WE PRODUCE INVESTMENT RESEARCH AND TRAIN ANALYSTS

 
 

SERVICES

TRAINING


 

We train investment professionals. Over 150 institutional equity analysts have taken our Forensic Accounting Course. Many more retail investors have taken our Introductory Courses. We also offer online training.

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OUR CLIENTS

 

 
 
 

SERVICES

RESEARCH


 

WE PRODUCE BESPOKE RESEARCH ON QUOTED COMPANIES AND VALUE UNQUOTED COMPANIES

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SERVICES

CONSULTANCY


 

We provide consultancy services for:

 

COMPANIES

ASSET MANAGERS


INVESTORS

EDUCATORS

 
 

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INVESTING & ACCOUNTING


 
 
“I was very pleased with the content and impressed with the delivery. His presentation is packed with useful, actionable insights, which he presents in an engaging way. This is a highly technical subject, and far from being dry, Stephen really puts it to life with real examples from all over the globe and practical insights on how to not just uncover fraud and manipulation, but get a deeper understanding of accounting more generally. So in summary this is a very good investment and I’m already using some of his insights in my research.”
— Analyst (CFA) at a $50bn AUM long only fund London office
 

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ABOUT US


 

We are a research consultancy, with our roots in equity research. We are now applying the skills we have developed in that environment to a wider audience. The core of our offer is

  1. Investment research, applied to unquoted companies as well as quoted companies.

  2. Training services.

In research, we have talented analysts, mainly ex hedge fund, corporate finance or sell-side, who produce quality and in-depth research. Our analysis of quoted companies and industries is very similar to that conducted in a top quality investment bank. Our analysis of unquoted companies is best likened to that of a top 4 accountancy firm - we endeavour to do all the research ourselves using source accounts documents from Companies House, which is the best way to avoid data quality issues from offshoring or purchased generic data.

In training, we have the most sophisticated in-depth training course available anywhere for institutional equity analysts, credit analysts and portfolio managers. Read more.

 
 

MY name is

STEPHEN CLAPHAM


 

Stephen (Steve) is the founder of The Balance Sheet Surgery LLP, trading as Behind the Balance Sheet. Steve has been an investment analyst for the last 25 years. He has worked on the 'sell side' for a number of investment banks covering the transport, utilities and conglomerates sectors. In 2005 he moved to the 'buy side' where he was a partner at Toscafund Asset Management LLP then Head of Research at Altima Partners LLP, both then multi-billion dollar firms .

Steve was consistently rated in the top 10 in various sectors when he was a sell-side analyst, including the prestigious Starmine Most Accurate Forecaster award, and as runner-up in the highly regarded Institutional Investor survey. Steve is on first name terms with many of the City's leading fund managers and is widely regarded as one of the top analysts in his sectors.

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CHECK OUT OUR

Library

We have a free to access library of investment resources which are a wonderful compendium of everything from academic articles to stock ideas, with useful commentary on the outlook for markets, wisdom from great investors. There is too much to list here, check out the summary page. To access the library, you will need to sign up for our mailing list, but we only plan to send the very occasional offer.

 
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In the Press

We are regularly quoted or featured in the media - Steve is a regular on BBC Radio 4’s Today programme (usually on the 6.15 am business slot, which means an early bedtime!) and our work is widely quoted in leading media from the Financial Times to the South China Morning Post. The headline and picture below is from a Sunday Times article about our Forensic Accounting Course - read more (paywall).

 
Sunday Times September 22, 2019

Sunday Times September 22, 2019