Behind the Balance Sheet

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June 2025

47 Pro Tips Making New Highs + Rethinking Two Household Names
One isn’t as dull as it looks; the other isn’t as risky as it seems.
 • 
Stephen Clapham
Hedge Funds' Secret Weapon
Opportunities for asymmetric payoffs even in today’s tougher markets
 • 
Stephen Clapham
The World’s Most Profitable Business You’ll Never Own
Inside Only Fans, our 130 Stock Tips Ranked and 2 Dreadful Sectors to Avoid
 • 
Stephen Clapham
6
Private Equity’s Slow-Motion Crunch
Record dry powder, falling distributions, and 11.9x entry multiples—why the future won’t look like the past.
 • 
Stephen Clapham
1
Scarcity, Status and 50x P/Es
Are These the Quoted World’s Greatest Trophy Assets?
 • 
Stephen Clapham

May 2025

That Was the Week That Was: Hype, Hope & Hidden Value
Tech extravagance, a red flag hiding in plain sight, + 4 cheap quality stocks from a top fund
 • 
Stephen Clapham
🔍 A Value Trap in Action: Lessons from A Painful Post-Mortem by Schroders
Plus 36 Actionable ideas from 12 Investment Pros at this week’s Value Conference
 • 
Stephen Clapham
3 ½ days in Omaha
My takeaways from the meeting and more
 • 
Stephen Clapham
1
Two Quality Companies the Market Hates Right Now
Falling Knives or Misunderstood Gems?
 • 
Stephen Clapham

April 2025

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