Dear Fellow Investor,

In just twelve months you can go from having an interest in investing to having the skills of a professional analyst.

That's a bold claim - but one I think you'll find reasonable after reading this letter.

My name is Steve Clapham. 

And after 30 years as an equities analyst, I now train investment professionals and private investors.

Until this year my training was only available to professional analysts.

But now the doors are open to you.

Introducing the Analyst Academy

After finishing my 12 month Analyst Academy course, you'll have all the skills and techniques you need to be a serious analyst or investor. 

Here are just some of the skills you'll build from day one:

** How to assess any company's financials and arrive at a valuation

** How to cut through accounting jargon and see what's really going on at a company 

** How to identify and value companies with the potential to compound your investment many times over

** How to spot frauds like Enron before they blow a hole in your savings 

** How to make solid assessments of industry and company dynamics

** How to judge whether or not management can be trusted with your cash

** How to manage your portfolio to protect your downside and earn better returns

** How to fine tune your ability to forecast cash flow and company earnings

And much, much more. 

Go from interested reader to informed investor 

Do you find it hard to apply what you read in investing books?

Or perhaps you feel you don't have the training to find your own investments.

If you want to change this, The Analyst Academy is the only place you can:

** Learn every aspect of investing from the ground up - based on my 30 years experience

** Watch step-by-step walk throughs showing you how to apply what you learn 

** Put your learning into practice with over 37 hand-picked tasks and exercises 

** Ask questions and discuss the course in webinars with myself and your fellow students

** Give yourself the same level of training billion dollar investors give their analysts

** Learn at your own pace and enjoy lifetime access to your course materials

But in saying that, this course isn't for everyone.

And if you're OK not understanding what you invest in, The Analyst Academy probably isn't for you.

But if you want to:

** Go from reading other people’s stock ideas to finding your own

** Make informed investing decisions based on your own analysis

** Use your knowledge to avoid scams and investment fads

** Identify quality companies that you can hold for the long-term

** And start building professional analysis skills from day one...

You can be sure you'll reach your goals with the Analyst Academy.

Try the Analyst Academy Risk Free

It's simple really. Either you get what you want from this course or you don't pay.

Because if you don't like the course, you can cancel your monthly subscription at any time. 

I'll even refund your first month's tuition if you cancel in the first 30 days.

How about that for a riskless investment?

Time and the power of compound returns wait for nobody

Meaning there's never been a better time to make yourself a fully informed investor.

Think about it – every day you delay getting a proper investing education makes it more likely you'll lose money in the markets.

Take action now and give yourself the best chance of success.

Best wishes and good luck,


Steve Clapham


P.S. Here are a few comments from my investing students:

Student Testimonial

Michael Fahey is a wealth manager.

Listen to him giving Steve an honest appraisal of his experience on the Analyst Academy.

Michael is an experienced investor and bought his first stock after the market crash in 1987!

Michael has no connection to Steve, other than as a student, and has not received any benefit for participating in this video. Thanks Michael, we appreciate it!



"Investing is all about finding an opportunity and grabbing it with both hands; the same applies to education and having been on a number of courses in my lifetime, I highly doubt you will EVER find such an opportunity as a course like this."


Charlie, London - Analyst Academy February 2020 Cohort


"Steve's Analyst Academy is a course packed with high-quality content, with a fantastic mix of video and written material, quizzes to test your new-found (or re-discovered!) knowledge and what seems like an endless supply of extracurricular material to get your teeth stuck into. Another standout is engagement - regular articles of interest are shared with other learners, no questions are left unanswered and discussions are encouraged. It is clear that Steve cares about your learning and the value you obtain from his course. I'd recommend Steve's courses to anyone that wishes to take the plunge."


Ben, Wokingham - Analyst Academy February 2020 Cohort


“After 10 years in Investment Management I decided I wanted to take my analysis skills to the next level and was recommended the course by our head of European Strategy. It gave me a fantastic insight into how to approach and analyse a set of accounts which I now use on a daily basis. I found it easy to follow and Steve was happy to help in any way possible. My only regret is that I couldn’t have taken it sooner in my career!”


Paul, England, Chartered Wealth Manager


“I wanted more insight into my investment decisions which is why I signed up for the Analyst Academy. How do you really value a company? What analysis should you undertake? Steve, based on his years of experience, has developed a comprehensive programme which really does reveal what’s behind the balance sheet. This was not some dry, boring accountancy course. I could work at my own pace, as well as attend regular webinars hosted by Steve. I thoroughly recommend this to anyone who wants to analyse any stock and make an informed decision.”


Andrew, London - Analyst Academy February 2020 Cohort

"The webinar was fantastic. I've taken several online courses, and the rub is always how to ask questions. Your system of reviewing content and allowing people to type questions is super effective." 

Sanjeev Kriplani, California - Analyst Academy June 2020 Cohort 

"I have tried some of the lessons in the Academy. Must say that this is really excellent content. Though I have studied many of the issues you address you provide more than an extra edge. What can I say, its fantastic content and added value. Thanks again and I will certainly recommend your courses to any colleagues."

Professional analyst and CFA Charterholder at asset manager, Middle East - Analyst Academy June 2020 Cohort

I stumbled upon the Analyst Academy after reading Steve Clapham’s outstanding investing book “Smart Money Method “.

While the course’s primary audience is perhaps sell-side/buy-side analysts or analysts in training , I found this extremely valuable for private investors such as myself . I'm an experienced investor with nearly 2 decades of successful stock picking experience.

I think this course would be excellent for intermediate/advanced private investors. As a self-taught investor myself, it helped reinforce and solidify many concepts I’d learned along the way via trial and error.

 Steve, a 30+ year veteran of the markets as an analyst and hedge fund manager, takes a step by step approach to investing - as you would in real life - starting with approaches to look for and find the best stocks, analyzing them for quality, building and maintaining your portfolio while going into deep dives on Accounting and Valuation Techniques along the way. The lectures are short and succinct with a wealth of practical info . The true gems are the additional reading materials - the articles , podcasts and the videos. As someone who's addicted to podcasts myself, I've listened to many of those before, but found several new ones. Same with innumerable  investment articles /book recommendations. This is a veritable investment library in and of itself. Steve's insights on developing an "investment philosophy " for oneself are emphasized throughout with articles, podcasts and videos with investment greats. The course is extremely user friendly and the curriculum can be easily accessed as easily from an ipad as from a PC. Quite an impressive job that has been  done with the navigation process for the course (which is usually a nightmare for such courses).

Analyst Academy is truly a Masterclass on the art and science of investing. I honestly feel that it has no peers around and would be an invaluable addition to the investment arsenal of any experienced private investor looking to add alpha! Definitely an investment that can easily pay itself many times over. HIGHLY HIGHLY Recommended.

KJP, Cardiologist, Los Angeles - Analyst Academy February 2021 Cohort 

Hi, I’m Steve Clapham.

I have over 30 years of stockmarket experience as an equity analyst (and the grey hair to prove it!). I have had a successful career as a highly rated sell-side analyst covering a number of sectors. I then moved to become a partner and head of research at two multi-billion hedge funds, based in London.

In 2018, I set up this training company, Behind the Balance Sheet, and hundreds of full-time professional investors have now taken my Forensic Accounting Course.

Some of the world's top institutions use me to help their top analysts improve their skills. Investors like Baillie Giffford, Pictet and Schroders running hundreds of billions, through to small niche boutiques and hedge funds running a few hundred million. These highly skilled pro investors use Behind the Balance Sheet and that expertise is now available to you!

And if you don't want to invest this much time and money in a training course at this stage, why not buy my book? The Smart Money Method was published in November 2020 and immediately went to number 1 in 2 investing categories on Amazon in the UK and US.


A detailed list of the lectures is shown below, and some allow a free view so you can see the type of content in the course.

But you don't just get access to the online school. The Analyst Academy is more than that. You also get:

  • full membership to our exclusive community where you get updates on markets and recommendations on current articles to read and podcasts to listen to.
  • regular live webinars, given by Steve Clapham who goes through the curriculum and then does a general Q&A where you can ask questions on the course, on markets and even on individual stocks.

The full curriculum is a long list, so here is a brief summary:

1 Understanding Accounts

We explain how to approach a set of accounts, go through the balance sheet in line-by-line detail, explain the P&L, cash flow as well as the audit report, accounting policies and notes, all with a worked example.

2 How to Pick Stocks

We explain the research approach Steve used at multi-billion hedge funds, from how to find ideas, how to check they are valid before doing the detailed research on the industry, company and management. We cover the issue of business quality in detail.

3 How to Value Stocks

We cover valuation theory, but more importantly how to value stocks in real life, explaining which multiples to use when, and covering a range of valuation techniques.

4 How to Construct and Maintain a Portfolio

We explain how to assemble a robust portfolio and how to keep a watch on it, and issues like what macro economic factors are important, when to use technical analysis and most importantly, when to sell.

5 Putting All This Together

In the final section of the course we go through what has been learned using a series of practical examples and case studies, drilling down further into some of the topics.