Stephen (Steve) Clapham is the founder of Behind the Balance Sheet,
a leading investment research and investor training consultancy. He
spent 20 years as an equity analyst at different investment banks,
covering various sectors, and was consistently rated in the top 10
in his sector. He moved to the buy-side in 2005 and was a partner
and head of research at two multi-billion dollar hedge funds.
Steve trained as an accountant and lives in London. He is regularly
featured in the press, including the Financial Times, Sunday Times
and City AM as well as on the Today programme on BBC Radio 4 and
Real Vision, talking about accounting issues at quoted companies.
The Smart Money Method provides a treasure trove of ideas and
insights for serious investors. Processes that have been honed by
author Stephen Clapham over a 30-year career as a top equity
analyst provide valuable lessons into where investors can most
profitably channel their research efforts, the most effective
methods to use, and the many nuances that need consideration.
Peppered with wry anecdotes and some candid views on the industry,
Mr Clapham's book also provides an illuminating gaze into the City
and hedge funds.
The Smart Money Method's stated aim is to make its readers better
at investing. While the book is light on the kind of how-to
instructions that may serve a beginner, where it scores is in the
abundance and richness of good ideas in its pages. So, buy it, read
it and become a better investor.
*Investors Chronicle*
Clapham's excellent book offers a practitioner s perspective on
fundamental analysis, demonstrating how top hedge funds use
forensic accounting techniques to separate high quality,
undervalued opportunities from value traps.
*Tobias Carlisle, Manager of the Acquirers Fund (NYSE:ZIG) and
author of The Acquirers Multiple.*
Crisp and incisive. A must-read for anyone interested in picking
stocks and understanding markets.
*Oliver Shah, Business Editor, Sunday Times and author of Damaged
Goods*
An extremely good read for anyone wanting to master the art of
stock picking. The author has had an uncanny knack of spotting
winners and losers throughout his long career.
*Peter Harrison, CEO, Schroders*
A book crammed with a lifetime's professional experience with
practical advice you won't find elsewhere. If you are picking
stocks and you want to save time and money the best place to start
is by buying this book.
*Russell Napier, author, Anatomy of The Bear*
An essential read. Leverage Stephen's wealth of experience and
become a better investor.
*Jon Moulton, Founder and Managing Partner, Better Capital*
A superb book by one of the acknowledged experts in the field.
Clear, compelling and beautifully structured, this should be
required reading for anyone who wishes to understand what makes a
great investment or a lousy one. Every young investor should read
this and take careful note of Steve Clapham's experience from a
lifetime of investing.
*Quintin Price, former Head of Equities and Credit, Blackrock*
When talking to Stephen I have always been reminded of what was
said about the football player Terry Sheringham he ran the first
five yards in his head. Stephen is like this a deep involvement
with companies and markets over a long period of time has given him
the ability to see the hidden motive, the start of the trend, the
next likely development while others are still puzzling over what
has been said.
*Dominic O'Connell, Business Editor, BBC Radio 4's Today*
I met Stephen in the 1990s, when he was an analyst covering the
transport sector. Since then we have stayed in touch and I have
always been impressed by Stephen's diligence and thirst to
understand the dynamics of a company and its market. The Smart
Money Method is a good read for everyone interested in investments,
but will be of particular value to graduate investment trainees and
non-professional investors, who are looking for more colour (and
many interesting anecdotes) on how professionals make investment
and divestment decisions.
*Sir Brian Souter, Co-Founder, Stagecoach and Chairman, Souter
Investments*
Stephen Clapham's fast-paced The Smart Money Method has at least
one idea on every page that fundamental investors will want to
highlight in yellow and then add to their analytic toolbox.
*Hewitt Heiserman, author, It's Earnings That Count*
A very comprehensive book on the world of research and analysis.
Steve doesn't just guide you through analysis but also tutors you
in how to 'think' like a professional, successful analyst.
Moreover, the book integrates other all-important facets of
investment such as approaches to communication with decision-makers
and clients, and portfolio maintenance. This is no surprise to me
since I first met Stephen 25 years ago when he was already a highly
rated analyst and I was a client, and since then he has had a
successful career in hedge fund management. Therefore, the
approaches which hedge funds use but rarely discuss can be gleaned
from this authoritative book. Packed with practical step-by-step
advice it is chatty in tone when it needs to be to get important
messages across, and thus is wonderfully easy to read.
*Ajay Gambhir, former manager, RWC Samsara*
I knew Steve as a sell-side analyst in the past and his analysis
leaves no stone unturned. This book outlining his research process
is a great introduction for young analysts and will teach many
experienced ones a thing or two. Recommended.
*Martin Gilbert, Founder, Aberdeen Asset Management and Chairman,
Revolut*
Stephen is an extremely professional analyst with a long track
record. I found his book easy to read and very helpful in terms of
how to identify suitable companies to invest in.
*John Allan, Chairman, Tesco plc and Barratt Developments and Vice
President,CBI*
Every ambitious founder, hoping to reach the stock market, should
read this book to learn what to expect.
*Brent Hoberman, Co-Founder and Executive Chairman, Founders
Factory, Founders Forum, firstminute capital*
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