{"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":"#46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record","slug":"46-the-numbers-lady-jennifer-wallace-on-cheap-quality-turnarounds-a-7-8x-15-year-track-record","published_at":"2025-04-24T02:25:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/46-the-numbers-lady-jennifer-wallace-on-cheap-quality-turnarounds-a-7-8x-15-year-track-record","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/46-The-Numbers-Lady---Jennifer-Wallace-on-Cheap-Quality--Turnarounds--a-7-8x-15-Year-Track-Record-e31taf6","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/101672870/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-3-23%2F5f05067f-417b-b985-ed5c-1d599f13a71f.mp3","summary":"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 investor Bob Bruce (who used to hang out with Warren Buffett). Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest leverage when they are super cheap. This means she will often find stocks with issues that are hopefully temporary. But she has found a winning formula, having delivered a 7.8x return to investors since 2009. Around a quarter of her investee companies have been acquired. She explains why, her rationale for having a 25-30 stock equally-weighted portfolio and why you should not befriend CEOs - "if you want a friend, get a dog”. 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":"Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work f…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3673,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/46-the-numbers-lady-jennifer-wallace-on-cheap-quality-turnarounds-a-7-8x-15-year-track-record/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-4149344/46-the-numbers-lady-jennifer-wallace-on-cheap-quality-turnarounds-a-7-8x-15-year-track-record.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}