Mind the GAAP

Why GAAP is Important and How to Detect Potential EPS Manipulation

New to Behind the Balance Sheet?

If you have not visited our site before, please take a look at our training philosophy and learn why we are the premier training company for the top buyside equity analysts in London, Edinburgh and Dublin, with over 200 analysts taking our Forensic Accounting Course in its first 18 months.Or read about our new programme for 2020 - a 12 month programme to train amateur investors to be equity analysts.

Non-GAAP Course

The use of non-GAAP measures is at a record. In this course, we explain why this is dangerous, why we think there is a risk of an imminent wave of a massive destruction of shareholder value in the US. The situation is similar to 1999, and in the following four years, nearly half a trillion dollars of shareholder wealth was destroyed in 6 huge company failures. This cycle will be no different.

The use of earnings management is extremely high, and we explain how investors can mitigate their risks by closely monitoring non-GAAP adjustments. The course has several modules each of which explores a different facet of the issue.

After taking this course, you will

appreciate how widespread the problem is
feel more comfortable that you understand where the principal risks lie
know where to look to detect impropriety, and
be equipped to protect your portfolio

We know you will enjoy the course and will emerge a more successful investor. Remember Warren Buffett's first rule of investment:

Don't lose money

This course will help you avoid losses.

Watch this video to learn more about the course

Steve Clapham explains why non-GAAP is such a danger to investors and what the course covers

Your Instructor

Stephen Clapham

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

First Section

Available in days

days after you enroll

Frequently Asked Questions

When does the course start and finish?

The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish.

How long do I have access to the course?

How does lifetime access sound? After enrolling, you have unlimited access to this course for as long as you like - across any and all devices you own.

What if I am unhappy with the course?

We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund.