Behind the Balance Sheet

Tobias Carlisle is one of the best-known advocatesof deep value investing, author of several investing books and host of a great investing podcast which he produces live on YouTube.
We talk about how he got into investing, having been a lawyer, why people worry too much about value traps but not enough about quality traps and how the podcast has influenced his thinking.
We discuss his latest book, which includes an examination of what he regards as Buffett’s three best deals and why he has moved from the extreme “junk” end of deep value. He remains valuation-driven but is now more willing to own quality when he can obtain it at the right price.
Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
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AlphaSense, the AI-powered expert network platform 
Baseline, qualitative research on 3600 companies.

David Gardner is the co-founder of The Motley Fool and author of Rule Breaker Investing. He has built an amazing investing record by questioning conventional wisdom and applying his own logic to research.
He operates on a principle similar to the VC community where he looks for innovative leaders, buys the stocks when people think they are expensive and after they have gone up.
This reverse logic approach has generated huge returns for him and his readers thanks to two 1000-baggers in Nvidia and Amazon and many other 100+ baggers. He delivered over twice the S&P500 for almost 20 years. His strategy may not convince many listeners to abandon a value-oriented approach, but this conversation is guaranteed to make you question the received investment wisdom.
Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
Give our sponsors some love - check them out!
⁠AlphaSense⁠, the AI-powered expert network platform 
Baseline, qualitative research on 3600 companies.

Alex Roepers is a concentrated deep value investor who takes a behind the scenes activist approach. Here he explains the strategy which he has exploited over the past near-35 years to outperform the S&P by delivering a 12.3% pa or a 48x return net of fees.
We discuss his journey from the corporate to the investing world and his playbook for constructive activism, including how he interacts with management teams. Alex explains how he evaluates management quality, capital allocation and operational improvement opportunities.
This is a masterclass in improving returns by persuading management to do the right thing for shareholders.
Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
Give our sponsors some love - check them out!
⁠AlphaSense⁠, the AI-powered expert network platform

Rich Pzena, founder of $80bn AUM Pzena Investment Management, explains his value investing philosophy and how he built a deep value franchise by buying good businesses when they are deeply out of favour.
He talks through recreating Benjamin Graham’s net net research at Wharton, leaving a secure role at Bernstein to start his own firm, surviving ten quarters of brutal underperformance in the dot com bubble and how he nearly sold out but was persuaded to continue by Joel Greenblatt. Rich explains his clear framework for what makes a good business, how to judge if problems are temporary, and why most investors systematically misprice uncertainty and cyclicality. He thinks deep value investing is just common sense.
Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
Give our sponsors some love - check them out!
⁠AlphaSense⁠, the AI-powered expert network platform 

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠⁠website⁠⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
Give our sponsors some love - check them out!
⁠AlphaSense⁠, the AI-powered expert network platform

James Aitken, macro strategist to the world’s largest and most successful investors, takes Steve on a tour of the key themes in global finance today. You will learn why James is interested in Japan, his views on the new Fed Chair and why inflationary pressures are here to stay as post Covid, we focus on resilience rather than efficiency.
James also shares his thoughts on gold, on AI, and importantly on a changing supply-demand balance in US equities. Finally he shares his perspective on what differentiates his clients who include some of the largest and some of the best performing investors in the world, so listen carefully to that and what he predicts we will be talking about in 3 years’ time.
Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors.Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.
You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk,behaviour and incentives, so you can refine your own process rather than copy stock tips. For show notes, transcripts and additional resources, visit our ⁠⁠⁠website⁠⁠⁠.
If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.
Give our sponsors some love - check them out!
AlphaSense, the AI-powered expert network platform