Best Stephen Clapham Behind The Balance Sheet Podcasts (2025)

1
#46 The Numbers Lady 1:01:13

15d ago1:01:13

1:01:13

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…

1
#45 The Chess Master 1:17:06

2M ago1:17:06

1:17:06

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…

1
#44 The Think Tank Manager 1:12:16

3M ago1:12:16

1:12:16

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…

1
#43 The Growth Investor 1:18:47

4M ago1:18:47

1:18:47

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…

1
#42 The Credit Expert 1:15:39

5M ago1:15:39

1:15:39

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…

1
#41 The Composer 1:20:40

6M ago1:20:40

1:20:40

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…

1
Multibagger Nuggets: Brad Freeman (Stockmarket Nerd) 1:05:14

6M ago1:05:14

1:05:14

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…

1
#40 The Chronicler 57:34

7M ago57:34

57:34

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…

1
#39 The Optimizer 1:06:20

8M ago1:06:20

1:06:20

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…

1
Brian Feroldi: Why Does The Stock Market Go Up? 1:04:10

8M ago1:04:10

1:04:10

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 …

1
Talking Tesla with Bryce Smith of 10,000 Days Capital 1:16:26

9M ago1:16:26

1:16:26

Today, we talk with Bryce Smith. Bryce is an analyst at 10000 Days Capital and he has co-written a book on Tesla. We make a SWOT analysis of Tesla and talk about the future of this controversial company. We also look at why Bryce is bullish on another controversial company, RobinHood. For the best charts, data and AI insights about stocks, go to Fi…

1
#38 The Cyclist 1:13:17

9M ago1:13:17

1:13:17

Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles. His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer te…

1
Talking AI, tech and cybersecurity with Muji@Hhhypergrowth 57:10

10M ago57:10

57:10

Muji@Hhhypergrowth Today in the Multibagger Nuggets podcast, our guest is Muji from Hhhypergrowth. Muji has a deep understanding of technology and investing in tech stocks. He shares his ample knowledge about AI, cybersecurity, tech, software and, of course, investing. Enjoy the conversation!By Kris Heyndrikx - From Growth To Value

1
#37 The Analyst 59:13

10M ago59:13

59:13

John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital, celebrates its 30th anniversary this year. Inthis conversation, John explains how he started with $10m, and why you couldn’t do that today. He touches on his portfolio, talks about his approach to investing, explaining why he requ…

1
Questions and Answers 34:38

10M ago34:38

34:38

Your questions and my answers. About the 2022 crash, Nvidia, Tesla and much, much more!By Kris Heyndrikx - From Growth To Value

1
Stephen Clapham: Behind The Balance Sheet 59:00

10M ago59:00

59:00

Today, we have a special guest joining us: Stephen Clapham. He’s the author of The Smart Money Method. Stephen Clapham has a background in accounting and worked as a sell-side analyst for investment banks, 2 multi-billion dollar funds and he offers professional training consultancy with Behind The Balance Sheet, where he uncovers aggressive and fra…

1
#36 The Runner 1:18:25

11M ago1:18:25

1:18:25

John Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio. John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles. We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation ev…

1
Vitaliy Katsenelson: The Intellectual Investor Speaks 1:12:42

11M ago1:12:42

1:12:42

Vitaliy Katsenelson, The Intellectual Investor This one is a gem, I promise you! I had the honor of talking to Vitaliy Katsenelson. Normally, he is on a podcast break, but he made an exception for Multibagger Nuggets. Vitaliy is the author of books like Active Value Investing, The Little Book Of Sideway Markets and Soul In The Game. On his blog The…

1
AI and its implications for investing 39:57

11M ago39:57

39:57

Kris talks with Christian Martinez, who is an expert in applying AI to finance. Kris and Chris talk about the implications of AI on investing, how AI can be used by traders, how not using AI could be an advantage for long-term investors, quantum computing and much more. Christian shows you tomorrow’s investing reality today. For Finchat, you can ge…

1
How To Find Multibaggers? 42:27

11M ago42:27

42:27

Today, there's no guest but Kris talking. He explains how to recognize multibaggers and gives 15 characteristics and many examples of the past, the present, and, hopefully, the future. To try out Finchat, go here: https://finchat.io/?lmref=XWGHWQBy Kris Heyndrikx - From Growth To Value

1
Dave Ahern, the voice of reason 56:52

12M ago56:52

56:52

Today, a special guest joins us. Dave Ahern is the co-host of the long-running podcast The Investing For Beginners Podcast. Dave has a very interesting background. He started as a musician, climbed from waiter to general manager in the restaurant business, became a Wells Fargo banker and now teaches people about investing. Let's dive into this grea…

1
E3 Carine Smith Ihenacho of Norges Bank IM 48:12

12M ago48:12

48:12

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG. In our podcast episode, Huw van Steenis and I discussed: Ho…

1
Talking AI with Alex of Ticker Symbol You 1:14:30

12M ago1:14:30

1:14:30

In this third episode of Multibagger Nuggets, I talk with Alex of the popular YouTube channel Ticker Symbol You, who worked on AI for MIT and Nasa. We talk about chips, AI and the future. For the Finchat discount, you can use this link: https://finchat.io/?lmref=XWGHWQ I get a commission from Finchat and you get a discount. That's a win-win. Try ou…

1
#35 The 100 Bagger Hunter 57:33

12M ago57:33

57:33

Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investingnewsletter which led him to travel the world seeking investment ideas. Studying the universe of 100 Baggers has led Chris to a clear set of inv…

1
The Art of Quality Investing with Compounding Quality 48:20

1y ago48:20

48:20

Today, we have a special guest joining us: Peter Slegers, better known as Compounding Quality. He has over half a million followers and just published a book called The Art Of Quality Investing. Let's dive into this great conversation with a passionate investor, author, and teacher.By Kris Heyndrikx - From Growth To Value

1
#34 The Letter Reader 1:03:48

1y ago1:03:48

1:03:48

Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser. His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subj…

1
DEEP Insight In Mercado Libre and Nubank with Fede Sandler 1:10:15

1y ago1:10:15

1:10:15

For this first episode, we have a special guest joining us: Federico Sandler. Federico is an expert on Mercado Libre and Nubank, as he was the former Investor Relations Officer of both for 6 years at MELI and took NU through the IPO. Dive into the conversation that shows Federico's deep knowledge about these two companies. If you want 80% of what a…

1
#33 The Stoic 52:07

1y ago52:07

52:07

Peter Cowley is a successful angel investor. But it was histragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosedwith terminal Stage 4c can…

1
E2 Barry Norris explains why offshore wind economics are unsustainable. 57:14

1y ago57:14

57:14

Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital. Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliableworkers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a fact…

1
#32 The “Do-Gooder” 58:41

1y ago58:41

58:41

Jonathan Ruffer is the founder of the eponymous assetmanagement firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks…

1
E1 Emmanuel Lagarrigue explains the opportunity for KKR and private equity in the energy transition 53:22

1y ago53:22

53:22

Emmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastruc…

1
Beyond the Balance Sheet Podcast Trailer 5:33

1y ago5:33

5:33

Explaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis. Sign up for the newsletter.

1
#31 The Justice Warrior 1:04:12

1y ago1:04:12

1:04:12

Bill Browder is a human rights activist who championed the Magnitsky Act, signed into law by President Obama. It not only sanctions Russians, but others around the world. Similar legislation is now in place in over 30 countries. He is also a bestselling author and former hedge fund manager. In this episode, we talk about his career, about how he co…

1
#30 The Japanophile 1:34:23

1+ y ago1:34:23

1:34:23

Grant Williams is a former hedge fund manager who nowpublishes the monthly newsletter Things that Make You Go Hmmm and a subscription-only investing podcast channel that incredibly is one of the top 0.5% of all podcasts globally. In this fascinating discussion, Grant explains his fascination for Japan and why we should all pay attention. We discuss…

1
#29 The Plumber 1:20:41

1+ y ago1:20:41

1:20:41

James Aitken is an expert in the plumbing of the financial system. We go on a world tour of the hotspots in global finance. You will learn why James is relaxed about the US; why the Japanese government will Make Japan Great Again and why this could have serious repercussions for global bond markets; and why China will likely muddle through, in spit…

1
#28 The Continuous Learner 1:08:51

1+ y ago1:08:51

1:08:51

Sebastian Lyon is a conservative investor who manages two highly successful multi asset funds. His motto is simple over complex and he is intent on protecting the downside. In this interview, we discuss his views on markets (spoiler: not super bullish); how he built Troy into a significant asset management business from scratch; how he has managed …

1
#27 The Handicapper 1:08:55

1+ y ago1:08:55

1:08:55

Bill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour. He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why…

1
#26 The Pragmatist 1:19:17

1+ y ago1:19:17

1:19:17

Alec Cutler runs one of the best performing low risk global funds and has a pragmatic investing approach. In this interview, we discuss inflation and markets and what this means for stock selection. Alec explains his views on what makes for a successful investment team. And he explains the principles of investing he learned as a child from his gran…

1
#25 The Celebrity Investor 1:34:27

1+ y ago1:34:27

1:34:27

Guy Spier is a successful value investor and has spentconsiderable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different. We discuss why the best ideas are simple, yet analysts alwa…

1
#24 The Family Office CIO 1:04:46

2y ago1:04:46

1:04:46

Beth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful valueinvestors in the world, and now runs money for the multi-billion Pohlad family in Minnesota. We discuss the power of compounding, Beth’s research …

1
#23B The Best Selling Author Part 2 44:16

2y ago44:16

44:16

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. We split this interview into two parts. Last time we heard Green explain that the …

1
#23A The Best Selling Author Part 1 45:26

2y ago45:26

45:26

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. William spent five years painstakingly crafting the book and distilling his learni…

1
#22 The Octogenarian 54:32

2y ago54:32

54:32

Mario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading tradejournals; and in monitoring the…

1
#21 The Economist 58:53

2y ago58:53

58:53

Gavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about in…

1
#20 The Data Scientist 50:30

2y ago50:30

50:30

Tian Yang was a fascinating guest and we covered a wide range of subjects. He explains why ChatGPT may be useful in solving accounting problems, but it produces gibberish when asked about investing. We talk about his work on the commodity super cycle, looking at rubber, whaling and fur. He explains how he applies quantitative techniques to the capi…

1
#19 The Value Investor 1:10:21

2y ago1:10:21

1:10:21

Chris Bloomstran is best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway. Not only is he an outstanding value investor, he is a highly accomplished analyst. His Semper Augustus annual letter runs at over 100 pages and in recent years, it has included an evaluation of Berkshire Hathaway – his analysis of the stock i…

1
#18 The Distressed Damsel 56:10

2+ y ago56:10

56:10

Dominique Mielle had an illustrious career as a distressed debt hedge fund manager, including building a $5bn CLO business from scratch at Canyon Advisors. She retired from hedge funds, wrote a book, amusingly titled Damsel in Distressed (it was too good not to borrow), about her story to inspire women to follow her lead. In this interview, she tal…

1
#17 The Writer 1:16:04

2+ y ago1:16:04

1:16:04

Vitaliy Katsenelson is an investor and writer. Born in Russia, he now runs an investment adviser in Denver which specialises in picking individual stocks and eschews the usual 60:40 portfolio with equities indexed. In this podcast we talk about investing, about his third book and about his life philosophy. Vitaliy has a wisdom beyond his years and …

1
#16 The Podcast Host 1:26:21

2+ y ago1:26:21

1:26:21

Barry Ritholtz hosts Bloomberg’s Masters in Business, one of the most popular business podcasts in the world. He rather modestly says he was one of the first. Ritholtz not only has managed to interview investing heroes like Ed Thorpe, Ray Dalio (twice) and Michael Lewis (four times) but also has built a $3bn wealth manager in just ten years. In thi…

1
#15 The Short Seller 1:28:05

2+ y ago1:28:05

1:28:05

Carson Block is one of the world’s top short sellers, and one of few still managing a specialist fund. In this interview, Carson explains the business of short selling; the difference between fundamental shorting and his business of shorting and exposing frauds; how he spots these fraudulent companies; where to find frauds; and why it takes Muddy W…

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Stephen Clapham Behind The Balance Sheet Podcasts

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