#46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record

#46 The Numbers Lady - Jennifer Wallace on Cheap Quality, Turnarounds & a 7.8x 15 Year Track Record

Author: Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities April 24, 2025 Duration: 1:01:13

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.


Stephen Clapham hosts Behind the Balance Sheet, a detailed conversation series that pulls back the curtain on how elite fund managers really think. Each episode is built on the premise that understanding a company requires digging far deeper than headlines or simple ratios. You’ll hear Clapham engage with celebrated investors such as John Armitage, Mario Gabelli, and Bill Nygren, dissecting their actual processes for evaluating businesses and spotting market inefficiencies. The discussions are technical and substantive, focusing on practical frameworks for forensic accounting, navigating capital cycles, and rigorous valuation. This isn’t about hot stock tips; it’s about the disciplined craft of equity research and risk management. The podcast serves as a continuing education for anyone-from dedicated private investors and students to working analysts and portfolio managers-who aims to sharpen their fundamental analysis and develop a more professional, critical investment mindset. Tune in for a masterclass in the principles of value investing, delivered through candid talks with the practitioners who have consistently generated alpha. You’ll come away with a clearer sense of the questions that need asking before any capital is committed.
Author: Language: English Episodes: 65

Behind the Balance Sheet
Podcast Episodes