Research Library
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The Fallout: Preparing for the Growing Economic Risk of Natural Disasters
The Growing Disaster Resilience and Recovery Economy
By Matt Wiederrecht and Elena McGovern March 28, 2023 - The phrase “atmospheric river” is quickly becoming a household term among Americans this year, joining the likes of “bomb cyclone” and “polar vortex.” These and other extreme weather events, as well as (the more...
2023 State & Local Government Preview
Capstone believes 2023 will be a volatile period for the finances of some states and their local government instrumentalities, despite being past the worst of the COVID-19 pandemic. Generally, states are entering the 2023 calendar year in financially good shape, which gives them a degree of breathing room, but also masks looming financial risks that could adversely impact their budgets during the next few years.
Navigating The Coming Distressed Debt Moment
By: Matthew Wiederrecht Nothing lasts forever—a sentiment the bond market is in the process of relearning as bond yields and borrowing costs start to rise. Since the financial crisis, low-interest rates have been two sides of the same coin for companies and investors....
The Looming State and Local Government Inflation Hangover
By Matt Wiederrecht The difference between good decision-making and bad luck for markets and policies often comes down to timing—a lesson we believe state and local governments (SLGs) may soon learn the hard way. Scan the headlines and you will find no shortage of...
The $900 Billion State and Local Government Opportunity
By: David Barrosse April 24, 2022 — One of the fastest-growing areas at Capstone is working with companies that sell to state and local governments (SLGs). Covid recovery funds, municipal financing, and the $1 trillion infrastructure bill passed by Congress earlier...
Congressional Response to Russia’s Ukraine Invasion Narrows to Energy Policy
By: Daniel Silverberg March 28, 2022 As the war in Ukraine rages on, Capstone believes Congress has largely spent its sanctions bullets and will have to settle for smaller legislation that codifies what the administration has already done as well as other symbolic...
A New Cold War? The Deteriorating Relationship Between China and The US
July 8, 2021 — Our job as investment analysts is, by necessity, to attempt to look over the horizon. But as Yogi Berra famously said, “It's tough to make predictions, especially about the future.” A necessary device for the adept analyst is ascertaining where there...
States Throwing Their Weight Around
April 5, 2021 – Former Supreme Court Justice Salmon P. Chase (1808-1873) notably said, “States’ rights died at Appomattox.” The quote speaks to the country’s propensity for hyperbole around the age-old states’ rights debate. But it also speaks to the duration of...
