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 you'll agree is perfectly reasonable after reading this letter.
My name is Steve Clapham. And after 25 years as an analyst, I now train investment professionals and private investors.
Until this year my training was only available to analysts at billion dollar institutions.
But now the doors are open to you.
Introducing the Analyst Academy
Even the least informed investor can profit in a raging bull market.
But picking your own stocks without the right training is a recipe for disaster.
After completing my 12 month Analyst Academy, you'll have everything you need to be an informed and competent investor.
Here are just some of the investing skills you'll learn:
• Assess any company's finances to understand what they're really earning
• Value companies and assess investment opportunities
• Cut through the accounting jargon and see what's really going on
• Spot and avoid frauds like Enron before they blow up
• Make solid assessments of industry and company dynamics
• Judge whether or not management can be trusted with your cash
• Manage your portfolio to protect your downside and earn better returns
• Identify quality companies that compound your investment many times over
All for less than the price of your monthly internet and phone bill.
Go from interested reader to informed investor
Are you frustrated about not being able to apply what you've read in investing books?
Or maybe you feel you don't have the right training to find and analyse your own investment ideas.
If so, I have good news for you.
You're exactly who this course was made for.
At the Analyst Academy, you don't just learn investing principles. They become second nature.
Progressing through the course at your own pace, you will:
*Learn each aspect of investing from the ground up - based on my 25+ years of experience
*See step-by-step walkthroughs 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
This course is built on the same principles I teach billion dollar institutions and high net worth investors.
And now you can benefit from the same level of training they rely on for success in the market.
But...
The Analyst Academy isn't for everyone.
And if you're comfortable not really understanding what you invest in - this course probably isn't for you.
However, 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
*Go from being an interested reader to pro-level analyst in under a year...
You can be confident in reaching your goals as part of the Analyst Academy.
Even better, you can try it with no risk on your part.
Because if you don't like the course, you can cancel your subscription at any time.
And I'll refund you the first month's fee if you cancel in the first 30 days.
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.
Click below to enroll before the price rises to £99/month.
"Every day you delay starting your education makes it more likely you'll make a mistake.
Take action and give yourself the best chance of success in the markets today.
Best wishes and good luck,
Steve Clapham
P.S. Your satisfaction with this course is guaranteed. You can cancel your monthly payment at any time. And I'll refund you in full if you cancel in the first thirty days. No questions asked.
P.P.S. Here are a few comments from my investing students:
"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
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 over 250 full-time professional investors took my Forensic Accounting Course in its first 18 months.
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 to a couple of billion. These highly skilled pro investors use Behind the Balance Sheet and that expertise is now available to you!
Curriculum
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 it's 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 importnatly, 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.
Course Curriculum
- 1 Welcome Video (2:13)
- 2 Resources - Introduction to Accounts for Analysts
- 3 Structure of the Course (6:58)
- 4 First Things First - How to Approach the Accounts (3:40)
- 5 Audit Report (8:12)
- 6 Balance Sheet Introduction (3:49)
- 7 Balance Sheet - Fixed Assets (11:36)
- 8 Exercise - Fixed Assets
- 8A Exercise - Fixed Assets: Suggested SOLUTION
- 9 Operating Lease Capitalisation
- 10 Balance Sheet - Goodwill (5:15)
- 11 Balance Sheet - Other Long Term Assets (4:33)
- 12 Exercise - Intangibles
- 13 Exercise - Intangibles: Suggested SOLUTION
- 14 Balance Sheet - Current Assets (12:24)
- 15 Balance Sheet - Current Liabilities (5:17)
- 16 Balance Sheet - Longer Term Liabilities: Pensions (3:27)
- 17 Exercise: Pensions
- 18 Exercise - Pensions: Suggested SOLUTION (3:14)
- 19 Balance Sheet - Longer Term Liabilities (3:00)
- 20 Equity and Other Comprehensive Income Statement (2:19)
- 21 Balance Sheet Wrap-up (0:56)
- 22 Related Party Transactions (5:58)
- 23 Concluding Video (0:40)
- Welcome Video (0:54)
- Module Introduction (0:45)
- P&L - Revenue (6:22)
- P&L - Gross Margin (2:52)
- Exercise - Gross Margin
- Exercise - Gross Margin: Suggested SOLUTION
- P&L - Expenses (5:31)
- P&L - Margins (2:56)
- Exercise - Expenses and Margins
- Exercise - Expenses and Margins: SOLUTION
- P&L - Interest (3:57)
- P&L - Other (2:37)
- P&L- non-GAAP (3:02)
- Stock Based Compensation
- P&L - Wrap-up (0:46)
- Concluding Video (0:33)
- Introduction to Webinars
- Webinar 1 2/20C - Accounts Intro and Balance Sheet (80:40)
- Webinar 1 6/20C - Accounts Intro and Balance Sheet (78:37)
- Webinar 2 - P&L (100:01)
- Webinar 3 - Cash Flow (90:00)
- Webinar 4 - Accounting Policies (57:42)
- Webinar 5 - Accounting Shenanigans (71:19)
- Webinar 6 - Financial Ratios (104:20)
- Webinar 13 - Intro for Feb '21 Cohort and Q&A (58:30)
- Webinar 17 - Accounting Concepts re-explored (66:53)
- Additional Webinars - Explanation
- Webinar 31 - A First Look at Alphabet (68:03)
- Webinar 32 - A look at Apple's Valuation (61:15)
- Webinar 33 - AMA March 2022 (55:16)
- Webinar 34 - Stock Pitch 1 April 10 2022 (83:35)
- Webinar 35 - Stock Pitch 2 April 24 2022 (76:41)
- Welcome Video (1:01)
- Introduction to the Cash Flow Statement (0:42)
- Structure of Cash Flow Statement (2:37)
- Operating Cash Flow - Ontex Example (6:06)
- Exercise - Depreciation
- Exercise - Depreciation: Suggested Solution
- Cash from Investing (3:03)
- Cash from Financing (4:05)
- Buying Assets with Paper (4:38)
- Amazon's Cash Flow - A Critical Review
- Acquisitions in the Cash Flow - Worked Example (7:30)
- Exercise - Cash Flow
- Exercise - Cash Flow: Suggested Solution
- Wrap up (0:53)
- Concluding Video (1:05)
- Welcome Video (1:15)
- Introduction to Accounting Policies (4:28)
- Accounting Policies 2 - Changes (16:38)
- Accounting Policies 3 - FX Rates etc (5:15)
- Accounting Policies 4 - Revenue Recognition etc (5:11)
- Accounting Policies 5 - Other Issues and Materiality (2:18)
- Accounting Policies 6 - APMs (2:06)
- Accounting Policies 7 - Things to Watch Out For (1:26)
- Accounting Policies 8 - Wrap-up (0:28)
- Accounting Policies Exercise
- Concluding Video (1:11)
- Welcome Video (0:59)
- Resources
- Introduction to Financial Ratios (2:19)
- Approach to Ratios (3:52)
- P&L Ratios (6:15)
- Returns 1 - RoCE (6:33)
- Returns 2 - ROIC (5:22)
- Returns 3 - ROIC and CROCI (8:35)
- Working Capital Ratios (2:00)
- Liquidity Ratios (4:47)
- Solvency Ratios (5:54)
- Wrap-up on Ratios (0:51)
- Exercise - Financial Ratios
- Exercise - Financial Ratios: Solution
- Concluding Video (0:32)
- Welcome Video (1:03)
- Introduction to Analysis, Ratios and Other Tools (1:41)
- P&L - Internal and Revenue Analysis (2:51)
- Gross and EBIT Margin Trends (4:17)
- Margins vs Peers (4:49)
- Adjusted Earnings (1:17)
- Balance Sheet including Working Capital Ratios (5:11)
- Returns (1:36)
- Analytical Short Cuts (2:36)
- Wrap-Up (1:23)
- Closing Video (0:48)
- Accounts Course Closing Video (1:19)
- Module Overview Video (4:20)
- Finding Ideas Welcome Video (1:10)
- Introduction to the Analysis Module (3:07)
- Routes to Price Appreciation (6:43)
- Finding Ideas Introduction and the Press (3:21)
- Finding Ideas 2 Sell-SIde Research (5:17)
- Finding Ideas 3 - Watch and Wait (4:02)
- Finding Ideas 4 - Thematic Investing (3:58)
- Finding Ideas 5 - Personal Observation (5:06)
- Finding Ideas 6 - Laterals (4:06)
- Finding Ideas 7 - Input Cost Changes (2:19)
- Finding Ideas 8 - Other Investors (4:18)
- Finding Ideas 9 - Personal Contacts and Screens (5:15)
- Finding Ideas 10 -Instant Ideas (3:11)
- Finding Ideas - Conclusions (1:04)
- Finding Ideas - Wrap-up Video (0:48)
- Resources
- Welcome Video (0:56)
- Introduction (2:36)
- Initial Checks - Liquidity and Charts (5:58)
- Estimates and Valuation (6:16)
- Financial Parameters (2:30)
- Shareholders and Brokers (6:21)
- Broker Research (7:29)
- Company IR Website (3:05)
- Reviewing the Results (3:27)
- Completing the Review (3:55)
- Conclusions (0:37)
- Closing Video (0:13)
- Welcome Video (1:23)
- Introduction (1:56)
- Good business and investors (2:14)
- Practical Examples in One Sector (4:12)
- How to Identify Quality (5:01)
- Introduction to Moats (2:09)
- Moats in Detail (14:56)
- The Single Most Potent Quality Factor (4:54)
- Economic Advantage Assets (3:50)
- High Quality Revenue (2:41)
- Gross Profitability (3:31)
- Quality - Conclusions (1:20)
- Concluding Video (0:39)
- Additional Reading
- Welcome Video (0:48)
- 1 Introduction (1:42)
- 2 Checklists (5:48)
- 3 Analysing the Industry (8:45)
- 4 Industry Quality (1:51)
- 5 Supply and Demand (5:29)
- 6 Sectoral Analysis (6:41)
- 7 Sector #1 or #2 (1:46)
- 8 Sector Case Study: Waste (4:37)
- 9 Sector Case Study: Using Company Data (2:33)
- 10 Sector Case Study: Using Broker Reports (2:51)
- 11 Using Porters 5 Forces Framework to Asssess Quality (5:21)
- 12 Conclusions (1:11)
- Wrap-up Video (0:54)
- Welcome Video (3:22)
- 1 Introduction (3:51)
- 2 Segments (4:00)
- 3 Revenue Growth (5:11)
- 4 Base Rates (7:27)
- 5 Industry Concentration (2:21)
- 6 The Value Chain (4:10)
- 7 Detailed Analysis (7:47)
- 8 Data Collection (5:53)
- 9 Compounders (2:52)
- 10 Quality Stock Example (3:54)
- 11 Significance of Company History (2:06)
- 12 Sustainability (1:30)
- 13 Share Price History (2:27)
- 14 Shareholder Base (4:54)
- 15 Testing Understanding (1:36)
- 16 Conclusions (0:54)
- 17 Wrap-up Video (0:43)
- Welcome Video (1:37)
- 1 Introduction (1:47)
- 2 Evaluating Management (2:00)
- 3 Shareholder Letters (3:35)
- 4 Capital Allocation (10:11)
- 5 Management Incentives (8:48)
- 6 Board Composition (6:10)
- 7 Meeting Management (4:31)
- 8 Management Turnover (3:15)
- 9 Family Owned Businesses (5:54)
- 10 Strategy (8:02)
- 11 Good Acquisitions (1:26)
- 12 Bad Acquisitions (4:16)
- 13 Corporate Culture
- 14 Conclusions (0:33)
- Wrap-up Video (0:21)
- Additional Resources
- Module Conclusions (1:27)
- Course Welcome (3:09)
- Module Welcome Video (0:46)
- Course Introduction (2:30)
- Two Approaches to Valuation (3:37)
- 3 Golden Rules of Valuation (2:15)
- Introducing Damodaran (1:54)
- Intrinsic Valuation 1 (1:49)
- Intrinsic Valuation II (2:29)
- Intrinsic Valuation III: Further Reading
- History of The Science of Investing (7:43)
- Wrap Up (0:42)
- Welcome Video (0:59)
- Introduction to Module
- Central Concept - WACC
- Modern Portfolio Theory I (5:02)
- Modern Portfolio Theory II (6:08)
- Evidence Against MPT I (8:32)
- Evidence against MPT II (8:14)
- DCF Valuation I (5:56)
- DCF Valuation II (6:11)
- DCF Exercise
- Other Intrinsic Valuation Methods: DDM (2:47)
- Other Intrinsic Valuation Methods: EVA (6:39)
- CFROI (10:58)
- Relative Valuation I (3:59)
- Relative Valuation II (5:05)
- Relative Valuation III (3:52)
- Hybrid Methods (4:33)
- Gordon Growth Model (2:05)
- Conclusions (1:05)
- Wrap Up (1:10)
- Resources
- 1 Welcome Video (1:11)
- 2 Introduction (2:41)
- 3 Theory – An Aside
- 4 Why EV Based Measures are Useful (1:41)
- 5 Advantages of EV (1:24)
- 6 Calculating EV - I Basics (2:06)
- 7 Calculating EV II Associates (5:02)
- 8 Calculating EV III Minorities (4:10)
- Exercise - Minority Valuations
- Exercise Answer - Minority Valuations
- 9 Calculating EV IV Debt at Market Value (3:52)
- 10 Calculating EV V - Stock Options etc (1:53)
- 11 Calculating EV VI - Rolling forward the EV (1:44)
- 12 Applying EV - Using EV per Unit (1:57)
- 13 EV Wrap up (1:34)
- 14 EV ClosingVideo (1:39)
- 1 Welcome Video (1:28)
- 2 Introduction (2:50)
- 3 Overview of Multiples (2:07)
- 4 P/E I (3:54)
- 5 P/E II (3:51)
- 6 P/E III - Forward P/E (4:35)
- 7 P/E IV – Formulaic Approach to P/E Valuation (6:58)
- 8 P/E V – Conclusions on PE (2:09)
- 9 Price to Book (4:07)
- 10 PEG Ratio (2:46)
- 11 Cash flow multiples (3:55)
- 12 Dividend Yield (5:09)
- 13 Others including Price:Sales (3:46)
- 14 EV/EBITDA (5:08)
- 15 Other EV Based Measures (4:43)
- 16 EV:Sales I (3:08)
- 17 EV:Sales II: Applying it in Practice (5:11)
- 18 FCF Yield to EV (0:38)
- 19 Average P/E (1:39)
- 20 Wrap up (1:25)
- 21 Closing Video (0:48)
- 1 Welcome Video (1:19)
- 2 Introduction (0:56)
- 3 DCF I (7:11)
- 4 DCF II (2:04)
- 5 DCF III - Mechanics (2:44)
- 6 Reverse DCF (2:23)
- 7 Sum of the Parts (6:58)
- 8 Comps Analysis (3:11)
- 9 Comparable Transaction Multiples (2:46)
- 10 Football Field Analysis
- 11 Wrap up (1:01)
- 12 Closing Video (0:44)
- Valuation Exercise
- Valuation Exercise Suggested Solution
- Welcome Video (4:03)
- 1 Module Overview (2:41)
- 2 Compounders I (4:56)
- 3 Compounders II (3:36)
- 4 Compounders III (3:18)
- 5 Case Study I - Microsoft (3:41)
- 6 Case Study II - Starbucks (1:17)
- 7 Case Study III - Coke (1:58)
- 8 Compounders – Conclusions (1:26)
- 9 Tying Multiples to Returns/Growth/Rates (3:40)
- 10 Sensitivity Analysis (3:12)
- 11 Sensitivity Analysis II (1:40)
- 12 Balance Sheet and Cash Flow Effects (3:26)
- 13 Common Valuation Misconceptions (3:33)
- 14 Balance Sheet Impact on Multiples I (2:53)
- 15 Balance Sheet Impact on Multiples II (2:04)
- 16 Balance Sheet Impact on Multiples III (2:48)
- 17 Sum of the Parts Revisited (6:38)
- 18 IPOs (3:52)
- 19 The Perils of Debt (3:18)
- 20 Value Traps (2:32)
- 21 Displaying Valuation Data (5:26)
- 22 LTV vs CAC I (6:42)
- 23 LTV vs CAC II (4:23)
- 24 LTV vs CAC III - Churn (2:43)
- 25 LTV vs CAC IV - Conclusions (2:08)
- 26 Sector Valuation (5:07)
- 27 Valuation of Markets (5:59)
- 28 Conclusions (2:04)
- Valuation Exercise
- Valuation Exercise Suggested Solution
- 29 Module Closing Video (1:13)
- 30 Course Closing Video (2:43)
- 1 Welcome Video (2:11)
- 2 Introduction - What is Technical Analysis? (3:05)
- 3 Technical Analysis Basics (8:16)
- 4 Three Useful Concepts (7:57)
- 5 Support and Resistance (5:43)
- 6 Relative Strength Indicator (2:06)
- 7 Concept of Breakaway and Exhaustion Gaps (1:16)
- 8 Candlesticks Explained (5:57)
- 9 Variations – Relative rotation graphs (4:31)
- 10 Elliott Wave
- 11 Using Technical Analysis on Markets
- 12 Wrap up (1:16)
- 13 Closing Video (0:56)
- 14 Further Reading (5:50)
- 1 Welcome Video (1:21)
- 2 Introduction (2:17)
- 3 Checklists
- 4 Presenting the Idea - Retail Investor (4:42)
- 5 Presenting the Idea – Professional Investor I (4:59)
- 6 Presenting the Idea – Professional Investor II (6:42)
- 7 Peer Review and Decision (1:46)
- 8 Conclusions (1:25)
- 9 Wrap up Video (1:30)
- 10 Resources
- 11 A Checklist You can Use
- Webinar 21: D1 Technical Analysis (114:52)
- Webinar 22 D2 Final Decision (62:28)
- Webinar 23 D3 Portfolio Construction (80:36)
- Webinar 24 D4 Risk Management (60:26)
- Webinar 25 D5 Portfolio Maintenance (66:42)
- Webinar 26 - D6 Macro (47:15)
- Webinar 27 - D7 Disruption (49:52)
- Webinar 28 - D8 Behavioural Finance (59:08)
- Webinar 29 - D9 ESG (44:14)
- 1 Welcome Video (1:54)
- 2 Introduction to Macro (5:04)
- 3 Why Macro is Important (4:43)
- Peter Warburton (4:38)
- 4 Macro Signals (10:24)
- 5 Key Issues in Macro I (4:15)
- 6 Key Issues in Macro II (4:48)
- 7 Market Valuation I (6:15)
- 8 Market Valuation II
- 9 Market Timing (8:29)
- 10 Market Cycles (16:27)
- Andrew Smith (9:18)
- 11 Styles (5:21)
- 12 Forecasting (6:30)
- 13 Credit Markets (4:30)
- Savvas Savouri (8:56)
- 14 Politics (4:01)
- 15 Info Sources (2:10)
- 16 Central Banks – A Bubble? (5:06)
- Russell Napier (3:30)
- 17 Conclusions (1:02)
- 18 Wrap-up (2:31)
- 19 Further Reading
- 20 Resources
- 21 Modern Monetary Theory
- 1 Welcome Video (1:23)
- 2 Introduction (1:30)
- 3 Being a Behavioural Investor (7:29)
- 5 How We Perceive Reality (2:46)
- 7 Confirmation Bias (7:35)
- 8 Prospect Theory (7:15)
- 9 Loss Aversion (4:20)
- 10 Action Bias (4:44)
- 25 Mitigating Actions - Developing Self-Awareness (5:54)
- 26 Conclusions and Wrap-up (1:31)
- 27 Further Reading
- 28 Further Reading: Books
- Welcome Video (0:42)
- 1 Introduction to ESG (3:25)
- 2 Investment Community's Response to ESG (4:21)
- 3 Course Structure (0:43)
- 4 What is ESG? (1:52)
- 5 Importance of ESG to Asset Managers (2:41)
- 6 Application of ESG (5:49)
- 7 Benefits of ESG (3:00)
- 8 How ESG Affects Portfolios (2:18)
- 9 ESG Implementation Framework (1:37)
- Wrap up (1:02)