Capital Market Investors

Our Process

Whether we are preparing our research for distribution or responding to a client’s specific question for bespoke research, our process always involves deep-dive analysis of US federal and state policy. Through our London office, we analyze policy and regulation at both the EU and member state levels. Capstone provides capital markets investors with actionable and differentiated investment ideas in equity, credit, and other securities through deep-dive analysis on global, federal, state, and local levels.

Our experienced investment and policy analysts go deep in the weeds on opaque policy and regulatory matters to spot where consensus is wrong, and create unique investment ideas. Our value-add is not merely just a robust understanding of what the policy is and how it could change, but also how and why the policies matter for specific securities.

A Policy-Driven Approach

We believe the value we create for our clients lies in understanding the details, minutia, and unappreciated implications of specific policies and regulatory events better than other analysts. We believe our edge lies in our willingness to spend more time and be more creative than anyone else on policy topics, as well as our ability to create actionable, security-specific investment ideas from this knowledge. Our analysts ensure they use only public information in their research, whether garnered from public documents or through appropriately monitored conversations with policymakers.

We Dig Deeper

Our process always involves a deep-dive analysis of federal, state, international, and global policy. Our analysts mine news outlets, legislation, events, and other public resources to come up with unique investment ideas with a policy angle. We leverage our extensive outreach to relevant industry associations, advocacy groups, regulators, policymakers, and think tanks to gain a solid understanding of the relevant political landscape and the issues at hand. We use the knowledge we gain from these conversations to supplement our own deep-dive research. Our analysts focus on the minutiae of public policy by reading and reviewing public documents, including proposed rules and comment letters, proposed and enacted legislation, as well as policy meetings and hearings.

We Engage

Our analysts regularly consult with our clients to help them understand important policy issues. An engagement with Capstone includes the ability to request ad-hoc policy research on existing and potential investments. At the direction of clients, our team can quickly identify key regulatory issues impacting investments. We treat client requests with complete confidentiality. Our focus on a fee-based model, rather than one requiring us to drive trading volume among our clients, allows us to maintain a more compact customer base permitting a more robust dialogue with our clients than our peers.

Our Sectors

Financial & Business Services


Energy & Environment

Special Situations

Tech, Media & Telecom