Analyst Academy
Everything you need to know to become a competent investor
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Our Analyst Academy is a 12 month programme to equip you with all the tools you need to become a professional equity analyst. It's ideal for those looking for a job in the industry or private investors who want to improve their skills.
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Your Instructor
Stephen (Steve) Clapham has 30 years of stockmarket experience as an equity analyst. He had a successful career as a highly rated sell-side analyst covering a number of sectors. He then moved to become a partner and head of research at two multi-billion hedge funds, based in London.
In 2018, Steve set up his training company, Behind the Balance Sheet, and hundreds of professional investors, regulators and corporate analysts have taken his Forensic Accounting Course. Some of the world's top institutions rely on Steve to help their top analysts improve their skills. That expertise is now available to you!
In 2020, Steve's first book, The Smart Money Method, How to Invest Like a Hedge Fund Pro, was published by Harriman House and immediately went to the number 1 slot in various Investing categories on Amazon in the UK and US. It has been enthusiastically received by investors, both professional and amateur.
Course Curriculum
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Start1 Welcome Video (2:13)
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Start2 Resources - Introduction to Accounts for Analysts
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Start3 Structure of the Course (6:58)
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Start4 First Things First - How to Approach the Accounts (3:40)
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Start5 Audit Report (8:12)
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Start6 Balance Sheet Introduction (3:49)
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Start7 Balance Sheet - Fixed Assets (11:36)
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Start8 Exercise - Fixed Assets
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Start8A Exercise - Fixed Assets: Suggested SOLUTION
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Start9 Operating Lease Capitalisation
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Preview10 Balance Sheet - Goodwill (5:15)
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Start11 Balance Sheet - Other Long Term Assets (4:33)
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Start12 Exercise - Intangibles
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Start13 Exercise - Intangibles: Suggested SOLUTION
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Start14 Balance Sheet - Current Assets (12:24)
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Start15 Balance Sheet - Current Liabilities (5:17)
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Start16 Balance Sheet - Longer Term Liabilities: Pensions (3:27)
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Start17 Exercise: Pensions
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Start18 Exercise - Pensions: Suggested SOLUTION (3:14)
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Start19 Balance Sheet - Longer Term Liabilities (3:00)
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Start20 Equity and Other Comprehensive Income Statement (2:19)
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Start21 Balance Sheet Wrap-up (0:56)
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Start22 Related Party Transactions (5:58)
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Start23 Concluding Video (0:40)
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StartWelcome Video (0:54)
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StartModule Introduction (0:45)
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StartP&L - Revenue (6:22)
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StartP&L - Gross Margin (2:52)
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StartExercise - Gross Margin
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StartExercise - Gross Margin: Suggested SOLUTION
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StartP&L - Expenses (5:31)
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StartP&L - Margins (2:56)
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StartExercise - Expenses and Margins
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StartExercise - Expenses and Margins: SOLUTION
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StartP&L - Interest (3:57)
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StartP&L - Other (2:37)
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StartP&L- non-GAAP (3:02)
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StartStock Based Compensation
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StartP&L - Wrap-up (0:46)
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StartConcluding Video (0:33)
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StartIntroduction to Webinars
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StartWebinar 1 2/20C - Accounts Intro and Balance Sheet (80:40)
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StartWebinar 1 6/20C - Accounts Intro and Balance Sheet (78:37)
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StartWebinar 2 - P&L (100:01)
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StartWebinar 3 - Cash Flow (90:00)
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StartWebinar 4 - Accounting Policies (57:42)
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StartWebinar 5 - Accounting Shenanigans (71:19)
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StartWebinar 6 - Financial Ratios (104:20)
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StartWebinar 13 - Intro for Feb '21 Cohort and Q&A (58:30)
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StartWebinar 17 - Accounting Concepts re-explored (66:53)
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StartAdditional Webinars - Explanation
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StartWebinar 31 - A First Look at Alphabet (68:03)
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StartWebinar 32 - A look at Apple's Valuation (61:15)
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StartWebinar 33 - AMA March 2022 (55:16)
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StartWebinar 34 - Stock Pitch 1 April 10 2022 (83:35)
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StartWebinar 35 - Stock Pitch 2 April 24 2022 (76:41)
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StartWelcome Video (1:01)
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StartIntroduction to the Cash Flow Statement (0:42)
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StartStructure of Cash Flow Statement (2:37)
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StartOperating Cash Flow - Ontex Example (6:06)
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StartExercise - Depreciation
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StartExercise - Depreciation: Suggested Solution
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StartCash from Investing (3:03)
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StartCash from Financing (4:05)
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StartBuying Assets with Paper (4:38)
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PreviewAmazon's Cash Flow - A Critical Review
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StartAcquisitions in the Cash Flow - Worked Example (7:30)
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StartExercise - Cash Flow
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StartExercise - Cash Flow: Suggested Solution
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StartWrap up (0:53)
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StartConcluding Video (1:05)
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StartWelcome Video (1:15)
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StartIntroduction to Accounting Policies (4:28)
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StartAccounting Policies 2 - Changes (16:38)
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StartAccounting Policies 3 - FX Rates etc (5:15)
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StartAccounting Policies 4 - Revenue Recognition etc (5:11)
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StartAccounting Policies 5 - Other Issues and Materiality (2:18)
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StartAccounting Policies 6 - APMs (2:06)
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StartAccounting Policies 7 - Things to Watch Out For (1:26)
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StartAccounting Policies 8 - Wrap-up (0:28)
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StartAccounting Policies Exercise
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StartConcluding Video (1:11)
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StartWelcome Video (0:50)
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StartIntroduction to Shenanigans (6:50)
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StartRevenue Recognition Tricks (6:31)
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StartCash Flow Manipulation (4:20)
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StartTricks with Expenses (3:27)
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StartBalance Sheet and Wrap-up (4:37)
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StartExercise - Samsonite
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StartExercise - Samsonite: Suggested Solution
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StartConcluding Video (0:41)
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StartWelcome Video (0:59)
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StartResources
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StartIntroduction to Financial Ratios (2:19)
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StartApproach to Ratios (3:52)
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StartP&L Ratios (6:15)
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StartReturns 1 - RoCE (6:33)
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StartReturns 2 - ROIC (5:22)
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StartReturns 3 - ROIC and CROCI (8:35)
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StartWorking Capital Ratios (2:00)
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StartLiquidity Ratios (4:47)
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StartSolvency Ratios (5:54)
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StartWrap-up on Ratios (0:51)
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StartExercise - Financial Ratios
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StartExercise - Financial Ratios: Solution
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StartConcluding Video (0:32)
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StartWelcome Video (1:03)
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StartIntroduction to Analysis, Ratios and Other Tools (1:41)
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StartP&L - Internal and Revenue Analysis (2:51)
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StartGross and EBIT Margin Trends (4:17)
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StartMargins vs Peers (4:49)
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StartAdjusted Earnings (1:17)
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StartBalance Sheet including Working Capital Ratios (5:11)
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StartReturns (1:36)
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StartAnalytical Short Cuts (2:36)
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StartWrap-Up (1:23)
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StartClosing Video (0:48)
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StartAccounts Course Closing Video (1:19)
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StartModule Overview Video (4:20)
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StartFinding Ideas Welcome Video (1:10)
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StartIntroduction to the Analysis Module (3:07)
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StartRoutes to Price Appreciation (6:43)
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StartFinding Ideas Introduction and the Press (3:21)
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StartFinding Ideas 2 Sell-SIde Research (5:17)
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StartFinding Ideas 3 - Watch and Wait (4:02)
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PreviewFinding Ideas 4 - Thematic Investing (3:58)
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StartFinding Ideas 5 - Personal Observation (5:06)
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StartFinding Ideas 6 - Laterals (4:06)
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StartFinding Ideas 7 - Input Cost Changes (2:19)
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StartFinding Ideas 8 - Other Investors (4:18)
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StartFinding Ideas 9 - Personal Contacts and Screens (5:15)
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StartFinding Ideas 10 -Instant Ideas (3:11)
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StartFinding Ideas - Conclusions (1:04)
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StartFinding Ideas - Wrap-up Video (0:48)
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StartResources
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StartWelcome Video (0:56)
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StartIntroduction (2:36)
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StartInitial Checks - Liquidity and Charts (5:58)
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StartEstimates and Valuation (6:16)
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StartFinancial Parameters (2:30)
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StartShareholders and Brokers (6:21)
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StartBroker Research (7:29)
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StartCompany IR Website (3:05)
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StartReviewing the Results (3:27)
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StartCompleting the Review (3:55)
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StartConclusions (0:37)
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StartClosing Video (0:13)
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StartWelcome Video (1:23)
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StartIntroduction (1:56)
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StartGood business and investors (2:14)
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StartPractical Examples in One Sector (4:12)
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StartHow to Identify Quality (5:01)
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StartIntroduction to Moats (2:09)
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StartMoats in Detail (14:56)
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StartThe Single Most Potent Quality Factor (4:54)
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StartEconomic Advantage Assets (3:50)
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StartHigh Quality Revenue (2:41)
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StartGross Profitability (3:31)
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StartQuality - Conclusions (1:20)
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StartConcluding Video (0:39)
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StartAdditional Reading
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StartWelcome Video (0:48)
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Start1 Introduction (1:42)
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Start2 Checklists (5:48)
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Start3 Analysing the Industry (8:45)
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Start4 Industry Quality (1:51)
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Start5 Supply and Demand (5:29)
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Start6 Sectoral Analysis (6:41)
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Start7 Sector #1 or #2 (1:46)
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Start8 Sector Case Study: Waste (4:37)
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Start9 Sector Case Study: Using Company Data (2:33)
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Start10 Sector Case Study: Using Broker Reports (2:51)
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Start11 Using Porters 5 Forces Framework to Asssess Quality (5:21)
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Start12 Conclusions (1:11)
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StartWrap-up Video (0:54)
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StartWelcome Video (3:22)
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Start1 Introduction (3:51)
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Start2 Segments (4:00)
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Start3 Revenue Growth (5:11)
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Start4 Base Rates (7:27)
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Start5 Industry Concentration (2:21)
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Start6 The Value Chain (4:10)
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Start7 Detailed Analysis (7:47)
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Start8 Data Collection (5:53)
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Start9 Compounders (2:52)
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Start10 Quality Stock Example (3:54)
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Start11 Significance of Company History (2:06)
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Start12 Sustainability (1:30)
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Start13 Share Price History (2:27)
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Start14 Shareholder Base (4:54)
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Start15 Testing Understanding (1:36)
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Start16 Conclusions (0:54)
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Start17 Wrap-up Video (0:43)
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StartWelcome Video (1:37)
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Start1 Introduction (1:47)
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Start2 Evaluating Management (2:00)
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Start3 Shareholder Letters (3:35)
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Start4 Capital Allocation (10:11)
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Start5 Management Incentives (8:48)
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Start6 Board Composition (6:10)
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Start7 Meeting Management (4:31)
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Start8 Management Turnover (3:15)
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Start9 Family Owned Businesses (5:54)
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Start10 Strategy (8:02)
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Start11 Good Acquisitions (1:26)
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Start12 Bad Acquisitions (4:16)
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Start13 Corporate Culture
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Start14 Conclusions (0:33)
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StartWrap-up Video (0:21)
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StartAdditional Resources
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StartModule Conclusions (1:27)
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PreviewCourse Welcome (3:09)
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StartModule Welcome Video (0:46)
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StartCourse Introduction (2:30)
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StartTwo Approaches to Valuation (3:37)
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Preview3 Golden Rules of Valuation (2:15)
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StartIntroducing Damodaran (1:54)
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StartIntrinsic Valuation 1 (1:49)
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StartIntrinsic Valuation II (2:29)
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StartIntrinsic Valuation III: Further Reading
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StartHistory of The Science of Investing (7:43)
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StartWrap Up (0:42)
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StartWelcome Video (0:59)
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StartIntroduction to Module
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StartCentral Concept - WACC
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StartModern Portfolio Theory I (5:02)
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StartModern Portfolio Theory II (6:08)
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PreviewEvidence Against MPT I (8:32)
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StartEvidence against MPT II (8:14)
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StartDCF Valuation I (5:56)
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StartDCF Valuation II (6:11)
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StartDCF Exercise
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StartOther Intrinsic Valuation Methods: DDM (2:47)
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StartOther Intrinsic Valuation Methods: EVA (6:39)
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StartCFROI (10:58)
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StartRelative Valuation I (3:59)
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StartRelative Valuation II (5:05)
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StartRelative Valuation III (3:52)
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StartHybrid Methods (4:33)
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StartGordon Growth Model (2:05)
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StartConclusions (1:05)
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StartWrap Up (1:10)
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StartResources
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Start1 Welcome Video (1:11)
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Start2 Introduction (2:41)
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Start3 Theory – An Aside
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Start4 Why EV Based Measures are Useful (1:41)
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Start5 Advantages of EV (1:24)
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Start6 Calculating EV - I Basics (2:06)
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Start7 Calculating EV II Associates (5:02)
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Start8 Calculating EV III Minorities (4:10)
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StartExercise - Minority Valuations
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StartExercise Answer - Minority Valuations
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Start9 Calculating EV IV Debt at Market Value (3:52)
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Start10 Calculating EV V - Stock Options etc (1:53)
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Start11 Calculating EV VI - Rolling forward the EV (1:44)
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Start12 Applying EV - Using EV per Unit (1:57)
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Start13 EV Wrap up (1:34)
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Start14 EV ClosingVideo (1:39)
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StartWebinar 14 - C1 Valuation Theory I (62:25)
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StartWebinar 15 - C2 Valuation Theory II (74:22)
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StartWebinar 16 - C3 Calculating Enterprise Value (46:32)
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StartWebinar 18 - C4 Stockmarket Multiples (62:02)
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StartWebinar 19 - C5 Other Valuation Techniques (66:31)
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StartWebinar 20 C6 More Sophisticated Valuation (93:08)
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Start1 Welcome Video (1:28)
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Start2 Introduction (2:50)
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Start3 Overview of Multiples (2:07)
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Start4 P/E I (3:54)
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Start5 P/E II (3:51)
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Start6 P/E III - Forward P/E (4:35)
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Start7 P/E IV – Formulaic Approach to P/E Valuation (6:58)
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Start8 P/E V – Conclusions on PE (2:09)
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Start9 Price to Book (4:07)
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Start10 PEG Ratio (2:46)
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Start11 Cash flow multiples (3:55)
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Start12 Dividend Yield (5:09)
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Start13 Others including Price:Sales (3:46)
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Start14 EV/EBITDA (5:08)
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Start15 Other EV Based Measures (4:43)
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Start16 EV:Sales I (3:08)
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Start17 EV:Sales II: Applying it in Practice (5:11)
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Start18 FCF Yield to EV (0:38)
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Start19 Average P/E (1:39)
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Start20 Wrap up (1:25)
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Start21 Closing Video (0:48)
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Start1 Welcome Video (1:19)
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Start2 Introduction (0:56)
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Start3 DCF I (7:11)
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Start4 DCF II (2:04)
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Start5 DCF III - Mechanics (2:44)
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Start6 Reverse DCF (2:23)
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Start7 Sum of the Parts (6:58)
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Start8 Comps Analysis (3:11)
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Start9 Comparable Transaction Multiples (2:46)
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Start10 Football Field Analysis
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Start11 Wrap up (1:01)
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Start12 Closing Video (0:44)
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StartValuation Exercise
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StartValuation Exercise Suggested Solution
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StartWelcome Video (4:03)
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Start1 Module Overview (2:41)
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Start2 Compounders I (4:56)
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Start3 Compounders II (3:36)
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Start4 Compounders III (3:18)
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Start5 Case Study I - Microsoft (3:41)
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Start6 Case Study II - Starbucks (1:17)
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Start7 Case Study III - Coke (1:58)
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Start8 Compounders – Conclusions (1:26)
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Start9 Tying Multiples to Returns/Growth/Rates (3:40)
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Start10 Sensitivity Analysis (3:12)
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Start11 Sensitivity Analysis II (1:40)
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Start12 Balance Sheet and Cash Flow Effects (3:26)
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Start13 Common Valuation Misconceptions (3:33)
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Start14 Balance Sheet Impact on Multiples I (2:53)
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Start15 Balance Sheet Impact on Multiples II (2:04)
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Start16 Balance Sheet Impact on Multiples III (2:48)
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Start17 Sum of the Parts Revisited (6:38)
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Start18 IPOs (3:52)
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Start19 The Perils of Debt (3:18)
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Start20 Value Traps (2:32)
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Start21 Displaying Valuation Data (5:26)
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Start22 LTV vs CAC I (6:42)
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Start23 LTV vs CAC II (4:23)
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Start24 LTV vs CAC III - Churn (2:43)
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Start25 LTV vs CAC IV - Conclusions (2:08)
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Start26 Sector Valuation (5:07)
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Start27 Valuation of Markets (5:59)
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Start28 Conclusions (2:04)
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StartValuation Exercise
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StartValuation Exercise Suggested Solution
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Start29 Module Closing Video (1:13)
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Start30 Course Closing Video (2:43)
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Start1 Welcome Video (2:11)
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Start2 Introduction - What is Technical Analysis? (3:05)
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Start3 Technical Analysis Basics (8:16)
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Start4 Three Useful Concepts (7:57)
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Start5 Support and Resistance (5:43)
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Start6 Relative Strength Indicator (2:06)
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Start7 Concept of Breakaway and Exhaustion Gaps (1:16)
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Start8 Candlesticks Explained (5:57)
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Start9 Variations – Relative rotation graphs (4:31)
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Start10 Elliott Wave
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Start11 Using Technical Analysis on Markets
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Start12 Wrap up (1:16)
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Start13 Closing Video (0:56)
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Start14 Further Reading (5:50)
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Start1 Welcome Video (1:21)
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Start2 Introduction (2:17)
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Start3 Checklists
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Start4 Presenting the Idea - Retail Investor (4:42)
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Start5 Presenting the Idea – Professional Investor I (4:59)
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Start6 Presenting the Idea – Professional Investor II (6:42)
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Start7 Peer Review and Decision (1:46)
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Start8 Conclusions (1:25)
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Start9 Wrap up Video (1:30)
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Start10 Resources
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Start11 A Checklist You can Use
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StartWebinar 21: D1 Technical Analysis (114:52)
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StartWebinar 22 D2 Final Decision (62:28)
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StartWebinar 23 D3 Portfolio Construction (80:36)
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StartWebinar 24 D4 Risk Management (60:26)
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StartWebinar 25 D5 Portfolio Maintenance (66:42)
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StartWebinar 26 - D6 Macro (47:15)
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StartWebinar 27 - D7 Disruption (49:52)
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StartWebinar 28 - D8 Behavioural Finance (59:08)
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StartWebinar 29 - D9 ESG (44:14)
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Start1 Introduction (1:31)
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Start2 Keeping Track of the Portfolio (6:20)
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Start3 When to Sell (4:28)
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Start4 Monitoring Company Results (5:36)
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Start5 Watching Markets (3:23)
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Start6 Monitoring Technicals (4:49)
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Start7 Short Interest (2:55)
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Start8 Buybacks (4:05)
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Start9 Trading
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Start10 Conclusions and Wrap-up (2:41)
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Start11 Resources
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Start1 Welcome Video (1:54)
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Start2 Introduction to Macro (5:04)
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Start3 Why Macro is Important (4:43)
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StartPeter Warburton (4:38)
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Start4 Macro Signals (10:24)
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Start5 Key Issues in Macro I (4:15)
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Start6 Key Issues in Macro II (4:48)
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Start7 Market Valuation I (6:15)
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Start8 Market Valuation II
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Start9 Market Timing (8:29)
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Start10 Market Cycles (16:27)
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StartAndrew Smith (9:18)
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Start11 Styles (5:21)
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Start12 Forecasting (6:30)
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Start13 Credit Markets (4:30)
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StartSavvas Savouri (8:56)
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Start14 Politics (4:01)
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Start15 Info Sources (2:10)
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Start16 Central Banks – A Bubble? (5:06)
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StartRussell Napier (3:30)
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Start17 Conclusions (1:02)
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Start18 Wrap-up (2:31)
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Start19 Further Reading
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Start20 Resources
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Start21 Modern Monetary Theory
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Start1 Welcome Video (1:23)
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Start2 Introduction (1:30)
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Start3 Being a Behavioural Investor (7:29)
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Start5 How We Perceive Reality (2:46)
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Start7 Confirmation Bias (7:35)
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Start8 Prospect Theory (7:15)
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Start9 Loss Aversion (4:20)
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Start10 Action Bias (4:44)
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Start25 Mitigating Actions - Developing Self-Awareness (5:54)
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Start26 Conclusions and Wrap-up (1:31)
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Start27 Further Reading
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Start28 Further Reading: Books
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StartWelcome Video (0:42)
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Start1 Introduction to ESG (3:25)
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Start2 Investment Community's Response to ESG (4:21)
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Start3 Course Structure (0:43)
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Start4 What is ESG? (1:52)
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Start5 Importance of ESG to Asset Managers (2:41)
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Start6 Application of ESG (5:49)
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Start7 Benefits of ESG (3:00)
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Start8 How ESG Affects Portfolios (2:18)
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Start9 ESG Implementation Framework (1:37)
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StartWrap up (1:02)