Behind the Balance Sheet

Behind the Balance Sheet

Home
Podcast
Archive
About
Fundsmitten
Terry Smith and I both like the same stock. But the 2020s could be more challenging for his fund.
 • 
Stephen Clapham
The Great EBITDA Illusion
Why Management Projections Miss by a Mile and Investment Implications
 • 
Stephen Clapham
How to avoid losing money
My favourite insight from a new investing classic
 • 
Stephen Clapham
1
Outlooks Galore
What the world’s biggest investors are expecting this year (Part One)
 • 
Stephen Clapham
An Emerging but Obscure AI Play in London
And the hidden threat it could pose to hundreds of stocks
 • 
Stephen Clapham
What Investment Pros Are Mulling In 2024
Plus a few things I think are being ignored…
 • 
Stephen Clapham
A Long-Term View of Markets
And some important questions to ask about the future
 • 
Stephen Clapham
Why This Cycle Could Be Different
My Favourite 2024 Outlooks + A Free Way To Improve Your Investing Toolkit
 • 
Stephen Clapham
Will Private Equity Blow Up in 2024?
A look at a potential minefield
 • 
Stephen Clapham
What Really Makes a Moat?
This quality-factor ETF has performed well, but it’s missing my favourite measure of competitive advantage
 • 
Stephen Clapham
Berkshire 2024
My takeaways
 • 
Stephen Clapham
2
3 ½ days in Omaha
My takeaways from the meeting and more
 • 
Stephen Clapham
1
© 2025 Behind the Balance Sheet Ltd
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture