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Behind the Balance Sheet

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

Our objective 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 meet leading investors...

Episodes

20 of 71 episodes

#64 - The Value Disciple: Tobias Carlisle on Buffett's 3 best deals and why value will come back into favour

Tobias Carlisle is one of the best-known advocatesof deep value investing, author of several investing books and host of a great investing p...

01:04:34Oct 15, 2026

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

David Gardner is the co-founder of The Motley Fool and author of Rule Breaker Investing. He has built an amazing investing record by questio...

01:21:55Sep 17, 2026

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

Alex Roepers is a concentrated deep value investor who takes a behind the scenes activist approach. Here he explains the strategy which he h...

01:22:55Aug 20, 2026

#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.

Rich Pzena, founder of $80bn AUM Pzena Investment Management, explains his value investing philosophy and how he built a deep value franchis...

01:25:39Jul 16, 2026

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

James Aitken, macro strategist to the world’s largest and most successful investors, takes Steve on a tour of the keythemes in global financ...

01:35:58Jun 18, 2026

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

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...

01:27:32May 21, 2026

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

Michael Cembalest chairs the Market and Investment Strategy group at JP Morgan Asset and Wealth Management and effectively oversees $4tn AUM...

00:55:44Apr 16, 2026

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

Rory Sutherland is the Vice Chairman of advertising giant Ogilvy UK, a behavioural scientist, TED speaker, organiser of the Nudgestock confe...

01:48:47Mar 22, 2026

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

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....

01:03:08Mar 13, 2026

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

Terry Smith is the fund manager the professionals love tohate. A billionaire, he is in the third and most successful phase of a varied caree...

01:24:52Mar 13, 2026

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

James Anderson, former Senior Partner of Baillie Gifford and early backer of Elon Musk, now runs the Lingotto Innovation Strategy with Morga...

00:48:53Dec 18, 2025

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

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 m...

01:16:48Nov 20, 2025

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

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...

00:59:07Oct 16, 2025

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

Nick Train is a seriously thoughtful growth investor with a highly impressive 40 year track record. He invests in eternal franchises and tak...

01:19:24Sep 18, 2025

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

Christopher Tsai is a deeply thoughtful growth investor. He became one of the foremost collectors of the works of Ai Weiwei, recognising the...

01:17:55Aug 21, 2025

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

David Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4%...

01:22:27Jul 17, 2025

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

Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought...

01:02:58Jun 19, 2025

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

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...

01:24:48May 15, 2025

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

Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before g...

01:01:13Apr 24, 2025

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

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 lon...

01:17:06Mar 20, 2025