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Behind the Balance Sheet

Stephen Clapham, Behind the Balance Sheet

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Our objective is to remove some of the mystique around investing and improve our understanding of what makes a successful investment, or indeed an unsuccessful one. We meet leading investors and commentators and educate ourselves not just about the world of investing but also about the world. Our goal is to inform, educate, entertain and make you a better investor. We feature famous guests and some you may not know. But we can learn from them all, whether you are one of our core audience of ...
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Library of Mistakes

The Library of Mistakes

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Based in Edinburgh, with branches in Switzerland and India, the Library of Mistakes is a free public library designed to improve understanding of finance (and life in general), one mistake at a time. In this podcast series the Library's Keeper, Professor Russell Napier, speaks to authors of some of the most interesting books in the ever-expanding collection exploring insights into finance, business, society and human nature. Fascinating, educational and often rather funny. Produced and edite ...
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Bubble Trouble features conversations between economist and author Will Page and independent analyst Richard Kramer that lay out some inconvenient truths about how financial markets really work. Like the “boy who cried wolf,” financial markets have a peculiar tendency to repeat past mistakes and get themselves into “bubble trouble.” They party hard, drink too much of the Kool Aid, and wake up with a pounding hangover...only to do the same thing the next day. With tech dominating daily headli ...
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This week we have a distinguished guest with an estimable track record at calling out the machinations and malfeasance behind the numbers: Stephen Clapham, the driving force of Behind the Balance Sheet, a podcast of the same name and education company. Stephen helps teach fund managers and others the tricks of financial chicanery and magical massag…
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This week we turn our attention back to private markets where Richard’s prior smoke signals may be bearing fruit. That is, we’re getting reports that private equity is playing pass the parcel: selling assets to themselves that they can’t exit and doing so at their own valuations. Marking your own homework? Delaying a bubble that’s sure to burst? Or…
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For 40 years, Kiril Sokoloff, the founder of 13D Research & Strategy, has been picking some of the biggest turning points in financial markets. And, in 2001, he launched 'What I Learned This Week' – a must-read for anyone in the investment community. In this interview with Russell Napier, Kiril shares some of the insights he has gleaned across a lo…
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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…
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Our recent episode on Reddit was a surprise hit, as was the stock - temporarily - so we’ll be diving into that and much more. This week, a look at the volatile nature of financial markets with discussions around recent events, critiquing the creator economy, speculative frenzy in cryptocurrencies, and tech market overvaluation. For more on Bubble T…
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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…
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This week we speak with Bill Raduchel, who has served as a high-level executive and strategic adviser for organizations such as Sun Microsystems, AOL Time Warner, Xerox, McGraw-Hill, and the Salvation Army. Over half a century working with systems, software, and networks, he has remained at the forefront of the technology revolution in media, educa…
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This week, we’re talking taxes. Don’t switch off, don’t fall asleep and please don’t hire an accountant as the next 45 minutes will defy the laws of gravity and make taxes sexy. Or make saxes testy… Mentioned in today’s show: Barbarians at the Gate: https://youtu.be/Z3HiONtjZSM?si=xZ64zb46sYIfSs5Z For more on Bubble Trouble, including transcripts o…
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Russell Napier and Mark J Higgins explore some of the lessons to be learned from Mark's latest book, Investing in US Financial History: Understanding the Past to Forecast the Future. The book opens with Alexander Hamilton’s financial programmes of 1790 and ends with the Federal Reserve’s battle with inflation in 2023 – and Russell welcomes the valu…
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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…
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So let's look forward and prepare you for the next big sexy blockbuster tech IPO, you’ve read all about it - that’s right. Reddit is going to ring the bell. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-…
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When looking at today's issues of privacy, social media, and AI, we can draw a lot from the battles of the browsers over the past 30 years. To explore this, we welcome a close friend onto the show, the father of JavaScript and a Silicon Valley legend, Brendan Eich. Brendan left the CTO role of Mozilla firefox years ago and embarked on a journey to …
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This week we talk with Linda Yueh, author of the book The Great Crashes. Since America's Wall Street Crash of 1929, the global economy has weathered the most tumultuous century in financial history. From the currency crises of the 1980s, to Japan's housing meltdown, the dot com boom and bust, the global financial crash and the COVID pandemic, crash…
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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…
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This week, Will is just back from Brussels after addressing the European parliament on media and technology and, well, he’s doesn't see too impressed with his first visit since Brexit. And given we’ve discussed super stocks last week, this week we want to explore if any of those super stocks are going to come from the European Union, and equally, d…
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This week Richard puts Will on the hot seat, and review all his amazing work on the economics of the music industry, something that is a lot smaller than everyone imagines, even if it touches all of us deeply. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com You can learn more about R…
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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…
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This week we get into portfolio theory, or lack of, as for many the rush to big tech and wilful ignorance of everything else Wall Street has to offer seems to be the rule as opposed to the exception. Why is that, and is it sustainable? For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com …
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In an appetising taster of our Weekend of Mistakes at Hay Castle on 1-3 March 2024, Russell Napier is joined by the authors of Boom And Bust, William Quinn & John D. Turner, to discuss their fascinating global history of financial bubbles. William will also be joining Russell at Hay Castle for a session called The Madness Of Crowds. If you're acces…
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This week we’re going to keep on pricking bubbles with a fellow cynic of the sycophants and stenographers. Here to help us is David Trainer of New Constructs, whose company makes “robo-adjustments” to the reported accounts of 1000s of listed companies and tries to unearth the real financials behind the content marketing from company investor relati…
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Our guest this week is Hugh Hendry, a man who found fortunes walking the tightropes as booms turned to busts. Founder and CIO of Eclectica Asset Management, London, a Global Macro Hedge Fund, from 2002 to 2017, where its “high water mark” events were the early and successful identification of the gold bull market in 2003 and the housing debacle in …
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One of the giant iceberg industries - it's all around us but we don’t really see it - is advertising. Frequently touted as the first to suffer, first to recover on the economic cycle, but also counter cyclical, since you need to sell harder in tougher times. Now we are seeing wobbles in economic data, some serious haircuts in tech exits and layoffs…
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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…
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With 340-odd days ahead, what are the smoke signals - good and bad - that you need to be aware of? Today we look forward, and make sense of the madness ahead of us in 2024. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com You can learn more about Richard at https://www.linkedin.com/in…
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This week we’re in conversation with a special guest, someone who The Independent argued that he may be “the most influential man in British television.” Sir Peter Bazalegette. The man who brought Big Brother to our screens during his tenure at Endemol, steered the Arts Council England through a period of austerity and was recently chairman of the …
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Today, we turn our attention to a massive credit bubble that burst and dumped toxic sewage in the form of shell companies and endless debt on public utilities. A scandal is unfolding at Thames Water - London’s waterworks that’s frankly been drowned in debt by the private equity owners. To twist this up a notch, we’re joined by the Northern Irish fo…
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Welcome to this special episode – a lecture by Professor Deirdre McCloskey recorded at the University of Edinburgh. With great humour and wisdom, Professor McCloskey discusses Humanomics, her attempt to eradicate (or at least reduce) the role of mathematics in economics. She also explores the Market Mind Hypothesis, a new approach to the understand…
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This week we want to wrap up a stellar year of topics, guests and unimaginable bubbly behavior, and not just of the kind of champagne at holiday parties. For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-163…
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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…
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Economics wont get you a lot of spicy dates… but we delve into a fantastically accessible book that compliments this podcast like gin and tonic. This week we’re going to be in conversation with the authors of "Boom and Bust: A Global History of Financial Bubbles," an engaging tour of the last 300 years of bubbles. (Repeat from May 2023). For more o…
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This week wrap up our conversation with Andy Fastow, the former CFO of Enron. [Part 2 of 2] For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/ More on Will Page at: https://pivotaleconomics.com (Time…
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Financial historian and former Chancellor of the Exchequer Kwasi Kwarteng discusses War And Gold, his 500-year review of 'empires, adventures and debt'. In conversation with Russell Napier, he also looks back on the fallout from the 'fiscal statement' of September 2022 and the power of the bond markets. (The Library of Mistakes runs an outstanding …
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Welcome to a special, extended episode recorded live at the Library of Mistakes on 15 November 2023. Cognitive economist and investment 'pracademic' Patrick Schotanus discusses his important new book The Market Mind Hypothesis, with an introduction from Russell Napier. Drawing on the thinking of Adam Smith, The Market Mind Hypothesis touches on key…
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This week we take you back to one of the biggest bubble bursting in living memory, Enron, which went from Americas 7th largest company to bankrupt within a year at the turn of the millennium. How many booms, busts, frauds and financial irregularities have we witnessed since? Now, 100 episodes in, we get to sit down and LEARN from Andy Fastow, the f…
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This week we’re going to tap into a topic that’s been ignored to date - the excitement that surrounds the big three cloud services of Microsoft (Azure), Google (GCP) and the market leader Amazon AWS. Are we getting ahead of our skies about what is another form of storage, or is this a truly game changing way that organisations can transform everyth…
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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 …
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This week we turn to the unavoidable Mr Musk and his beached fail whale, X, formerly known as Twitter. Did he take something mediocre and make it worse? Was it deliverate sabotage, or willful ignorance? Blunder or bluster, megaphone or mega-fall from grace? Wiht us we have veteran tech journalist Alex Kantrowitz to help solve for X. For more on Bub…
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Stephen Clapham joins Russell Napier to discuss the clues and warnings that are often hiding in plain sight within the pages of a company's accounts – and yet are all too often missed by investors and journalists. Steve is the author of The Smart Money Method, and the creator of the Behind The Balance Sheet podcast and the popular online training c…
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This week we look at one of the noisiest self promoters on the VC carnival barker circuit, a man who famously said software eats the world when he has stocked his portfolio with software companies, with some wild claims about techno optimism. With our skeptical hat on we look at what's behind this and unpack the fears and hopes for the revolution t…
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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…
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We know why you, our audience, listen to podcasts... to impress friends at dinner parties. Now waht about extending a 35 minute pod to a 15 hour audiobook? And that’s where we’re turning our attention to today, audiobooks have been in the news here in the UK (and Australia) with Spotify trying, a year after spending $135m buying a tiny company in O…
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Hear the authors of the Millionaires' Factory reveal the inside of story of how Macquarie Bank became a global giant – a fascinating tale which also reflects the profound changes to have taken place across the financial world since 1974. Joyce and Chris are interviewed by Russell Napier, Keeper of the Library of Mistakes, who explores how the story…
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Bubble Trouble has spent 90+ episodes in the studios exposing sycophants and stenographers. More recently, we went from the studio to the stage, with both of us top billing the Financial Times Weekend Festival at Kenwood House. Richard’s panel, aptly titled ‘The new goldrush: how to make money out of tech.' So this week we want to get back to the s…
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This week we turn to regulatory bubbles and the new buzz word: Gatekeepers! What are they, and what are they not and what gates do they actually keep? In forty five days, the European Commission drummed up an answer, while the US DoJ starts a court case about Google paying for search bar placements like Heinz beans play for shelf space in the groce…
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Welcome to a special bonus episode, in which we hear a live talk from Simon Clark recorded at the Library of Mistakes on 20 September 2023. Together with Will Louch, Simon is co-author of The Key Man, a fascinating exposé of Arif Naqvi, the disgraced founder of the Dubai-based Abraaj Group. Naqvi was arrested in 2019 on charges of money laundering …
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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…
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