Victor Bivell at Eco Investor asked for our perspective on cleantech investing and how one should be positioned going forward. Over the past five years, the total return for your typical cleantech investor was 9.9% due to the poor performance of solar and wind. However, since bottoming in 2012, solar stocks in particular have rallied over 340% since their November 2012 low. What we took away from this period was risk appetites will change over time and the pendulum is swinging back toward the adventurous; there are always winners in any market; government renewable energy policy has become less generous but remains supportive; and even the cleantech space moves in cycles. We conclude that investors should focus on the energy efficiency thematic and solar still has legs. (VIEW LINK)