Behind the Balance Sheet

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February 2025

From Boom to Bust: A Hedge Fund’s Rise and Fall
How one fund soared, struggled, and ultimately shut down—and what it reveals about today’s brutal hedge fund landscape
 • 
Stephen Clapham
The Great EBITDA Illusion
Why Management Projections Miss by a Mile and Investment Implications
 • 
Stephen Clapham
The Enduring Edge: Why Corporate Longevity Matters
Exploring the advantages of businesses that are built to last
 • 
Stephen Clapham
A Unique Framework for Navigating the Semiconductor Boom
Highlighting a 10 year tech winner
 • 
Stephen Clapham

January 2025

Bitcoin to $800k? Hugh Hendry’s Magic, Tom Slater’s Musk Lessons, and more
Plus a dive into a quality compounder fallen angel trading at 9x P/E.
 • 
Stephen Clapham
The Long and the Short of It
Two Contrasting Ideas
 • 
Stephen Clapham
Sohn London’s Consumer Staple Gamble
A Former TCI Partner’s Bold Pitch and Why I’m Not Convinced.
 • 
Stephen Clapham
2
My 2024 Reading Journey: What 36 Books Taught Me About Investing and Life
Lessons and insights from the books that inspired, informed, and entertained me this year
 • 
Stephen Clapham
1

December 2024

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