{"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":"#45 The Chess Master - George Michelakis on Long‑Short Investing, Lifestyle Recession & Man Plus Machine","slug":"45-the-chess-master-george-michelakis-on-long-short-investing-lifestyle-recession-man-plus-machine","published_at":"2025-03-20T05:16:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/45-the-chess-master-george-michelakis-on-long-short-investing-lifestyle-recession-man-plus-machine","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/45-The-Chess-Master---George-Michelakis-on-LongShort-Investing--Lifestyle-Recession--Man-Plus-Machine-e308064","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/99925636/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-2-16%2F147fdbc8-f487-e100-8bd5-b3485fd40ac7.mp3","summary":"In his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity hedge fund out of London. Since 2006, he has compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entered his longest-running short position 10 years ago. We talked about his investing philosophy, his theory about alifestyle recession, why shorting is critical to performance, how he manages the fund and the team, why he focuses on management and why, as in chess, man plus machine or analyst plus AI will beat the lone human, which has profoundimplications for investors. 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":"In his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4626,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/45-the-chess-master-george-michelakis-on-long-short-investing-lifestyle-recession-man-plus-machine/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-4149344/45-the-chess-master-george-michelakis-on-long-short-investing-lifestyle-recession-man-plus-machine.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}