Celebration

Veritas Investment Research
25^th Anniversary

A Letter from Anthony Scilipoti
President, CEO and Co-Founder

On Tuesday September 30, many of our clients, partners, former colleagues, employees, and family all gathered under one roof to celebrate 25 years of Veritas. It was overwhelming. I'll admit, as my daughters like to remind me, I'm a softy. That night, standing in that room, I was flooded with so many emotions, and I was grateful. Grateful beyond words.

When we started Veritas back in 2000, the idea was simple: tell the truth. That's it. We weren't going to get paid by the companies we wrote about. We were going to get paid by the people who needed our research, our clients. That independence was our foundation. It was disruptive then, and it's just as necessary today. Twenty-five years ago, our partners and our clients took a chance on us. We're here today and will be here tomorrow because of them.

Over the years, I've been lucky enough to be surrounded by incredible people. Some have worn the Veritas jersey for decades, others for years, but all share the same relentless curiosity and commitment to our mission.

What have I learned along the way? To be a great analyst, you have to be relentlessly curious, a confident communicator, and, yes, always a little anxious. In life and business, you must surround yourself with people you like and trust, people you admire, and who are heading in the direction you want to go. You can't be too rigid in your goals, as things change and you need to adapt. That success and happiness mean nothing if you can't share them. And that a business is a living, breathing organism: nurture it and it will take care of you; neglect it and it won't last.

Looking ahead, we know that our work cannot stand still. We began with two reports a month and an accounting piece. Today, we deliver hundreds of reports, notes, webinars, and calls. Some clients joke that they're "choking on Veritas," and maybe they're right. Our job now is to find ways to make our research customizable and alive, to put it in forms that help each of our clients make better investment decisions. Asset management, too, is changing. Specialization, scale, and transparency will matter more than ever, and we plan to lead by staying true to our forensic approach. Technology will be a tool, not a threat, if we use it wisely. And we will keep disrupting ourselves before the world forces us to.

Thank you to those who were with us from the very beginning, to those who joined later, and to those who continue to believe in what we're building. Thank you to the families who gave up time with us so we could pursue the truth. Thank you to my colleagues, who have carried this vision forward every single day. None of this, none of it, would have been possible without you.

Here's to the next 25 years. Book October 1, 2050, on your calendars for our 50th anniversary.

Anthony Scilipoti
CEO of the Veritas Group of Companies