{"podcast":{"title":"Behind the Balance Sheet","slug":"behind-the-balance-sheet-4149344","podcast_index_feed_id":4149344,"rss_url":"https://anchor.fm/s/5f616d54/podcast/rss","website_url":"https://www.behindthebalancesheet.com/podcasts","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/15902205/15902205-1655063157556-0a40669aa7a08.jpg","author":"Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities","episode_count":66,"summary":"We deconstruct the performance of world beating investors. A former Tiger Cub hedge fund partner interviews top hedge fund & long only managers & leading commentators. Past guests include John Armitage, Mario Gabelli & Bill Nygren. We explore how professionals analyse & value businesses, capital cycles, forensic accounting, pick stocks, construct portfolios, generate alpha & manage risk. For private investors, analysts, PMs & students who want serious financial education, sharper investing insights & to master equity research, fundamental analysis & value investing. https://bit.ly/btbspod","last_synced_at":null,"page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344"},"episode":{"title":"#44 The Think Tank Manager - Dan Rasmussen on Private Equity, Base Rates & Evidence‑Based Investing","slug":"44-the-think-tank-manager-dan-rasmussen-on-private-equity-base-rates-evidence-based-investing","published_at":"2025-02-20T05:32:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/44-the-think-tank-manager-dan-rasmussen-on-private-equity-base-rates-evidence-based-investing","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/44-The-Think-Tank-Manager---Dan-Rasmussen-on-Private-Equity--Base-Rates--EvidenceBased-Investing-e2v1vc3","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/98679619/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-1-18%2F54e81e3b-06d1-574e-afdc-394bdf8a8a95.mp3","summary":"Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan’s favourite financial metric. Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory conclusions but in reality, they don’t disagree – the issue is base rates versus marginal opportunities. Steve and Dan view markets through different lenses, which makes for an interesting discussion. 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.","meta_description":"Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree tha…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4336,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/44-the-think-tank-manager-dan-rasmussen-on-private-equity-base-rates-evidence-based-investing/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/44-the-think-tank-manager-dan-rasmussen-on-private-equity-base-rates-evidence-based-investing.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}