Stephen Clapham

STEPHEN CLAPHAM is the founder of Behind the Balance Sheet, a professional investor training consultancy and online school. Stephen trained as an accountant before joining the equity research department of Hoare Govett, one of London’s top stockbrokers. Stephen had a successful career as a sell-side analyst, working for various investment banks and consistently being rated as one of the top analysts in his sector in the leading surveys. In 2005, he joined Toscafund to cover non-financial stocks. He has also held positions as a partner and head of research at two multi-billion hedge funds and one smaller fund. He has been responsible for international equity selection and for managing portfolios as a consultant to one of London’s top wealth managers, where he was also a member of the firm’s Investment Committee.

In 2018, he set up Behind the Balance Sheet as a training business, initially dedicated to helping professional investors improve their skills. His flagship product, the Forensic Accounting Training Course, had over 250 professional students in its first 18 months, and hundreds more have taken his other courses, webinars and online programmes. Stephen is recognised as one of the leading commentators on fraud and aggressive accounting in quoted companies, and he regularly appears or is cited in the press, including BBC Radio 4’s Today programme, The Sunday Times, Financial Times and specialist financial media such as the Investors Chronicle, The Acquirers Podcast and Real Vision.