RESEARCH APPROACH

We are not momentum players. We are not interested in short-terms gains or relying upon simple point estimates.

At Veritas, we believe the decision to buy or sell a security is based on whether the underlying risk is correctly reflected in the security's price. A detailed analysis of disclosures and accounting choices made by management can often provide insights into a security’s risk that are unknown or underappreciated by the Street. Our approach arms the investor with the tools needed to make long-term strategic investments. We publish three categories of reports: company specific reports, industry overviews and accounting alerts.

Our reports highlight and rate the quality of a company. These ratings are incorporated into our forecasts and valuations, which are based on discounted cash flows whenever possible. We rate quality in 5 separate categories:

Accounting & Disclosure: We comment on accounting and disclosure transparency. Investors need to know information besides EPS.  We provide the answers.    

Business Operations: We delve in depth, commenting on a company’s key success factors, competitive advantages and what exactly it does for a living.  

Corporate Governance: We take a hard look at management and ownership to gauge whether they can build long-term shareholder value. We report on executive compensation, composition of the board, insider transactions and quality of management.  

Balance Sheet: On- and off-balance sheet items are evaluated in every report.    

Cash Flow: Our reports focus on the sustainability of cash flows, not just earnings.