Part 09The tollbooth shifts
Stephen Clapham’s tank-terminal example makes the boundary vivid: land, permits, money and years are not a checkout feature.
Habit Was the Moat. Agents Are Draining It.Person · Behind the Balance Sheet
Stephen Clapham
Stephen Clapham is named in 6 Parts of The Buildout, most recently Part 9: Habit Was the Moat. Agents Are Draining It.. Argued in Part 7 (Debt: 99% of GDP, up from 35%), Part 9 (The rails and the atoms).
What Stephen Clapham argued
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Paraphrased and attributed, with the date and a link where one exists. DeepStack keeps no score of who was right; the dated tests do that work in the open.
Part 09 · The rails and the atomsSep 13, 2026
Stephen Clapham notes the FT panel did not explain the post-2022 fall in the graduate premium, and argues part of it is non-graduate pay rising rather than graduates faring worse, citing rocketing US demand for electricians, while judging AI too…
Habit Was the Moat. Agents Are Draining It. Who is on each side Source
Part 09 · The rails and the atomsSep 13, 2026
Moritz argued that AI is the inshoring of jobs to robots and tokens, threatening white-collar work as globalisation offshored blue-collar work, and that because each successive tech wave has reached more computers the effects will be felt more…
Habit Was the Moat. Agents Are Draining It. Who is on each side Source
Part 07 · Debt: 99% of GDP, up from 35%Sep 20, 2026
Stephen Clapham states they would maintain a near-zero weight in US Treasuries, other than those trading at a near-50% discount to nominal value which they see as an asymmetric bet, a position they say they have covered in recent weeks.
The Fed Hiked. The Long End Still Climbed. Who is on each side Source
Part 07 · Debt: 99% of GDP, up from 35%Sep 6, 2026
A rise in short rates would be a problem given the government funds around 85% of its financing needs (the flow) with short-term bills, though on a stock basis bonds of over 5 years duration are only about 30% of the total, still a fairly…
The Fed Hiked. The Long End Still Climbed. Who is on each side
In The Buildout
Where Stephen Clapham appears.
One line per story, from the story itself.
Part 08Cash, or a loop
Stephen Clapham sees rising data-center costs, falling token prices and cheaper models, many of them Chinese, pressing on returns.
AI Lenders Are Financing the End of ScarcityPart 07Three prices for 5%
Stephen Clapham’s portfolio answer is close to zero exposure to Treasuries, except for long bonds issued at pandemic-era coupons that now trade near half their face value.
The Fed Hiked. The Long End Still Climbed.Part 06The rent will move
Stephen Clapham sees Kirby selling primary power rather than backup.
Power Doesn’t Depreciate. Its Premium Moves.Part 02Three businesses, one ticker
Stephen Clapham of Behind the Balance Sheet asked in a June 7 analysis why Musk is listing now.
SpaceX Is Funding an AI Bet Before the ProofPart 01Long the chips, short the returns
Stephen Clapham, relaying Boston Partners’ analysis in The $4.4 Trillion Question, takes the issue to its terminal form: whether AI data-center economics ever earn an adequate return for anyone, Nvidia included.
Nvidia’s Demand Is Real. Its Financing Is Fragile.
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