Behind the Balance Sheet

#65 - The Tech Analyst - Benedict Evans explains Anthropic's economics

In a special edition of the podcast, BenedictEvans, technology analyst and writer, joins me to discuss investing in Artificial Intelligence and in particular, the Anthrop

#64 - The Value Disciple: Tobias Carlisle on Buffett's 3 best deals and why value will come back into favour

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

#63 - The Fool: David Gardner explains his philosophy of buying stocks at high valuations after they have gone up a lot

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 a

#62 - The Gentleman Activist: Alex Roepers explains how he extracts better stock performance from overlooked mid-caps

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 nea

#61 - Mr Common Sense - Rich Pzena on how to build an $80bn deep value firm, survive 60% underperformance and buy stocks on under 10x normalised earnings.

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 wh

#60 - The Plumber Returns - James Aitken on Japan, Kevin Warsh, gold, AI and inflation.

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 J

#59 The "Permabear" - Jeremy Grantham on why he expects a market crash, navigating bubbles and giving away $1bn

Jeremy Grantham is known as a permabear and an expert on bubbles so you should not be surprised that he sees an AI-induced bubble today and thinks the market will fall by

#58 The Chart Guy - $4tn CIO Michael Cembalest on markets, AI and the impending rout in US Treasuries

Michael Cembalest chairs the Market and Investment Strategy group at JP Morgan Asset and Wealth Management and effectively oversees $4tn AUM. He is responsible for market

#57 The Behavioural Scientist - Rory Sutherland on Marketing, What Analysts Miss and Behavioural Economics

Rory Sutherland is the Vice Chairman of advertising giant Ogilvy UK, a behavioural scientist, TED speaker, organiser of the Nudgestock conference and so much more. Most

#56 The Sculptor - Jonathan Tepper on 16 Stock Portfolios, Moats & Buying Oligopolies

The title “The Sculptor” is a play on a quote “every man can be the sculptor of his own mind”, as Jonathan Tepper is uniquely self-educated. Brought up in the slums of Sa

#55 The Pugilist - Terry Smith on Quality, Valuation & Long‑Term Compounding

Terry Smith is the fund manager the professionals love tohate. A billionaire, he is in the third and most successful phase of a varied career. He trounced the index for y

#54 The Innovation Fans - James Anderson & Morgan Samet on Finding the Next Ten‑Baggers

James Anderson, former Senior Partner of Baillie Gifford and early backer of Elon Musk, now runs the Lingotto Innovation Strategy with Morgan Samet. I interviewed them in

#53 The Plodder - Tom Gayner on Building Markel and the Art of Long‑Term Compounding

Tom Gayner is the CEO of Markel Group and has run its investment portfolio for 35 years, beating the index by an astonishing 1.5% pa. This makes him one of the most succe

#52 The Traditionalist - Tim Guinness on Why Beating the Market is Easy

Tim Guinness is the founder and Chairman of Guinness Global Investors. He has been in business 5 decades and has been managing money for 44 years. He has built up two fir

#51 The Franchise Fan - Nick Train on Durable Franchises and 20‑Year Holding Periods

Nick Train is a seriously thoughtful growth investor with a highly impressive 40 year track record. He invests in eternal franchises and takes a 20 year view. He says his

#50 The Art Lover - Christopher Tsai on Growth Investing, Tesla & Collecting Ai Weiwei

Christopher Tsai is a deeply thoughtful growth investor. He became one of the foremost collectors of the works of Ai Weiwei, recognising their implicit value and deeply s

#49 The $50bn Man - David Samra on Global Value & 20 Years of 4% Alpha

David Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4% pa for over 20 years, in a per

#48 The Independent Thinker - Dave Iben on Contrarian Value, Commodities & Emerging Markets

Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contr

#47 The Relentless Improver - Gary Channon on 15‑Stock Portfolios, Half Price Stocks & Designing a Process for Better Decisions

Gary Channon is one of the UK’s better known valueinvestors. He runs a value fund, a closed-end fund and a private equity vehicle.  He runs a highly concentrated portfoli

#46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record

Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value i