Behind the Balance Sheet

Latest Episodes:

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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.

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

Show notes

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

Show notes

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

Show notes

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

Show notes

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.

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