Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities
64 episodes listed below
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Learn how professional investors analyse businesses, generate alpha, & manage risk. Master equity research, fundamental analysis and value investing. This investing podcast explores investing, valuation, capital cycles, & forensic accounting with the world’s best investors, titans like John Armitage, Mario Gabelli, & Bill Nygren. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights, & a clearer framework for stock selection, portfolio construction, & long-term success in equities. Visit https://behindthebalancesheet.com/podcasts/
Based on 6 episodes we listened to · September 2026
Investor interviews become practical studies of valuation, portfolio judgment, management quality and the mistakes that shape long-term results.
Behind the Balance Sheet turns conversations with investors into close examinations of how judgment survives contact with markets. Steve Clapham keeps returning to the machinery behind a result: portfolio construction, valuation, management quality, position sizing and the…
Steve Clapham wants specifics; when Dan Rasmussen brings base rates, you get a useful disagreement.
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Short reviews from the PlayNext desk, based on the episodes we processed.
A disciplined case for concentration, long horizons, and rare ideas.
Nick Train's case for concentration is built on patience, conviction, and a very high bar for new ideas. The piece keeps coming back to that discipline: holding for the long term, waiting to be very sure before buying, and accepting that good opportunities may be scarce rather…
A grounded case for moat, cash flow, and patience over market noise.
It treats moat as the starting point and valuation as the next filter. Tesla is framed as a business with a deep edge in energy storage, autonomous driving, and Megapacks, then the discussion shifts to a building-products consolidator and the harder discipline of judging cash,…
A clear look at moats, concentration, and the kinds of market power that can actually last.
Steve Clapham frames market concentration as a question of structure rather than appearance, weighing moats against the difference between businesses that seem dominant and those that can actually hold power over time.
A portfolio-structure conversation centered on one long and several shorts.
The conversation stays on how a long-short book is built. It looks at sub-portfolios organized by sector or by theme, with one long paired against two, three, or four shorts.
Buffett's letters open into trust, generalist boards, and managerial autonomy.
Lawrence Cunningham frames Warren Buffett's letters as a useful way into why a certain kind of shareholder mattered, and into the narrow space between board oversight and managerial autonomy.
A clear look at fiscal restraint, debt issuance, and disciplined credit thinking.
Greg Peters is strongest when the conversation stays on fiscal restraint, short term debt issuance, predictable funding, and the long runway needed to change a maturity profile.
A grounded, evidence first debate about what the market numbers can actually support.
Dan and the host spend the episode picking apart base rates, the limits of the data, and what market concentration can and cannot tell you. The discussion keeps coming back to value versus growth and the question of whether the biggest US technology companies can keep scaling…
A disciplined look at how a great investor builds compounding into a portfolio.
Tom's case lands as patient compounding rather than a victory lap. Steve Clapham stays on the way a long-term investor thinks: why breadth can sit beside conviction, why a small holding still matters, and how a portfolio can carry single-A, double-A, triple-A, and major league…
Demetri Kofinas interviews specialists on geopolitics, energy markets, AI, and finance at length.
BBC's daily business show, from toy-industry founders to Anthropic's Pentagon standoff.
Dave Iben of Copernic Asset Management says he has spent 43.5 years in markets and still finds the current setup unusually attractive for value investors.
Chris Mayer, author of 100 Baggers: Stocks That Return 100 to 1 and How to Find Them, explains why the biggest winners often start with 20% to 25% annual growth and compound for 20 to 30 years.
Behind the Balance Sheet #33 centers on Peter Cowley, a Cambridge entrepreneur and angel investor who says he has made 75 or 76 startup investments, mentored over 1,000 entrepreneurs, and experienced terminal lung cancer after a strange balance-loss symptom.
Tim Guinness says an active manager can still beat the index, and he links that view to 44 years of money management and an $11 billion firm with 85 people.
Behind the Balance Sheet speaks with Karine Smith Ihenacho, Chief Governance and Compliance Officer at Norges Bank Investment Management, and frames her as a senior voice on sustainability, governance, and ownership at the world's largest equities owner.
Steve Claffin starts a new climate series with Hugh Van Steenis beside him, putting Emmanuel of KKR through the useful test: which decarbonization ideas can take real money now?
Behind the Balance Sheet marks Egerton Capital’s 30th anniversary with John Armitage, whose firm is described as beating the index by 7% per annum over 30 years with an average cash balance of 12%.
Lionel Barber, the former editor of the Financial Times, discusses his book Gambling Man on Masa Son, SoftBank, and the $100 billion Vision Fund after interviewing more than 150 people, including Bill Gates and Warren Buffett.
Steve Crossman speaks with Peter Oppenheimer, Goldman Sachs’ Chief Global Equity Strategist and Head of Macro Research in Europe, about his two books on market cycles and long-term investing.
Steve Clapham interviews Tom Gayner, CEO of Markel Group, about his long-term value investing approach modeled after Berkshire Hathaway.
Jennifer Wallace says Summit Street is a "deep value" firm that buys "uncommonly good companies" only when they are cheap, usually after something has gone wrong.
Lawrence Cunningham says Warren Buffett wrote in 1978 that he wanted a “focused patient shareholder base,” and he treats that line as a deliberate part of Berkshire Hathaway’s capital strategy.
Christopher Tsai says he bought Tesla in February 2020 at an average of $41.66 a share and now sees it as a "trillion dollar startup" with moats in software, Megapacks, autonomous driving, and robotics.
Nick Train says his preferred holding period is “forever,” and he connects that to a concentrated portfolio built around what he calls “eternal franchises.” He explains why Rightmove, Diageo, Unilever, Autotrader, and Relx fit that framework, while also saying he has become more open to capital-light digital businesses than he was 10 or 15 years ago.
Jonathan Tepper traces his investing style back to a childhood in San Blas, Madrid, where his missionary parents started helping addicts in 1983 and the rehab center began with one addict in 1985.
Dan Rasmussen, founder of Verdad Advisors and author of The Humble Investor, argues that investors overestimate how much they can predict from earnings models, quarterly forecasts, and CAPM-style thinking.
Barry Norris, founder and CIO of Argonaut, argues that offshore wind economics are “fundamentally unsound” and points to Ørsted’s 60% fall from its peak as part of the case.
Behind the Balance Sheet interview with legendary investor Anthony Bolton (age 74), formerly of Fidelity Special Situations Fund with 28 years of 19.5% annual returns.
Tom Slater, manager of Bailey Gifford's Scottish Mortgage Investment Trust, discusses growth investing philosophy, organizational culture, and investment psychology.
David Samra, a global value investor managing $50bn at Artisan Partners, discusses his investment philosophy centered on buying good businesses at a 30% discount, with strong management and balance sheets.
Bill Nygren, portfolio manager of Oakmark Fund at Harris Associates for 40+ years, discusses his complete investment philosophy and career evolution.
James Anderson and Morgan Samet, co-managers of Lingotto Innovation Strategy, discuss the current investment landscape amid AI mania, hyperscaler capex, and autonomous vehicle development.
Greg Peters joins the show for a credit-minded conversation about fiscal spending, rates, and risk.
Steve Plattman frames the episode around the show’s mission to cut through some of the mystique around investing and make successful investors’ strategies easier to understand.
Steve Clapham opens by saying the podcast is meant to take some of the mystique out of investing.
The episode opens with Behind the Balance Sheet doing what it usually does: making investing feel a little less opaque.
A measured conversation about concentrated investing.
Host Steve Clapham introduces the podcast's mission to educate investors through interviews with leading investors and promotes his investment training consultancy and online school.
Host Steve Clapham and climate expert Hugh Van Steenis discuss investment opportunities and risks in the energy transition, including clean energy underperformance and strategies for making money from decarbonization.
This episode discusses the 2024 asset management brand index and the trend of 'great amorphization' in the asset management industry.
This episode introduces the podcast's mission to educate listeners about investing and features a discussion on Stream, a platform for expert calls and transcripts.
An investing podcast that educates listeners on business analysis, valuation, and risk management through interviews with top investors.
An investing podcast that educates listeners on business analysis, valuation, and risk management through interviews with top investors.
An investing podcast that educates listeners on business analysis, valuation, and risk management through interviews with top investors.
This episode introduces the podcast's mission to educate listeners about investing and features a sponsor promoting expert research services.
This episode introduces the podcast's mission to educate listeners about investing and features a sponsor segment about an expert call platform.
An investing podcast that educates listeners on equity research, value investing, and risk management through interviews with top investors.