HOW TO PLAY IT

That “In ation Reduction Act” is quite the extravaganza of handouts to favored industries. But maybe crony capitalism is tolerable if you own shares in the cronies. While vendors of solar panels are the obvious bene ciaries, there’s also money to be made on the periphery of alternative energy—for example, from companies that supply the ba eries, so ware and grid connections for commercial solar and wind installations.

Fluence Energy and Stem are in this line of work. They are speculative bets. Neither is yet in the black and they’re fairly expensive, with enterprise values, respectively, of two and 13 times revenue.