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 appears in Part 1, Part 2, Part 6, Part 7, Part 8, Part 9 of The Buildout. Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.; Part 2: SpaceX Is Funding an AI Bet Before the Proof; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; 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
On the record, by story.
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 27, 2026
After listening to Daniel Susskind discuss the range of activities AI may change, the creator sees an appeal in assets that are relatively immune to AI disruption, such as a tank terminal that takes land, permits, capital and often years to build…
Habit Was the Moat. Agents Are Draining It. Who is on each side Source
Part 09 · The rails and the atomsSep 27, 2026
Vopak's terminals occupy strategically valuable port locations that are difficult, slow and expensive to replicate, and the company has a market cap of €5.4bn versus an enterprise value of €8.3bn, which the creator sees as a massive discount to…
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
The creator 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
The US 10 year yield has risen 24bps since Cembalest's quarterly was published and is now close to its 5 year high, following an earlier period in which it had risen only 10bps since Trump's initial 2025 tariff announcement while yields elsewhere…
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.
Across the DeepStack reading
How often it comes up.
1 sources, 651 claims and 52 texts mention Stephen Clapham, as of Oct 8, 2026. A count of attention, not a judgment.
Analysis and opinion, not investment advice. What a person argued is reported, not rated; DeepStack shows no score, ranking or accuracy for anyone.