Case Studies


  • 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
  • SEC Chair Gensler Signals Ambitious Market Structure Agenda, Eyes Gamification May 11, 2021 — On May 6th, the House Financial Services Committee (HFSC) held its third (and final) scheduled hearing in response to the GameStop (GME) saga from earlier this year. Democratic lawmakers used the hearing as an opportunity to introduce six draft bills – including those that would require the Securities and Exchange Commission […]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
  • How Infrastructure Gets Done: Tax Reform & the Cost of Compromise May 3, 2021—What’s in a name? That which Democrats call infrastructure by any other name would prove as expensive without budgetary offsets. While Hunter Hammond and Grace Totman of our healthcare team expect Democrats will consider drug pricing and Medicare Advantage reforms to fund some of the smaller portions of any potential package, we expect Democrats will derive […]Learn More
  • Policy Momentum and Pitfalls of Europe’s Green Transport Revolution April 28, 2021 — Is the European “clean transport” industry ready for take-off or grounded in reality? And what role will policymakers play in developing sustainable aviation fuels, the clean shipping supply chain, and the nascent electric vehicle market? Last week Capstone hosted its inaugural virtual European Clean Transport Summit, during which we held a series of panel discussions, exclusively for clients, with European CEOs, distinguished policymakers, and industry executives covering the decarbonization […]Learn More
  • Capstone Goes Carbon Neutral April 22, 2021 — This Earth Day, Capstone announced its plan to make 100% of its operations carbon neutral by the end of 2021. The commitment reflects Capstone’s focus on becoming a more sustainable organization and helping its clients spot and understand opportunities to decarbonize and drive long-term, sustainable growth and investment returns. Capstone’s commitment […]Learn More
  • Biden Makes Fission Fashionable Again Through a Fuel-Neutral Clean Energy Standard April 20, 2021 – Capstone believes nuclear power producers would be an underappreciated beneficiary of President Biden’s proposed Energy Efficiency and Clean Electricity Standard (EECES)—a crucial part of the administration’s infrastructure plan, designed to achieve 100% clean energy by 2035. This note explores how the EECES could be structured and how the debate is likely […]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
  • 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 the conversation, one that Woodrow Wilson said would preoccupy “every successive stage of our […]Learn More
  • Biden’s Housing Agenda: Affordability and Equity April 1, 2021 – Perhaps nowhere is a “K-shaped” recovery as apparent as in the housing market. Those who could comfortably afford homeownership prior to the COVID-19 pandemic have benefited from significant house price appreciation. But for the millions of Americans who were already cost-burdened, mainly renters, the pandemic has pushed many close to eviction […]Learn More