We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

The devastating LA fires have pushed climate disasters and property insurance to front-page news and to the top of our national consciousness, and with good reason: tens of thousands of structures are destroyed, tens of billions in losses have been incurred, and more than two dozen people are dead. The impact is staggering, and tragic.

President Trump just declared a "national energy emergency," granting additional powers to secure domestic energy. Ultimately the objective is to reduce energy costs for customers, a goal we’re all aligned on. However, the reality may look quite different. Energy costs follow a simple economic principle: supply and demand. To lower costs for customers, you either increase energy supply or decrease energy demand. Under this declaration, new energy initiatives may disrupt this balance, potentially keeping customer costs high—or even raising them.

Healthcare costs continue to rise at rates that far outpace inflation, placing immense pressure on small and medium-sized businesses. According to the Kaiser Family Foundation, over the past decade, employer contributions to health benefit premiums have surged by over 60%, with employee contributions also rising steadily. This dual worsening outcome, compounded by higher deductibles, makes affordable care access even more challenging.

To unlock the energy transition, we need to make DERs “bankable”

The other day, a far more accomplished GP in the industry asked me if we could discuss our research process. They’ve been part of some incredible outcomes, but had done that by following the founders, more so than being thesis-driven in the way we are. For better or worse, myself and our firm have always been thesis-driven and I thought it could be helpful to explain how we model our process for research and thesis development.