Behind the Balance Sheet

#63 - The Fool: David Gardner explains his philosophy of buying stocks at high valuations after they have gone up a lot Sep 17, 2026

David Gardner is the co-founder of The Motley Fool and author of Rule Breaker Investing. He has built an amazing investing record by questioning conventional wisdom and applying his own logic to research.

He operates on a principle similar to the VC community where he looks for innovative leaders, buys the stocks when people think they are expensive and after they have gone up.

This reverse logic approach has generated huge returns for him and his readers thanks to two 1000-baggers in Nvidia and Amazon and many other 100+ baggers. He delivered over twice the S&P500 for almost 20 years. His strategy may not convince many listeners to abandon a value-oriented approach, but this conversation is guaranteed to make you question the received investment wisdom.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

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#62 - The Gentleman Activist: Alex Roepers explains how he extracts better stock performance from overlooked mid-caps Aug 20, 2026

Alex Roepers is a concentrated deep value investor who takes a behind the scenes activist approach. Here he explains the strategy which he has exploited over the past near-35 years to outperform the S&P by delivering a 12.3% pa or a 48x return net of fees.

We discuss his journey from the corporate to the investing world and his playbook for constructive activism, including how he interacts with management teams. Alex explains how he evaluates management quality, capital allocation and operational improvement opportunities.

This is a masterclass in improving returns by persuading management to do the right thing for shareholders.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

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#61 - Mr Common Sense - Rich Pzena on how to build an $80bn deep value firm, survive 60% underperformance and buy stocks on under 10x normalised earnings. Jul 16, 2026

Rich Pzena, founder of $80bn AUM Pzena Investment Management, explains his value investing philosophy and how he built a deep value franchise by buying good businesses when they are deeply out of favour.

He talks through recreating Benjamin Graham’s net net research at Wharton, leaving a secure role at Bernstein to start his own firm, surviving ten quarters of brutal underperformance in the dot com bubble and how he nearly sold out but was persuaded to continue by Joel Greenblatt. Rich explains his clear framework for what makes a good business, how to judge if problems are temporary, and why most investors systematically misprice uncertainty and cyclicality. He thinks deep value investing is just common sense.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

⁠AlphaSense⁠, the AI-powered expert network platform

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

⁠AlphaSense⁠, the AI-powered expert network platform

#60 - The Plumber Returns - James Aitken on Japan, Kevin Warsh, gold, AI and inflation. Jun 18, 2026

James Aitken, macro strategist to the world’s largest and most successful investors, takes Steve on a tour of the key themes in global finance today. You will learn why James is interested in Japan, his views on the new Fed Chair and why inflationary pressures are here to stay as post Covid, we focus on resilience rather than efficiency.

James also shares his thoughts on gold, on AI, and importantly on a changing supply-demand balance in US equities. Finally he shares his perspective on what differentiates his clients who include some of the largest and some of the best performing investors in the world, so listen carefully to that and what he predicts we will be talking about in 3 years’ time.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

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#59 The "Permabear" - Jeremy Grantham on why he expects a market crash, navigating bubbles and giving away $1bn May 21, 2026

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 peaks you always have high multiples applied to abnormally high profit margins and today is no different.

We discuss his experiences at GMO, where they didn’t have a sales person for their first 22 years, how his refusal to participate in the dot.com bubble cost him half his clients and none of them came back when he was proved right, how he recruited some of the best minds in finance, and why timing the market can deliver outsize returns.

Grantham is no longer managing portfolios, instead devoting his considerable energies to philanthropy. We discuss his foundation’s efforts to combat climate change, to resource depletion, and to toxicity which is affecting fertility – he highlights how population will be in decline unless this is addressed.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build convictionand manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expert network platform

Behind the Balance Sheet is aforensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build convictionand manage their portfolios.

You’ll hear frameworks foranalysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copystock tips.For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investingdiscussions, follow the show and consider leaving a short review, or just a 5*rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expertnetwork platform

#58 The Chart Guy - $4tn CIO Michael Cembalest on markets, AI and the impending rout in US Treasuries Apr 16, 2026

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 across the asset management business and has produced the famous Eye on the Market publication for over 20 years now. We discuss AI, which formed the bulk of his most recent annual edition, why he believes Open AI is a weak link and why he thinks the Treasury market will have a crash, but not yet.

Cembalest is known for his charts and he picks both his favourite and his least favourite charts. Michael is one of the most in-depth macro analysts I have met and it’s his depth as well as his breadth of knowledge which is truly impressive. We recorded in JP Morgan’s amazing new office in New York, check out the photos in the show notes.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expert networkplatform

#57 The Behavioural Scientist - Rory Sutherland on Marketing, What Analysts Miss and Behavioural Economics Mar 22, 2026

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 most original thinkers around. In this wide ranging conversation, he explains what accountants and analysts miss, why he believes family-owned businesses are long term winners, two reasons to own Costco, his views on luxury brands, why he thinks electric cars could reshape industries, what short selling has in common with behavioural science and much, much more.

Rory is not an investor but there are some tremendous insights here for investors to take away.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expert networkplatform

#56 The Sculptor - Jonathan Tepper on 16 Stock Portfolios, Moats & Buying Oligopolies Mar 13, 2026

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 home-schooled, he made it to Oxford as a Rhodes scholar. Tepper is a relentless learner, endlessly curious and in love with investing – as he sees it, you never stop learning and every day is an opportunity to learn.

In this episode we discuss his childhood, as recounted in his new book Shooting Up; how curiosity and a desire to learn can transform your opportunity set; and we trace his investment journey, from a start as a junior analyst at Steve Cohen’s firm, through building a highly successful sellside research company to setting up his investment firm Prevatt Capital. He explains why he holds just 16 idiosyncratic stocks and what he looks for in a successful investment. Tepper has had a fascinating journey and has achieved more in just over 40 years than many do in a life of investing – his is a wonderful story.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Give our sponsors some love - check them out!

AlphaSense, the AI-powered expert networkplatform

#55 The Pugilist - Terry Smith on Quality, Valuation & Long‑Term Compounding Mar 13, 2026

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 buy good companies, don’t overpay, do nothing. He thus built one of the largest funds inthe UK, made himself a fortune and moved to Mauritius. None of this made him popular with his peers and after 5 years of underperforming the S&P500 (his global fund has been mainly invested in the US) and underperforming the world index in 2025, there is quite a bit of schadenfreude around.

Smith used to box for fun and you wouldn’t want to be on thewrong side of him, but in this interview, he reveals a side less often seen. He confesses to being unable to sleep at night, worrying about stocks and expresses an extreme desire to do the best for his clients. Smith has been incredibly successful as an analyst, as a public company CEO and now as a fundmanager. He attributes it to hard work and a strong desire to succeed, driven by his background – Smith comes from a poor family and grew up in a house with an outside toilet. He is frustrated with his recent performance but is resolutethat he has the right approach and will prevail eventually.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#54 The Innovation Fans - James Anderson & Morgan Samet on Finding the Next Ten‑Baggers Dec 18, 2025

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 Italian Tech Week, hence this shorter than usual episode. We discussed AI of course, China’s role in a portfolio as a leader in many areas of tech but with associated geopolitical risk, the future of autonomous driving, what it means to be a long term investor in innovation, investing in everything from start-ups to Nvidia and in between including Space X, flying cars and much more. I really enjoyed this conversation and I hope you will too – let us know if the shorter format is a better option for busy commuters.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#53 The Plodder - Tom Gayner on Building Markel and the Art of Long‑Term Compounding Nov 20, 2025

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 the US stockmarket, yet he is under the radar. He explains why he holds 140 stocks, although the top 40 represent 80% of the value; why there are so few imitators of the insurance/equity and business investment strategy so successfully deployed by Berkshire and Markel; the simple way to analyse an insurance business; what he has learned from being on the boards of Graham Holdings with Warren Buffett and on the Coca Cola Company; and one secret of Warren Buffett’s success which you likely will not have heard before. Tom Gayner is anything but a plodder, but his thoughtful, modest and cautious approach to investing and life makes him a fantastic role model.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#52 The Traditionalist - Tim Guinness on Why Beating the Market is Easy Oct 16, 2025

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 second now runs $11bn. Age 77, he is still thinking about how to grow the business and secure its future. Perhaps controversially, Tim thinks it’s not difficult for activemanagers to beat the index, even today. This was a fascinating discussion with an incredibly experienced and normally under the radar fund manager who is unafraid to challenge consensus thinking.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#51 The Franchise Fan - Nick Train on Durable Franchises and 20‑Year Holding Periods Sep 18, 2025

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 forever. He was early to recognise that high quality consumer brands were great investments and accordingly his funds significantly outperformed their benchmarks. More recently, the last five years have been less kind and performance has lagged somewhat with weak performance from some of his biggest holdings, notably Diageo, which is down almost 50% from its peak, in a market which has gone up.

Nick has taken this performance to heart and he explains why he has stuck with Diageo and continues to believe it’s as “forever” stock. He also explains his change in strategy to favouring 21st century asset light digital data plays which he sees as even more valuable than his old favourite consumer brands. He is particularly impressed with Rightmove, which I have described in the past as akin to a UK Zillow, and explains his rationale, as well as his enthusiasm for LSEG, RELX and Unilever.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#50 The Art Lover - Christopher Tsai on Growth Investing, Tesla & Collecting Ai Weiwei Aug 21, 2025

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 concentrated portfolio reflects his attraction to growth stocks with Tesla his largest position. In our conversation, he explains why he believes Tesla has deep moats across multiple verticals; why he thinks many of the growth stocks in his portfolio have optically inflated valuations as they invest now to create future value; why the second largest position in his portfolio is QXO, with his father, also a famous investor, being one of Brad Jacobs’ original backers; and what he looks for in managers. I am trying to meet more growth investors to understand their strategy better. Christopher’s portfolio is too racy for me, at over a 60x P/E multiple on my estimates when we recorded and probably higher today, but he makes an interesting case for holding long-term compounders.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#49 The $50bn Man - David Samra on Global Value & 20 Years of 4% Alpha Jul 17, 2025

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 has been doing poorly.

That may be why his fund, which has been closed to new investors for most of the last 14 years, has reached $50bn. In this conversation, David explains his focus on four factors: owning good companies, buying them at a discount of at least 30% to intrinsic value, and ensuring they have excellent management and a strong balance sheet.

And he discusses several of his stocks, sharing some impressively detailed knowledge.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#48 The Independent Thinker - Dave Iben on Contrarian Value, Commodities & Emerging Markets Jun 19, 2025

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 Dave on the podcast because at a recent NewYork conference, Dave was cheerleading that value was back, and Steve wanted to discuss the rationale for his enthusiasm, given value’s massive underperformance in the last 15 years. Luckily Dave was spending the summer in London looking for cheap UK stocks, and they could record in person.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#47 The Relentless Improver - Gary Channon on 15‑Stock Portfolios, Half Price Stocks & Designing a Process for Better Decisions May 15, 2025

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 over 50%, and he holds no more than 15 stocks.

I asked him on the podcast because he is really thoughtful about his process – he only buys stocks selling for <50% of intrinsic value, and if he can monitor the business performance independently of the company's communications. He is then prepared to hold them for extended periods, as long as they remain cheap.

His framework for evaluating a stock includes parameterslike the depth of work completed and confidence levels, he has instructed his entire research team to become AI experts and he has already seen significant benefits; he thinks AI means sellside analysts will be more or less gone in twoyears; and we talked about his techniques for interviewing management which include spending 4-6 hours preparing for a 1 hour meeting.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record Apr 24, 2025

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 to hang out with Warren Buffett).

Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest leverage when they are super cheap. This means she will often find stocks with issues that are hopefully temporary.

But she has found a winning formula, having delivered a 7.8x return to investors since 2009. Around a quarter of her investee companies have been acquired. She explains why, her rationale for having a 25-30 stock equally-weighted portfolio and why you should not befriend CEOs - "if you want a friend, get a dog”.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#45 The Chess Master - George Michelakis on Long‑Short Investing, Lifestyle Recession & Man Plus Machine Mar 20, 2025

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 compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entered his longest-running short position 10 years ago.

We talked about his investing philosophy, his theory about alifestyle recession, why shorting is critical to performance, how he manages the fund and the team, why he focuses on management and why, as in chess, man plus machine or analyst plus AI will beat the lone human, which has profoundimplications for investors.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#44 The Think Tank Manager - Dan Rasmussen on Private Equity, Base Rates & Evidence‑Based Investing Feb 20, 2025

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 for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan’s favourite financial metric.

Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory conclusions but in reality, they don’t disagree – the issue is base rates versus marginal opportunities. Steve and Dan view markets through different lenses, which makes for an interesting discussion.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#43 The Growth Investor - Tom Slater on Scottish Mortgage, China & the Mag 7 Jan 23, 2025

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 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do differently from traditional value managers and how the firm’s culture has made Baillie Gifford such a successful manager.

Tom explains how he remains calm in the roller coaster rides of many of his stocks, with drawdowns of 60-70% common, notably Nvidia in 2022 on its way to that $3tn capitalisation; why he favours technical founders who can advantage their companies in the AI age; what Elon Musk said to him in 2013 and why that has stayed with him; the difference betweeninvesting in quoted companies and those in private markets; and why he and colleagues don’t pitch stocks to the team, which he believes gives them an important behavioural advantage.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#42 The Credit Expert - Greg Peters on ZIRP’s Legacy, Bonds, Covenants, & Equity vs Credit Risk Dec 23, 2024

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 equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why covenants have gone out of fashion and why that’s dangerous, ad much more. Listen to the end for an update on the outlook for markets in 2025.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#41 The Composer - Anthony Bolton on 28 Years of 19.5% Returns, Mistakes & Staying Humble Nov 22, 2024

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 and liked by his colleagues. Pragmatic, unfailingly courteous, courageous, and universally popular, he exhibits none of the arrogance that is sometimes exhibited by successful investors with far inferior performance.

In a first for this podcast, this interview was recorded live at the Library of Mistakes in Edinburgh on November 21, 2024, in front of an audience of investors, professional and amateur.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#40 The Chronicler - Lionel Barber on Masa Son, SoftBank, the FT & Wirecard Oct 17, 2024

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 metamorphosed from a newspaper into a digital subscription business, and was sold to the Japanese company Nikkei for 44xearnings. And as editor, Barber fully backed up former guest Dan McCrum in his investigation of Wirecard.I was delighted when Lionel agreed to come on the show to talk about his new book, Gambling Man, a biography of Masa Son, founder of Softbank and creator of the $100bn Vision Fund. I have long been curious about Son, who for 3 days at the peak of the dot.com boom was the richest man in the world.Barber spent 3 years writing his meticulously researchedbook for which he interviewed 150 subjects, including Bill Gates and Warren Buffett, as he explains in our discussion. Some of his stories, including his description of Son’s inner sanctum, are marvellous.If you enjoy this episode, head over to our Substack, (sign up button on https://behindthebalancesheet.com/), take the monthly paid option and get exclusive additional content, including Steve's interview with Alok Sama, former CFO of Softbank International.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our website.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#39 The Optimizer - Bill Nygren on Modern Value Investing, the Mag 7 & Mistake Management Sep 19, 2024

Bill Nygren has been at Harris Associates for over 40 years and considers himself a value investor. Yet his portfolio has owned Netflix, Amazon and Meta recently, while Alphabet is his largest position. Bill explains his unusual but highly effective approach to value investing.

Harris has also constructed a unique organisational methodology to handle investing mistakes – I have never encountered a process in which the analyst is changed when the stock doesn’t go to plan. Bill explains why and other techniques in this fascinating discussion. Steve was so looking forward to this conversation and Bill didn’t disappoint.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠website⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#38 The Cyclist - Peter Oppenheimer on Market Cycles, Secular Shifts & the Future of Equity Returns Aug 15, 2024

Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles.

His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer term secular trends and the future outlook for economies and markets. Our discussion covers both.

Our episode title refers to Peter’s study of cycles inmarkets, but amusingly for a partner at Goldman Sachs, he arrived for our recording on a bike, not their usual mode of transport.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#37 The Analyst - John Armitage on 30 Years of Outperformance at Egerton Capital Jul 18, 2024

John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital, celebrates its 30th anniversary this year. In this conversation, John explains how he started with $10m, and why you couldn’t do that today. He touches on his portfolio, talks about his approach to investing, explaining why he requires his analysts to follow more than one sector, and why he doesn’t employ data scientists. We discuss Elon Musk, AI, and geopolitics and John gives advice to a young person contemplating a career choice.

And Nicolai Tangen, CEO of Norges Bank Investment Management, the largest single equity owner in the world, explains why John is so highly regarded by his peers.

John is our first podcast guest to return for a second episode.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or simply a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#36 The Runner - John Huber on Concentrated Value Investing, Capital Allocation & Revenue Growth Sweet Spots Jun 20, 2024

John Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio.

John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles.

We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation even more today, where he sees the sweet spot in revenue growth, why he likes Alphabet, why he is focused in North American stocks but is now looking at Japan and US small caps and why Floor & Décor is one of his major positions.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

E3 Carine Smith Ihenacho of Norges Bank IM May 26, 2024

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG.

In our podcast episode, Huw van Steenis and I discussed:

How you can combine sustainability with the pursuit of returns
The difference between the US and Europe when it comes to the energy transition
How the fund takes action to divest and exclude companies on climate, enviromental and even tax grounds
How NBIM conduct their reviews
Issues with ESG ratings and how they can be improved
Why companies pushing back targets paradoxically may be a sign of progress

Carine is uniquely placed to comment on the energy transition and all things relating to governance and this was a fascinating conversation.

Show Notes

#35 The 100 Bagger Hunter - Chris Mayer on 100 Baggers, Long-Term Compounding & Family-Owned Stocks May 16, 2024

Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investingnewsletter which led him to travel the world seeking investment ideas.

Studying the universe of 100 Baggers has led Chris to a clear set of investing principles which mean his universe of investible ideas is extremely limited and his fund owns just 11 stocks.

Our discussion covers his respect for family owned businesses, his emphasis on corporate culture and his focus on the very long term. He even rejected aninstitutional investor as a client because they wanted monthly performance.

Show notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#34 The Letter Reader - Lawrence Cunningham on Warren Buffett’s Letters, Berkshire Hathaway & Corporate Governance May 02, 2024

Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser.

His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subject. In our conversation, he tells how he first met Mr Buffett, how the books came about, how he sends Mr Buffett a draft of each publication, and explains how and why the letters are so carefully crafted.

Few have studied Berkshire and particularly the letters as closely and he has some fascinating perspectives.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#33 The Stoic - Peter Cowley on Angel Investing, Resilience & Lessons from Life and Loss Apr 18, 2024

Peter Cowley was a successful angel investor. He sadly died just months after we recorded. And it was histragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosedwith terminal Stage 4c cancer and statistically has 9 months to live.

In this interview, Peter calls himself fortunate. Sincemeeting Peter, not a day has passed that Steve has not thought about this remarkable man and day felt grateful for his lot. Hopefully the podcast will also make people aware of how common suicide is among young men.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

E2 Barry Norris explains why offshore wind economics are unsustainable. Apr 02, 2024

Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital. Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliable workers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a factory staffed only by unreliable workers he argues. Barry has made good money out of shorting Orsted, the Danish offshore wind company which fell 60% from the peak. Barry explains why he thinks there may be more to go. We think you will find some of his arguments compelling and encourage you to read the shownotes and the newsletter accompanying the podcast to learn more.

#32 The “Do-Gooder” - Jonathan Ruffer on Inflation, Yen Upside & Why the Equity Bull Market May Soon be Over Mar 21, 2024

Jonathan Ruffer is the founder of the eponymous asset management firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks the Yen could double, why the equities age is behind us, why inflation is here to stay and much more. And in a first for this podcast, Jonathan turns the tables and asks me the most difficult interview question of all time.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

E1 Emmanuel Lagarrigue explains the opportunity for KKR and private equity in the energy transition Mar 01, 2024

Emmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastructure-like renewables area. This middle area is not really served today and he explains where they see the greatest investment opportunities, why decarbonisation is a good business, and why he is not concerned about political risk. This is a fascinating glimpse into the future and how climate change can be funded. Thanks to co-host climate finance expert Huw van Steenis.

Show notes

Beyond the Balance Sheet Podcast Trailer Feb 22, 2024

Explaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis.

Sign up for the newsletter.

#31 The Justice Warrior - Sir Bill Browder on Hedge Fund Investing, the Magnitsky Act & Surviving a Hedge Fund Collapse Feb 15, 2024

Bill Browder is a human rights activist who championed the Magnitsky Act, signed into law by President Obama. It not only sanctions Russians, but others around the world. Similar legislation is now in place in over 30 countries. He is also a bestselling author and former hedge fund manager.

In this episode, we talk about his career, about how he coped with a 90% fall in the value of his fund, about how he subsequently engineered a 37x recovery for the portfolio, about his deportation from Russia and how he subsequently secretly cashed in the gains and returned the cash to investors.

And of course we talk about the events that led up to the tragic death of his lawyer and friend Sergei Magnitsky.

Warning: Listeners may find some of this discussion upsetting.

Disclaimer: Bill's views are his own and do not reflect the views of this podcast.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives intohow real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#30 The Japanophile - Grant Williams on Japan’s Opportunity, Bond Market Risks & Gold Investing Jan 18, 2024

Grant Williams is a former hedge fund manager who now publishes the monthly newsletter Things that Make You Go Hmmm and a subscription-only investing podcast channel that incredibly is one of the top 0.5% of all podcasts globally.

In this fascinating discussion, Grant explains his fascination for Japan and why we should all pay attention. We discuss US Treasuries, and why there is a risk that the current glut of supply could meet a dearth of buyers. And of course we talk about gold as well as how Grant has built a financial media empire.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our website.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#29 The Plumber - James Aitken on Global Macro, Bond Markets & Financial System Risks Dec 14, 2023

James Aitken is an expert in the plumbing of the financial system. We go on a world tour of the hotspots in global finance. You will learn why James is relaxed about the US; why the Japanese government will Make Japan Great Again and why this could have serious repercussions for global bond markets; and why China will likely muddle through, in spite of massive problems in its property sector.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠website⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#28 The Continuous Learner - Sebastian Lyon on Multi-Asset Investing, Downside Protection & Gold Nov 16, 2023

Sebastian Lyon is a conservative investor who manages two highly successful multi asset funds. His motto is simple over complex and he is intent on protecting the downside. In this interview, we discuss his views on markets (spoiler: not super bullish); how he built Troy into a significant asset management business from scratch; how he has managed his fund to deliver only 3 down years in 20 and create outstanding performance as a consequence; what he looks for in stocks; why he invests only in quality companies; and why he owns gold.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠website⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#27 The Handicapper - Bill Smead on Demographics, Out-of-Favour Stocks & Long-Term Value Investing Oct 19, 2023

Bill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour.

He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why he thinks the stock market is going down over the next decade and offers his views on the stocks that will deliver great returns, focusing on demographics and out of favour sectors.

And he explains how to handicap a greyhound!

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#26 The Pragmatist - Alec Cutler on Low‑Risk Global Value, Inflation & Grandma’s Investing Rules Sep 21, 2023

Alec Cutler runs one of the best performing low risk global funds and has a pragmatic investing approach. In this interview, we discuss inflation and markets and what this means for stock selection. Alec explains his views on what makes for a successful investment team. And he explains the principles of investing he learned as a child from his grandmother, which still guide his investingframework today.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#25 The Celebrity Investor - Guy Spier on Temperament, Glacier Stocks & Lunch with Warren Buffett Aug 17, 2023

Guy Spier is a successful value investor and has spentconsiderable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different.

We discuss why the best ideas are simple, yet analysts always want to impress with their understanding of complex situations. Guy talks about his university chums, David Cameron and Chris Hohn and why his father entrusted his life savings to a young man with no investing experience and how that has coloured Guy’s investing approach. And of course we discuss that lunch with Warren Buffett.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#24 The Family Office CIO - Beth Lilly on Research Process, Meeting Warren Buffett & Managing Family Fortunes Jul 20, 2023

Beth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful valueinvestors in the world, and now runs money for the multi-billion Pohlad family in Minnesota.

We discuss the power of compounding, Beth’s research processand how she conducts company meetings. We disagree on the attractiveness of the auto dealership industry, and Beth explains how she approaches the management of inter-generational wealth, how she decides much cash to hold and we debate private equity.

Full show notes here.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#23B The Best Selling Author Part 2 - William Green on Munger’s Verdict, Interviewing & Why Being a Bit Weird Helps Jun 15, 2023

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.

We split this interview into two parts. Last time we heard Green explain that the great investors are such thoughtful practical philosophers because they are students of life. Green quotes Munger who says that he watches what works and what doesn’t work and learns from it.

In this second half, you will learn what Charlie Munger said about Green’s book (Spoiler – he liked it, a lot); how to be a good interviewer, this is instruction from one of the best practitioners of the art; and why William thinks that no matter the endeavour, being just a little weird helps in life.

Show Notes

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#23A The Best Selling Author Part 1 - William Green on Crafting a Classic & Lessons from Investing Legends May 18, 2023

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.

William spent five years painstakingly crafting the book and distilling his learnings from interviewing the world’s top investors. This was a labour of love for him – he didn’t take a vacation in that time – and he went to extraordinary lengths. The love and careful craftmanship shines through and is what made the book a best-seller.

Green always wanted to be a writer and studied English Literature at Oxford. He fell in love with markets, partly as he saw it as “a smart alec short cut way of making a living without doing too much work”. He had his first article published almost by accident and ended up as a journalist. Interviews with great investors followed.

⁠Show Notes⁠

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#22 The Octogenarian - Mario Gabelli on 50 Years of Value Investing, Industry Fieldwork & Staying Driven in his 80s Apr 20, 2023

Mario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading tradejournals; and in monitoring the results of the sector. The day after we spoke he was due to visit a company he first visited in 1967!

Few investors active today were investing back in the 1970s and this long history is just one reason why Gabelli is a fascinating interviewee. He likes to recruit PhDs, not from Ivy League schools, but Bronx PHDs - Poor, Hungry and Driven. He is a value investor, rooted in fundamentals and is incredibly driven, part of the reason for his success.

See the website for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#21 The Economist - Gavyn Davies on Inflation, Markets, Streaming & Politics Apr 19, 2023

Gavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about investing, and about financial services; but we also cover public service broadcasting, streaming and politics.

See the ⁠website⁠ for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#20 The Data Scientist - Tian Yang on the Age of Scarcity, Super Cycles & Tactical vs Fundamental Views Apr 19, 2023

Tian Yang was a fascinating guest and we covered a wide range of subjects. He explains why ChatGPT may be useful in solving accounting problems, but it produces gibberish when asked about investing. We talk about his work on the commodity super cycle, looking at rubber, whaling and fur.

He explains how he applies quantitative techniques to the capital cycle framework championed by Marathon Asset Management and featured by Edward Chancellor.

His work encompasses 3 different timeframes – the long term fundamental, the 6-12 month business cycle and the shorter term tactical trades – Tian is unusual in that he understands fundamentals but also what he calls playing the game, the tactical business of quarterly earnings and similar.

We discuss the new environment which he terms the age of scarcity -investors need to understand the implications of the end of age of abundance which rested on the availability of cheap labour, cheap commodities and cheap money. All this now changes, which means different equity allocations are necessary.

See the website ⁠for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#19 The Value Investor - Chris Bloomstran on Valuing Berkshire, Writing 100 page Letters & Thinking in Decades Apr 19, 2023

Chris Bloomstran is best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway. Not only is he an outstanding value investor, he is a highly accomplished analyst. His Semper Augustus annual letter runs at over 100 pages and in recent years, it has included an evaluation of Berkshire Hathaway – his analysis of the stock is the best I have read.

In this interview, we discuss his start in the business, his investment approach, why college investment funds make a great apprenticeship, why he writes such a detailed letter and Chris shares his analysis of the long term outlook for markets.

See the website for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#18 The Distressed Damsel - Dominique Mielle on Distressed Debt, CLOs & Women in Hedge Funds Dec 30, 2022

Dominique Mielle had an illustrious career as a distressed debt hedge fund manager, including building a $5bn CLO business from scratch at Canyon Advisors. She retired from hedge funds, wrote a book, amusingly titled Damsel in Distressed (it was too good not to borrow), about her story to inspire women to follow her lead.

In this interview, she talks about why there are not more women in hedge funds and in investing more broadly; about the complexity of the distressed debt business; and about being a woman in a man’s world.

See the website for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#17 The Writer - Vitaliy Katsenelson on Investing, Life Philosophy & a Scarcity Mindset Dec 15, 2022

Vitaliy Katsenelson is an investor and writer. Born in Russia, he now runs an investment adviser in Denver which specialises in picking individual stocks and eschews the usual 60:40 portfolio with equities indexed. In this podcast we talk about investing, about his third book and about his life philosophy. Vitaliy has a wisdom beyond his years and his positive attitude can improve anyone’s life.

An illustration of this philosophy is his belief that scarcity is an essential concept that enables him to lead a more fulfilled life. US society is an aspirational society, it’s about abundance. But where there is abundance, we don’t value things. We all have varying levels of wealth, different health but on average a similar amount of time. And he views time as a scarce resource, which makes him value his time with his kids, so that the school run is no longer a chore but a privilege – he will only take his elder daughter to school another 400 times, so he wants to appreciate each time. I thought this was a wonderful demonstration of his mindful approach to life.

See the ⁠website⁠ for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#16 The Podcast Host - Barry Ritholtz on Masters in Business, 70:30 Portfolios & 450+ Interviews Nov 17, 2022

Barry Ritholtz hosts Bloomberg’s Masters in Business, one of the most popular business podcasts in the world. He rather modestly says he was one of the first. Ritholtz not only has managed to interview investing heroes like Ed Thorpe, Ray Dalio (twice) and Michael Lewis (four times) but also has built a $3bn wealth manager in just ten years.

In this interview, Barry explains why financial TV is irrelevant, why the F.I.R.E. contingent (Financial Independence, Retire Early) have it wrong, why 70:30 should be the new 60:40, why investors should think in decades, how he can call Mike Bloomberg “dude” and not get fired, and what it’s like to have broadcast over 450 shows with some of the greats and some misses.

See the ⁠website⁠ for full show notes.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#15 The Short Seller - Carson Block on Finding Frauds, Europe’s Challenges & his Shorts Research Process Oct 20, 2022

Carson Block is one of the world’s top short sellers, and one of few still managing a specialist fund.

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. We discuss the economics of a short fund, why short selling is so much more difficult than long only investing and why Europe is a more difficult area to operate in.

Full show notes here:

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#14 The Coach - Sir Clive Woodward on Winning Cultures, 1% Gains & Building Elite Teams Sep 15, 2022

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. It’s all about managing people. Winning teams are made up of winning individuals - you can persuade the individuals in a team to strive to improve performance and the team will benefit. He is a proponent of continuous learning, and his team members must be teachable. I was fascinated by his management philosophy and investors and business people can learn so much from sport. No detail goes unchecked in his quest for 1% gains - he explains why the team’s second-half performance improved when they changed strips at half-time. You don’t need to be a rugby fan to enjoy and learn from this exposition of what makes a winning team.

Full show notes here:

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#13 The Contrarian - Richard Oldfield on Cycles, the Madness of Index Trackers & Mastering Emotions Aug 18, 2022

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 (while Steve recites one of Richard's investment poems). Richard has an innate belief in the cyclical nature of markets and the madness of crowds. He is a classic contrarian investor and he came out with numerous gems about how to think in this way. Richard is a truly independent thinker. He doesn’t believe in index funds, likening them to hanging on to the coat-tails of a lunatic. He believes that anyone with some common sense, experience and ability to manage their emotions can outperform the market. Learn why that's achievable for almost anyone, as long as you can master your emotions and why there are few true value investors left.

Full show notes here:

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#12 The Value Architect - Chris Pavese on Left‑Brain/Right‑Brain Investing, Reading Widely & Concentrated Value Jul 21, 2022

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. Chris explains his investment philosophy, why he has fewer than 20 stocks in the portfolio, why the only research he buys is from a short seller (even though he doesn't short), and we discuss the north-south divide in Europe and the US.

Full show notes here:

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#11 The Investigator - Dan McCrum on Wirecard, Money Men & Six Years Chasing a €25bn Fraud Jun 16, 2022

We speak to Dan McCrum, 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. “Money Men” is an amazing account of how the company used every tactic possible to disguise its activities. This is an extraordinary tale and Dan, a brilliant raconteur, explains the highs and lows of his struggle to reveal the truth. We also speak to market participants on the buy and sell side to get their perspective.

Full show notes here:

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#10 Mr BRICs - Jim O’Neill on Emerging Markets, Manchester United & Central Banks Behind the Curve May 19, 2022

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. In this wide discussion, we talk about the BRICs, about why for the first time in 30 years of close study of the country, he is puzzled on Chinese policy, and what inevitably lower Chinese growth means for the global economy.

Of course, we discuss his beloved Manchester United, kids’ education, a cause close to both our hearts, and how his involvement in the anti microbial review, leading to the publication of the book Superbugs, was the most interesting work he has ever undertaken.

Jim is quite critical of central banks who he thinks are behind the curve and he gives his assessment of the long term outlook for inflation. Listen to the end to learn why he calls himself a spoilt brat.

Full show notes here

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#9 Two Capital Cyclists - Russell Napier & Jeremy Hosking on the Capital Cycle, Financial Repression & Protecting Wealth Apr 21, 2022

Russell Napier and Jeremy Hosking discuss how the capital cycle will become an even more important driver of equity returns as we move into an age of financial repression. This series of macro episodes focuses on the changes we should expect in the new era, as we exit a 40-odd year period of falling rates, globalisation, cheap energy and disinflation.

In this fascinating interview, these two giants of the investment world discuss the way forward, covering everything from banks to ESG, from Tobin’s Q to excessive liquidity, and from the tragic events in Ukraine to the sinking of the Titanic. One theme is constant, however - the capital cycle, and we discuss in detail its mechanics and the reasons why it’s such an effective investment tool.

Please make sure to listen to the very end. Russell and I have a postscript discussion, as we wanted to tie some of the loose ends together. We both met with David Einhorn shortly after the podcast and I share some of his interesting perspectives on how to invest to protect capital from inflation.

Full show notes here

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#8 GREED & Fear - Chris Wood on Energy Stocks, The Fed’s Straightjacket & Long‑Term Equity Outlook Mar 17, 2022

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. We cover the long-term outlook for the global economy, why the Fed has a straight jacket, and how the world will look in years to come as we move from a regime of falling rates. Spoiler - he doesn’t see a repeat of ‘20/21 in ‘22. Wood’s weekly GREED & Fear publication was a must-not-miss for me – so is this episode.

Full show notes here

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#7 A Scotsman and an Englishman - Dylan Grice & Rob Crenian on Markets, “Stupid” Winners & Calderwood’s Unconventional Strategy Feb 17, 2022

In this interview, Dylan Grice and Rob Crenian discuss how markets work, how “stupid” investors have been winning of late but will not do so for much longer, how quants think, how real alpha will be more difficult to come by, and how this will likely be found not by being smarter but by doing something different; and they explain how they are seeking to preserve wealth with an unconventional investment strategy at Calderwood Capital.

Full show notes here.

Behind the Balance Sheet is a fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or even just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#6 The Existentialist: Hugh Hendry on 30% in 2008, Cockroach Mandates & Seeing the World Differently Jan 20, 2022

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 of upmarket rentals on the billionaire favourite Caribbean hideaway of St Barths. But few owners of vacation lets could tell you what the 10 year bill has done in the last month, let alone give a coherent view of how it might move in 2022. Hugh may have retired but he has certainly not let go. He views the world through a different prism – he is like a photographer who only uses a fish-eye lens. We recorded on a cold London day and on St Bart's it was just as windy, as you may hear.

Full show notes here

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Bonus Episode - Financial Literacy Dec 19, 2021

I interviewed Patrick Jenkins, Deputy Editor of the Financial Times, about the paper's new charity, the Financial Literacy and Inclusion Campaign. We discuss why Patrick decide to set up the charity, its aims and objectives, and why this is such an important cause. My take: this is less important than curing cancer, but it's a lot easier. This is one of Warren Buffett's one foot bars. We can easily make a big difference to a lot of people's lives by explaining simple concepts like the power of compound interest. No more payday loans may be a big ask, but fewer will make a lot of people's lives happier. This interview was published previously as an addition to Episode 2, but with Christmas in a week, I thought it was timely to release it separately..

#5 The Pianist - Lucy Macdonald on Stock Picking, Leading Analyst Teams & Women in Fund Management Dec 16, 2021

Lucy Macdonald is the former CIO of Global Equities at Allianz Global Investors where she worked for almost 20 years and managed £5bn or $8bn of assets. She is currently a NED on JP Morgan GEM Income Trust and taking care of a new puppy. Lucy has 30 years of experience in financial markets and is exactly the sort of guest we are hoping to have on the podcast – a wealth of experience, semi-retired, and not afraid to speak out.In this podcast she 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.

Full show notes here

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#4 The Not Quite Trillion Dollar Man - Quintin Price on Leadership at BlackRock, Active Management & the Importance of Hard Work Nov 17, 2021

Until 2015, Quintin Price was Global Head of BlackRock’s Alpha Strategies business where he was responsible for nearly $1 trillion of assets under management and was a member of the Global Executive Committee, working closely with Larry Fink. Quintin has 30 years of experience in financial markets and is exactly the sort of guest we seek to have on the podcast – a wealth of experience, retired from day to day fund management, and not afraid to speak out, as you will hear.

Full show notes here.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠⁠website⁠⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#3 Two UK Venture Leaders - Pete Davies & Spencer Crawley on Long‑Term VC, Academia Spin‑Outs & the New Tech Cycle Oct 20, 2021

Pete Davies has long been widely considered one of the greatest long term thinkers in the hedge fund world. He was early to recognise the opportunities to provide venture capital to UK academia and his firm, Lansdowne Partners, was instrumental in setting up Oxford Science Innovation.

Spencer Crawley is the co-founder of FirstMinute Capital, a UK seed investor which boasts an astonishing 111 unicorn founders as investors.

In this interview we discuss the UK venture scene, why early stage investing is truly a long term activity, and how this cycle compares to the late 1990s tech boom.

Full show notes here.

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.For show notes, transcripts and additional resources, visit our ⁠website⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#2 The Risk Taker - Stuart Roden on the 5 Keys to a Successful Fund & Building a $10bn Hedge Fund at Lansdowne Sep 15, 2021

In this fascinating interview, Stuart Roden, former Chairman of Lansdowne Partners, explains the 5 keys to a successful fund, how his 25 year partnership with Pete Davies produced one of the most successful hedge funds in the UK and how now managing venture capital is a different, yet similar, game.

I have known Stuart for over 25 years but I learned more in this hour about his philosophy than I had previously. He has a winning combination of a razor sharp intellect, a love of markets, a wealth of experience and a nose for a winning idea.

In this interview, we hear how he was tempted to fire a client, the 5 key factors to run a successful fund, why you are either an analyst or a portfolio manager, how handwriting can reveal whether you will be a good employee, and how he and Pete Davies ran an incredibly successful $10bn hedge fund. I know you will enjoy listening to this as much as I enjoyed recording it.

Full show notes here

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our ⁠website⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

#1 Two Titans - John Armitage & Brent Hoberman on Hedge Funds, Entrepreneurship & Two Very Different Paths to Investment Success Aug 19, 2021

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 been incredibly successful as evidenced by $28bn AUM, 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 tech.

Full show notes here

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

For full show notes, transcripts and additional resources, visit our website.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.

Podcast Trailer Aug 09, 2021

Our new podcast is focused on equity investing. We shall meet leading investors and commentators and educate ourselves about the world of investing and the world.

Our mission is to remove some of the mystique around investing and improve our understanding of what makes a successful investment, or indeed an unsuccessful one.

We shall look in particular at the conjunction of venture and quoted stocks investing and interview practitioners, current and retired.

Our goal is to inform, educate and entertain – we hope you every episode.

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