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Stephen Clapham Podcasts

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Behind the Balance Sheet

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

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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 and commentators and educate ourselves not just about the world of investing but also about the world. Our goal is to inform, educate, entertain and make you a better investor. We feature famous guests and some you may not know. But we can learn from them all, whether you are one of our core audience of ...
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Multibagger Nuggets

Kris Heyndrikx - From Growth To Value

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Step into the world of 'Multibagger Nuggets' - where we explore potential stock winners. Kris and his guests exchange ideas about growth investing, quality stocks, and the market. Kris, also known as From Growth To Value, interviews experts and shares his thoughts about the investing in general, portfolio management and life. Find the insights that could shape tomorrow’s market leaders. No crystal balls, just solid analysis and a bit of fun.
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Design a life that really matters. I’m your host, Greg McKeown, author of New York Times bestsellers "Effortless" and "Essentialism" and I’m on mission to help you advocate and negotiate your way to remarkable results without burning out. Come with me on this journey every Tuesday and Thursday as we examine the most essential areas of our lives. Learn more about my books and courses at https://GregMcKeown.com.
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Nick Train is a seriously thoughtful growth investor with a highly impressive 40 year track record. He invests in eternal franchises and takes a 20 year view. He says his ideal holding period is forever. He was early to recognise that high quality consumer brands were great investments and accordingly his funds significantly outperformed their benc…
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What if policing could move from reacting to crime to building trust before it begins? In this episode, I speak with Ward Clapham, the former Police Chief in Richmond, Canada, who pioneered the “positive ticketing program.” This simple idea—rewarding positive behavior instead of only punishing negative—transformed community trust and dramatically r…
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Christopher Tsai is a deeply thoughtful growth investor. He became one of the foremost collectors of the works of Ai Weiwei, recognising their implicit value and deeply studying the artist. His concentrated portfolio reflects his attraction to growth stocks with Tesla his largest position. In our conversation, he explains why he believes Tesla has …
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In this episode we speak with Stephen Clapham - former hedge fund analyst, bestselling author, and founder of 'Behind the Balance Sheet', a leading investment training consultancy. With decades of experience spanning the sell-side, buy-side, and now education, Stephen shares the unconventional path that led him into equity research, how he built a …
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David Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4% pa for over 20 years, in a period when traditional value has been doing poorly. That may be why his fund, which has been closed to new investors for most of the last 14 years, has reached $50bn. In this convers…
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Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contrarian positions. Steve invited Dave on the podcast because at a recent NewYork conference, Dave was cheerleading that value was back, and Steve wanted to discuss the rationale for …
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In this conversation, I’m joined by Robert E. Siegel, author of The Systems Leader, to unpack the essential mindset shifts leaders must make in a complex, fast-moving environment. We explore the tensions leaders face—like balancing innovation with execution, and strength with empathy—and how the most effective leaders navigate these paradoxes with …
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What if the only thing standing between you and the life you truly want is the courage to begin? In this episode, I speak with Jenny Wood—former Google executive and author of Wild Courage—about what it means to pursue the essential with boldness. Jenny shares how she walked away from a high-powered role to write the book she felt called to create.…
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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 highly concentrated portfolio. The top 5 positions are over 50%, and he holds no more than 15 stocks. I asked him on the podcast because he is really thoughtful about his process – he only buys stocks selling …
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Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value investor Bob Bruce (who used to hang out with Warren Buffett). Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest lever…
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Greg and guest Ben Greenfield continue in this Part 2 conversation about endurance training strategies, focusing on preparing for Ironman triathlons. Ben shares insights on pacing, nutrition, and psychological resilience, offering tips from the trenches for race day success. They explore the challenges of juggling athletic goals with personal life,…
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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 long short equity hedge fund out of London. Since 2006, he has compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entere…
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Greg chats with Ben Greenfield, a trailblazer in health and human optimization, about unlocking potential and redefining personal limits. We put a magnifying glass onto Ben's journey from novice to Ironman, and discover two key breakthroughs: a time-efficient high-intensity training method and a game-changing nutrition strategy for optimal enduranc…
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Greg speaks with Derek Sivers, an entrepreneur and thinker, exploring the power of perspective in shaping life's outcomes. They explore the concept of "useful, not true," emphasizing the flexibility and mindset required to break away from limiting narratives. Sivers shares personal insights on journaling as a tool for processing thoughts and decisi…
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Drew and Linda Scott go into detail on their vastly different upbringings, and how their parents and families have molded them into the people they are today. Greg, Drew and Linda discuss how the world can be changed for the better, and the individual steps it takes each person along the way to create an effective and lasting change. Join my weekly…
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Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Da…
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Greg speaks with Courtney Carver, author of the upcoming book "Gentle: Rest More, Stress Less, and Live the Life You Actually Want," exploring practices for simplicity and rest in a complex world. They discuss the crucial concept of resting first, creating personal rituals like Little Saturday, and using the metaphor of a circle to prioritize what …
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Greg engages with Jeffrey Sanow, a former CIA senior intelligence officer, to explore the nuances of decision-making under pressure and the art of interpersonal communication. Jeffrey shares insights from his career, highlighting strategies for effective manipulation and persuasion, the importance of understanding others, and the balance between pr…
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Greg and Anna McKeown discuss the art of listening, exploring its transformative power in relationships. They discuss a pivotal moment from their dating history where effective listening shifted their connection and emphasized how empathic communication fosters understanding. Drawing insights from Carl Rogers' listening techniques, they share perso…
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Join Greg and Moses Kagan as they dive into an insightful discussion on entrepreneurship, intergenerational wealth, and the power of gratitude. Moses shares his journey from a tech startup to founding Adaptive Realty, emphasizing the importance of ownership and relationships. The conversation explores narrative, legacy, and the pivotal role of reco…
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In this episode with Tom Slater of Baillie Gifford, managerof the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do…
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Greg and Tim Ferriss dive into the art of prioritizing meaningful relationships and self-transcendence in this reflective conversation. They explore the concept of focusing on essential connections, sharing insights on setting priorities, fostering secure attachments, and tackling life's distractions. Tune in to discover how these thought leaders p…
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When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why co…
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In Part 1 of my conversation with Richie Norton, we discussed his countercultural but transformational approach to time management, program stacking and how they can help you generate huge results. In today's episode, Richie and I are picking up where we left off to talk about the importance of changing how you are paid. Listen in for the stories a…
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Warren Berger is a bestselling author, journalist, and an expert in innovation and creativity. He is best known for his book, "A More Beautiful Question," where he explores the power of asking thoughtful, transformative questions to drive innovation and change. Warren has been featured in several publications including The New York Times, Wired mag…
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Have you ever felt like there were just too many tabs open in your mind? Today, I've invited Alison Jones, the author of Exploratory Writing: Everyday Magic for Life and Work. By the end of this episode, you will have the simplest of tools that can produce extraordinary results. You'll discover an idea so simple, you'll get it immediately, and yet …
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Join Greg as he introduces the Essentialism Planner, a tool designed to help individuals focus on what truly matters. Drawing from personal experiences and a decade of development, Greg guides listeners through key components of the planner, including the personal quarterly offsite, weekly design sessions, and the transformative power half-hour. Le…
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Anthony Bolton is best known for Fidelity Special Situationsfund’s 19.5% pa returns, 6% above his benchmark, over a 28 year period. He was not only a highly accomplished investor but was both revered and liked by his colleagues. Pragmatic, unfailingly courteous, courageous, and universally popular, he exhibits none of the arrogance that is sometime…
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Dr. Nicole Cain is a respected authority in psychiatry, clinical psychology, and naturopathy, with extensive experience in both mental and holistic health care. She has authored a book addressing the treatment and prevention of panic—a subject deeply personal to her, driven by her battle with anxiety and her professional pursuit to empower individu…
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Israa Nasir is a distinguished author and therapist known for her work on mental health and productivity. She is the author of "Toxic Productivity: How to Reclaim Your Time and Emotional Energy in a World that Always Demands More." Nasir's expertise lies in helping individuals navigate the intricacies of productivity culture and identity, especiall…
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Stephen Riggio is a visionary leader and former CEO of Barnes & Noble, where he played a crucial role in its transformation into the largest bookselling chain in the United States. His extensive career in the book industry, spanning over four decades, includes pioneering work in e-commerce and publishing. Beyond corporate endeavors, Riggio is deepl…
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About the Guests: Jeremy Utley: A notable faculty member at Stanford University's D School and author of "Idea Flow: The Only Business Metric That Matters." Jeremy is known for his research and insights into creativity, innovation, and the interplay between human cognition and technology. He has been instrumental in exploring the applications of AI…
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Today we have Brad Freeman as a guest. Some know him better under his moniker Stockmarket Nerd. He is very active on X and has a newsletter that covers small growth stocks, mega caps and a lot in between. Brad shares what he looks at in a stock he wants to own and comes up with a surprising name for the company that positively surprised him the mos…
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About the Guests: Jeremy Utley: A notable faculty member at Stanford University's D School and author of "Idea Flow: The Only Business Metric That Matters." Jeremy is known for his research and insights into creativity, innovation, and the interplay between human cognition and technology. He has been instrumental in exploring the applications of AI…
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Seth Godin is a renowned author, entrepreneur, and thought leader in marketing and business. With over 20 published books, including bestsellers like "Purple Cow" and "Tribes," he has reshaped how we think about marketing strategies, leadership, and creative innovation. Known for his daily blog that reaches an extensive readership, Seth is a pivota…
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Seth Godin is a renowned author, entrepreneur, and thought leader in marketing and business. With over 20 published books, including bestsellers like "Purple Cow" and "Tribes," he has reshaped how we think about marketing strategies, leadership, and creative innovation. Known for his daily blog that reaches an extensive readership, Seth is a pivota…
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Episode Summary: In this solo episode, Greg marks the tenth anniversary of his influential book "Essentialism: The Disciplined Pursuit of Less." Reflecting on a decade of impact, Greg shares anecdotes from readers and companies that have embraced the core principles of focusing on what truly matters while eliminating the non-essential. Greg recount…
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Lionel Barber is the former editor of the Financial Timesand probably the only journalist on the planet to have interviewed Presidents Obama, Trump and Putin. Under his stewardship, the FT metamorphosed from a newspaper into a digital subscription business, and was sold to the Japanese company Nikkei for 44xearnings. And as editor, Barber fully bac…
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Have you ever felt like you have the ability to make a greater contribution to your work, your family, or society, but you've run out of space in your life? Or maybe you've noticed that the busier you get, the less time you have for personal growth? Feeling like you have untapped potential is an epidemic in today's fast-paced culture. That's why I …
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Have you ever had the sense that you had greater potential than your current life requires or even allows you to produce? Do you ever feel like there's a lot more inside of you, but you are already so busy, you can't possibly get to any of it. By the end of this part 2 episode with Rob Dyrdek, you will have a vision of what you have to create in or…
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Robert Stanley Dyrdek is many things. He's an entrepreneur, actor, producer, reality TV personality, and former professional skateboarder. He's possibly best known for his reality shows 'Rob and Big', 'Rob Dyrdek's Fantasy Factory', and 'Ridiculousness', but none of that does it justice. Every time I talk to Rob Dyrdek, I feel like I'm seeing a pow…
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Saad Mohseni, the visionary co-founder and executive officer of Moby Group, shares his remarkable journey from London to Kabul in our latest episode. Born to Afghan parents and having traversed the globe, Saad found himself in the heart of Afghanistan in 2002, where his modest radio station blossomed into the nation's largest media company. Despite…
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Saad Mohseni, the visionary co-founder and executive officer of Moby Group, shares his remarkable journey from London to Kabul in our latest episode. Born to Afghan parents and having traversed the globe, Saad found himself in the heart of Afghanistan in 2002, where his modest radio station blossomed into the nation's largest media company. Despite…
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Tim Shriver is an acclaimed advocate for individuals with intellectual disabilities, serving as the chairman of the Special Olympics. He has an extensive family legacy, being the son of Eunice Kennedy Shriver and Sargent Shriver, and a nephew to President John F. Kennedy. Tim has committed his life to numerous social causes, particularly emphasizin…
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Tim Shriver is an acclaimed advocate for individuals with intellectual disabilities, serving as the chairman of the Special Olympics. He has an extensive family legacy, being the son of Eunice Kennedy Shriver and Sargent Shriver, and a nephew to President John F. Kennedy. Tim has committed his life to numerous social causes, particularly emphasizin…
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About the Guests: Kim Clark: Former Dean of Harvard Business School and President of BYU Idaho. He has an extensive career in academia and leadership, shaping and leading renowned educational institutions. Jonathan Clark: A PhD from Harvard and currently a professor at the University of Texas. Jonathan brings a wealth of knowledge from both his exe…
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Bill Nygren has been at Harris Associates for over 40 years and considers himself a value investor. Yet his portfolio has owned Netflix, Amazon and Meta recently, while Alphabet is his largest position. Bill explains his unusual but highly effective approach to value investing. Harris has also constructed a unique organisational methodology to hand…
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In this episode, we have Brian Feroldi as a guest. He’s been passionate about investing for two decades, he’s an outstanding educator and author of the book 'Why Does The Stock Market Go Up?' On X, LinkedIn and YouTube, his more than 750,000 followers can level up their financial knowledge. Kris and Brian talk about Brian’s book, the importance of …
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About the Guests: Kim Clark: Former Dean of Harvard Business School and President of BYU Idaho. He has an extensive career in academia and leadership, shaping and leading renowned educational institutions. Jonathan Clark: A PhD from Harvard and currently a professor at the University of Texas. Jonathan brings a wealth of knowledge from both his exe…
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Wilbur Ross is a prominent figure in global finance with over half a century of experience in investment banking and private equity. Named among Bloomberg Markets' 50 most influential people in global finance, Ross has built a significant legacy. He served as the 39th US Secretary of Commerce under the Trump administration. Known for his expertise …
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