{"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":"#47 The Relentless Improver - Gary Channon on 15‑Stock Portfolios, Half Price Stocks & Designing a Process for Better Decisions","slug":"47-the-relentless-improver-gary-channon-on-15-stock-portfolios-half-price-stocks-designing-a-process-for-better-decisions","published_at":"2025-05-15T03:45:00+00:00","page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344/47-the-relentless-improver-gary-channon-on-15-stock-portfolios-half-price-stocks-designing-a-process-for-better-decisions","show_page_url":"https://stenobird.com/podcast/behind-the-balance-sheet-4149344","url":"https://podcasters.spotify.com/pod/show/stephen-clapham1/episodes/47-The-Relentless-Improver---Gary-Channon-on-15Stock-Portfolios--Half-Price-Stocks--Designing-a-Process-for-Better-Decisions-e32o64i","audio_url":"https://anchor.fm/s/5f616d54/podcast/play/102553170/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-5-16%2F402271445-44100-2-27e78e81dc261.m4a","summary":"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 portfolio. The top 5 positions are over 50%, and he holds no more than 15 stocks. I asked him on the podcast because he is really thoughtful about his process – he only buys stocks selling for <50% of intrinsic value, and if he can monitor the business performance independently of the company's communications. He is then prepared to hold them for extended periods, as long as they remain cheap. His framework for evaluating a stock includes parameterslike the depth of work completed and confidence levels, he has instructed his entire research team to become AI experts and he has already seen significant benefits; he thinks AI means sellside analysts will be more or less gone in twoyears; and we talked about his techniques for interviewing management which include spending 4-6 hours preparing for a 1 hour meeting. 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":"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 concen…","key_points":[],"chapters":[],"topics":[],"duration_seconds":5088,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/behind-the-balance-sheet-4149344/episodes/47-the-relentless-improver-gary-channon-on-15-stock-portfolios-half-price-stocks-designing-a-process-for-better-decisions/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-4149344/47-the-relentless-improver-gary-channon-on-15-stock-portfolios-half-price-stocks-designing-a-process-for-better-decisions.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}