Behind the Balance Sheet

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What If the Mag 7 Concentration Problem Is About to Get Worse?
How private unicorns, decacorns and AI giants could reshape public markets
 • Stephen Clapham
Has Terry Smith Lost His Edge?
Takeaways from a candid interview on doubt, discipline, and doing right by clients
 • Stephen Clapham
What I Read in 2025 (and What It Taught Me)
30 books on money, behaviour, leadership and the limits of rationality
 • Stephen Clapham
Two Stocks at 30%+ Discounts, a Buffett Question & My 2026 Pivot
Why Berkshire suddenly feels less comfortable going into 2026
 • Stephen Clapham
The Setup That Makes 2026 Riskier Than It Looks
Debt markets are flashing a warning equity investors shouldn’t ignore
 • Stephen Clapham
Lord Darroch’s Shock Forecasts and a Mispriced Stock That Could Blow Out Consensus Numbers
The former British Ambassador to Washington flags an unexpected risk. Plus a company quietly reinventing itself while the market isn’t looking.
 • Stephen Clapham
One of Asia’s Great Mispricings?
A giant property portfolio, listed assets and a proven activist taking aim.
 • Stephen Clapham
Behind the Balance Sheet
Behind the Balance Sheet
Investing thoughts, tips on analysing companies and more, from a former partner of a Tiger Cub. Helping you improve your portfolio's performance.
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