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  • Beyond Power: The Broadening Scope of Greenhouse Gas Policy By: Eric Scheriff October 19, 2021 — Capstone recently held meetings on the policies driving the energy transition with the Biden administration’s Secretary of Energy Jennifer Granholm, Congresswoman Lizzie Fletcher of Houston (D-TX), and sustainability-focused executives from several companies—including First Solar, Delta Airlines, Bloom Energy, Renewable Energy Group, and Hannon Armstrong. The takeaways from these […]Learn More
  • Opening up EPA’s PFAS Toolbox: How One Little-Understood Statute Could Be the Key to PFAS Regulation By: Gianna Kinsman October 12, 2021 — As the Biden administration ramps up work to fulfill its campaign promise to control per- and polyfluoroalkyl (PFAS) chemicals, and it becomes clearer that manufacturers of the so-called “forever chemicals” face mounting risk of corporate liability and litigation, much of Capstone’s discussions with clients have centered around two […]Learn More
  • Build Back Better’s Path: Better a Diamond with a Flaw Than a Pebble Without By: Maxwell Reale October 5, 2021 — While some pundits may view the previous weeks’ lack of resolution on President Biden’s two major legislative accomplishments—the Bipartisan Infrastructure Deal (BID) and the FY22 Reconciliation Bill (Recon 2)—as a signal for increased pessimism that either efforts will eventually pass, Capstone disagrees. To quickly recap: President Biden and […]Learn More
  • The Trouble With China By: David Barrosse, CEO September 23, 2021 — A recent book, The Long Game: China’s Grand Strategy to Displace American Order, makes the compelling case that the Chinese Communist Party (CCP) has been following a systematic plan to exert its influence over the region and the world since the end of the Cold War. The […]Learn More
  • The Smartest Insurers in the Room: How Medicare Advantage Insurers Continue to Evade By: Grace Totman August 31, 2021 — In 1997, President Clinton and Republicans championed a new form of Medicare: managed Medicare offered by private insurance companies, an interesting artifact of how far to the left Democrats have moved on health policy. Now known as Medicare Advantage (MA), the program offers beneficiaries enhanced benefits and a […]Learn More
  • What the Infrastructure Bill Means for Netflix, Google, and Other Internet Service Providers By Matt Wiederrecht August 18, 2021 — Capstone believes the Senate’s passage of the $1.2 trillion infrastructure bill last week brought us a big step closer towards its becoming law, which we continue to believe has 80% odds of happening. Should it pass, the bill will be meaningfully positive for investors in both major internet […]Learn More
  • Delta Variant to Cause Long, Broad Rise in COVID Cases; Renewing Pressure for Mask Mandates, Additional Precautions By Hunter Hammond August 10, 2021 — Capstone believes a broader, longer-lived wave of COVID-19 cases is likely to develop in the coming months, likely adding mounting pressure on governments to institute mask mandates and businesses to take precautionary steps to reduce transmission. In the US, COVID-19 cases, hospitalizations, and deaths are climbing, increasing 544%, […]Learn More
  • The Coming Cement Goldrush By Andrew Gier, CFA August 3, 2021 — When it comes to climate policy, states, and California in particular, are often laboratories for policies that become more widespread and widely adopted. These policies are likely to build on lessons learned while developing existing programs and include models that have already proved successful in other areas. […]Learn More
  • 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 might be blind spots in consensus investor views. Though most […]Learn More
  • WA State’s Low Carbon Fuel Standard a Harbinger of Things to Come May 18, 2021 — The Washington State Legislature passed HB 1091, legislation implementing a Clean Fuel Standard, on April 25th. The state’s market-based program is modeled after California’s Low Carbon Fuel Standard (LCFS) and signals a growing trend we believe will spread to other states. Washington will likely become the third state to enact a […]Learn More