Case Studies


  • 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
  • Showing Our Work: How Capstone Pursues Accuracy in Predictions By David Barrosse, CEO August 17, 2021 — Fundamentally, we do two things at Capstone. We make policy predictions, and then we model how those predictions will impact companies or sectors. However, the prediction business has a very poor reputation, especially in the world of politics and policy. The reality is individuals in our industry […]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
  • SEC Sketches Out Sweeping Rulemaking Agenda, Pulling No Punches July 27, 2021 — As we pass the six-month mark of the Biden administration, most regulatory agencies are in the process of sketching out their rulemaking priorities. In overseeing financial-services, no agency appears more ambitious than the Securities and Exchange Commission (SEC). We believe the emerging agenda of SEC Chair Gary Gensler will have sweeping ramifications […]Learn More
  • The Biden Pipeline Predicament: Will the Other Shoe Drop? July 19, 2021 — As July rolls on, a look back at the midstream sector in the first six months of the Biden administration draws a stark contrast to the first six months of the Trump presidency. The industry has been met with much less glam, calamity, or frequency in mainstream headlines. As ambitious clean […]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
  • The Road Less Traveled: Democrats’ Byzantine Plan to Pass Bipartisan Infrastructure AND Reconciliation Legislation June 27, 2021 — Two legislative roads diverged in a divided Congress, and the Biden administration is attempting to take the one less traveled by. The question is will it make all the difference? With the White House’s endorsement of the bipartisan infrastructure framework this past week, President Biden and Congressional Democrats are attempting to […]Learn More
  • Medicare Spent $800 Billion Last Year. Is a New Alzheimer’s Drug Worth an Extra $400 Billion? June 14, 2021 — The Food and Drug Administration’s decision to approve Biogen’s Alzheimer’s drug Aducanumab will accelerate difficult and unavoidable questions for lawmakers and the Centers for Medicare and Medicaid Services (CMS) over Medicare spending and program cost controls. The agency’s decision pits desperate patient groups against those tasked with running the Medicare program. And […]Learn More