Why subscribe?

Subscribe to get full access to the newsletter. It would be great if you would subscribe to the paid version (it encourages me to write) but not everyone can afford it and the free letter is pretty good too. There is no risk to subscribing and you will then never miss an update.

Expect a quite eclectic mix of articles on:

  • individual stocks (see list below)

  • investment research, including techniques I use which may help you improve your research and efficiency

  • commentary on accounting which will help you analyse company financials

  • general education about investment research

Who is it for?

I have written this to appeal to the serious private investor. You don’t need to have a lot of money, but you need to be interested. I am hoping that many professional investors will also find some of the tips and tools of value. You can see some of the institutional subscribers from a quick download we did in July, 2022, in the graphic below.

For all I know, these could be people in the back office. Or they could be front office people reading for amusement - hey, you will never guess what he wrote this week… But if you subscribe, you will understand why last week, the principal of one of the world’s most successful hedge funds signed up, and why this is a sample of readers at c.500 asset managers, sell side boutiques, private equity firms, venture capital funds, family offices and other professional investors globally who subscribe.

Our open rates are consistently 40-50% for the free letter and 70-80% for the paid. Here is what one kind reader wrote in July, 2022:

As someone who has been a M&A banker, corporate finance banker, sell side analyst, buyside analyst and PM fixed income and equities for over 30 years I’ve been learning new things every week from your blog.

Why Paid?

I have produced a newsletter with a paid option, because frankly, I am lazy. Unless I have the incentive to write, I won’t do it consistently. And if people are paying me, then I will feel an obligation to produce an article every week, at least in the first year. And one of the objectives of doing this is to improve my writing. Another is to get to know my customers better. I have an online school and a closer dialogue with the audience will help improve our content.

When I was a sell-side analyst, I always avoided doing a sector monthly, not just because I am an idle loafer, but because there isn’t always something to say. With a wider selection of stocks “under coverage”, comments on research, accounting topics and fun tales from my decades in markets, I shouldn't be short of material. And I see this as a real challenge and fully expect to improve the quality of my writing and hopefully the quality of my thought process. Let’s see!

Behind the Balance Sheet is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.


I don’t intend to maintain coverage of ALL of these stocks and will only comment if I see something that interests me. Even before we started, we abandoned modelling Zoom as we realised we didn’t know enough about it - we know enough to formulate an opinion on the stock, just not enough to know what profits they are likely to make in 2025. But we hope readers will consider our opinions worth reading. Hopefully, they will be original and often very different from the consensus. We are going to watch some of the following:

  1. Alibaba

  2. Alphabet

  3. Amazon

  4. Apple

  5. Berkshire

  6. Carnival

  7. Caterpillar

  8. DraftKings

  9. Facebook/Meta

  10. Ferrari

  11. Formula One

  12. Hutchison

  13. LVMH

  14. Microsoft

  15. Nestle

  16. Netflix

  17. Newmont

  18. Rio

  19. Ryanair

  20. Tencent

  21. Tesla

  22. THG

  23. Unilever

  24. Zoom

To be clear, I don’t promise to write on all of these and may add others. But each of these stocks has been chosen with a specific angle in mind. I would love to hear what readers would like me to look at.

When we look at a stock, we shall generally focus on the numbers more than the business model. There are loads of newsletters which talk about the latter, few look at the numbers. That’s our differentiation.

Difference between Paid and Free

On the free tier, you will get less, especially on individual stocks. But this is not an investment recommendations service. I will not be telling you to buy and sell stocks and assessing my performance monthly. I have been there, done that and collected a share of hedge fund fees. I amn’t going to do that for a few $100 pa.

On the paid tier, you will get all the great free content but you will also get additional content, possibly a deeper dive into a stock, or a spreadsheet you can use to help your analysis. I won’t keep the best stuff for the paid version, but I do want the paying subscribers to get a differentiated product which is worth paying for. Paying subscribers will also get additional “behind the scenes” content from my popular podcast (originally titled the Behind the Balance Sheet Podcast), discounts on courses, and more.

We shall have additional tiers for keen enthusiasts who can pay more and get access to a community and quarterly group calls with me and special guests. Institutional investors can get additional benefits - info@behindthebalancesheet.com for more.

By subscribing to the paid letter, you are helping me deliver the content, and you will not miss any articles. The free articles will be published weekly to begin with but over time will become less frequent. Thanks for your support.

Behind the Balance Sheet is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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Thoughts on investing, tips on reading financial statements, book reviews and more from a former partner of a Tiger Cub. Here to help you improve your portfolio's performance.


Stephen Clapham Equity Analyst 
Former hedge fund analyst. Now train professional analysts in forensic accounting. Online training school for private investors. Author. Blogger. YouTuber (ish)