Stephen Clapham is the founder of Behind the Balance Sheet, the premier investment training consultancy, which runs Forensic Accounting Courses for institutional investors. Courses are also available online. Stephen also produces bespoke research for institutional clients. He spent 15 years as an equity analyst and was consistently rated in the top 10 in his sector in Extel, II and Reuters surveys. He then moved to the buy-side and was a partner and head of research at two multi-billion dollar hedge funds. He publishes a free weekly newsletter on Substack and a monthly podcast on all channels.