Under his stewardship, the FT …

Frequently Asked Questions

How many episodes does Behind the Balance Sheet have?

Behind the Balance Sheet has published 66 episodes since August 2021, covering topics in Business, Investing.

Is Behind the Balance Sheet still active?

Behind the Balance Sheet is currently highly active with new episodes monthly. Average episode length is 1h 9m.

How do I contact Behind the Balance Sheet for sponsorship or guest appearances?

Sign up on Grep.FM to access contact details for Behind the Balance Sheet, including email and social media links.

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