You're listening to A Book with Legs, a podcast presented by Smead Capital Management.

At Smead Capital Management, we advise investors who play the long game.

You can learn more at Smeadcap.com or by calling your financial advisor.

Welcome to a book with legs podcast. I'm Cole Smead, CEO and portfolio manager here at Smead Capital Management. At our firm, we are readers, and we believe in the power of books to help shaped informed investors. In this podcast, we speak to great authors about their writings. The late great Charlie Munger prescribed using multiple mental models and analysis.

We analyze their work through the lens of business, markets, and people.

In this episode, we are going to learn about the many ways that you can skin a cat.

Investing is a complex, multidisciplined process, and we'll discuss many different parts of that sausage

making. Stephen Clapham is joining us to discuss his book, The Smart Money Method, How to Pick

Stocks Like a Hedge Fund Pro. Before we get started with Stephen, I want to give you a little bit

of background on him. He's the founder of Behind the Balance Sheet, a London-based investment

research and training consultancy, also a podcast with the same namesake.

Mr. Clapham spent some 20 years as an equity analyst at different investment banks,

covering various sectors and was highly rated among institutional investors he served.

He then moved to the by side of the industry where he was a partner at Tosca Fund, Asset Management, LLP,

and then head of research at Ultima Partners LLP.

He holds a degree in technology and business studies and is also, I would note, a member of the Institute of Chartered Accountants of Scotland.

Thanks for joining me, Steve. How are you today?

Well, thanks for joining me. I mean, I'm very surprised by the introduction, because I've never

been described as a member of a group of great authors. And it's the only time that anybody

has ever introduced me with my degree and the fact that I'm a member of the Institute of

Chartered Accounts in Scotland, which is the best institute if you have to be a chartered accountant.

Well, you know what? I, so since this is really a liberal arts podcast, we're learning to

...