Steve Clapham
1/11/2024
Red lines, Accounting Gimmicks and Management Gloss: Why You Need to Understand Balance Sheets to Avoid Portfolio Disasters (With Steve Clapham, Founder of Behind the Balance Sheet)

For all the narratives around investing and making money, those who have survived the investment cycles for decades and earned above average returns have typically adhered to sound disciplines.

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For all the narratives around investing and making money, those who have survived the investment cycles for decades and earned above average returns have typically adhered to sound disciplines.

This means valuing companies correctly, not taking shortcuts, not being swayed by management ebullience, and digging into the financial statements is key to optimising returns.

In this episode, Steve Clapham, veteran analyst, investor and creator of Behind the Balance Sheet explains why effective investment training has diminished, and how reading accounts is more important than ever in an era of waning cheap money.

Steve shares his candid thoughts on the CFA and explains why the cash flow statements are so vital.

He then explains why opportunities on the buy-side are increasingly plentiful, before covering a few case studies of 'creative accounting' (including two recent high profile fraud scandals: Patisserie Valerie and Wirecard). 

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