Case Studies


  • 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
  • EU to Prioritize Green Energy in Trans-European Regulation July 12, 2021 — Each month, Capstone’s EU Energy Team highlights impactful policy developments investors should pay attention to. Below, read an excerpt from the latest publication. EU “TEN-E” Rules to Phase Out Funding Oil and Gas; Exemptions for Malta and Cyprus GasCapstone believes the European Parliament will increase its emphasis on renewable energy when it […]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
  • Dialysis Industry to Face Regulatory Scrutiny in 2021, Driven by Kidney-care Models, Medicare Advantage May 6, 2021 — Capstone believes kidney care—namely DaVita Inc. (DVA) and Fresenius Medical Care AG & Co. (FMS)—will come under regulatory scrutiny in 2021 due to the launch of recent value-based care models, an aging population, Medicare Advantage coverage extending to end-stage renal disease (ESRD) patients, and continued attention on consolidation in the dialysis […]Learn More
  • Charts of the Month: SPACs, ERCOT, Medicare Advantage Reform, and CA Clean Energy Capstone’s Charts of the Month highlight regulatory, legislative, and policy-driven developments that investors should be paying attention to. All graphics were recently published in Capstone research.For more information on any issue, contact this edition: 1. SPACs: SEC Scrutiny Unlikely to Undermine Market; No Momentum for Impactful Legislation2. California’s Vision for 100% Clean Energy Will […]Learn More
  • EU Digital Services Package Poses Big Tech Risk; Weakened Ability to Leverage Data and Increased Transparency Likely March 2, 2021 – Capstone believes the European Commission’s proposed overhaul of internet regulation under the Digital Services Act (DSA) and Digital Markets Act (DMA) will likely present long-term headwinds for Big Tech companies. Of the two proposals, we believe the DMA presents the highest risk, as it has sharper teeth and could meaningfully alter the […]Learn More
  • Charts of the Month: Cruises, Climate Change, and Credit Servicers Capstone’s Charts of the Month highlight regulatory, legislative, and policy-driven developments that investors should be paying attention to. All graphics were recently published in Capstone research. Learn More
  • CFPB to Consider Overdraft Fee Limits, an Underappreciated Risk for Banks The CFPB will likely pursue overdraft rulemaking, an underappreciated risk to 30% of net income for TD, TCF, and Regions banks. January 28, 2021 – Capstone believes the Consumer Financial Protection Bureau (CFPB) is likely to undertake rulemaking to increase restrictions on overdraft charges for automatic teller machine (ATM) and one-time or point-of-sale (POS) debit […]Learn More
  • State AGs Target Credit Acceptance’s Deep Subprime Model The attorneys general are likely to push for “ability to repay” analyses, which would be a material negative for Credit Acceptance. September 17, 2020 – Capstone believes state attorneys general (AGs), as part of their ongoing investigations into Credit Acceptance Corp.’s (CACC) business practices, will attempt to force the company to conduct an “ability to […]Learn More
  • COVID-19 State Reopening Tracker Winter is coming, and with it, another wave of new Coronavirus cases October 1, 2020 – Capstone believes states removing restrictions on indoor gatherings, entering the fall season, will lead to a third wave of new COVID-19 cases by November, possibly coinciding with election day and hampering voter turnout. While we believe at least one […]Learn More