This month in the Cornerstone Journal of Sustainable Finance & Banking (JSFB), we take the opportunity to focus on the theme of “Infrastructure.”  While global markets are in the thick of earnings reporting and proxy season, and investors absorb a raft of global manufacturing data showing growth differentials, we consider “Infrastructure” in its many manifestations.  In fact, we would argue that the governance structures that contribute to the current environment for everything from technology sector valuations to pharmaceutical sector  activism, need to be carefully scrutinized.  Further, we argue that a great deal of insight can be drawn from one of the world’s great statesmen: Winston Churchill.

In the mid-1940’s after the Battle of Britain when the House of Commons was being rebuilt following the bombings, Winston Churchill made the statement:  “We shape our buildings; thereafter they shape us.”  We consider this comment in the context of business and resource allocation decisions and the “sunk cost” theory of economics. We argue that investment analysis can be enhanced by a heightened consciousness of the mental infrastructure governing our decisions – which are indeed most relevant to investment decisions ahead.


The Cornerstone Regional Equity Strategy Model, by Michael Geraghty

Unleashing Impact Capital into Public Infrastructure, by John Williams

Smart Grid Infrastructure – Status, Opportunities and Risks, by Margarita Pirovksa PhD & Michael Shavel, CFA

Building Sustainable Cities with New Design & Open Data,  by Brian Young

Social Stock Exchanges: Democratizing Impact Investing, by Durreen Shahnaz

Transportation: Focus on Sustainability at Billion-Dollar Scale, by Anthony Bernheim

Open Source Excellence Case Study: Maersk: Sustainability as a Driver for Growth, by Annette Stube and John Kornerup Bang

Regional Imperatives: How Infrastructure Drives Competitiveness, by Marty Janowitz

Clean Water in Kenya: Making the Case for a Social Impact Bond, by Claire Champion

Using Established Tools for Standards in Infrastructure Project Valuation and Risk Management, by John Parker

Sustainable Standouts: Trinity River and San Diego International Airport