Our Mission is to Seek the Truth from the Facts
Veritas is Canada's Leading
Independent Equity Research Firm
Empowering Investors for 25 Years
Darryl McCoubrey, Vice President, Partner, Utilities & Infrastructure Analyst, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations
We Outperform
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.
Find out more about our Track Record.
We Are Independent
We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.
Find out more about our Investment Approach.
We Stand Up For Investors
We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.
Find out more about Our Team.
We have many subscription options appropriate for all types of investors.
Contact our Sales Team to discuss your equity research needs. Contact Sales
13th Annual Veritas
Great Canadian Real Estate Conference
Is it just a passing storm or is it
THE RECKONING?
With every boom comes a downturn, but some are more painful than others. For decades, Canada's real estate boom fueled the national economy and was a source of spectacular wealth for owners and investors. Demand seemed limitless, cranes dominated the skylines, developers thrived and prices soared.
But the boom has paused and last quarter our Veritas Housing Riskometer Report showed Toronto and Vancouver as flashing red signals for risk. Immigration is down, inventories are spiking, mortgage delinquencies are rising, and developers are folding. Is this just a blip or is Canada's real estate market headed for a true and painful Reckoning?
See the 50% discount on our housing reports/conference subscription!
If you buy, sell, invest, regulate or work in real estate, this conference is a must-attend. Our speakers are industry experts who we can count on to provide the straight goods from their "on-the-ground" perspectives. As one regular attendee put it, our conference is the most “relentlessly honest” one in the country. There is no other conference like it.
REPLAY: Virtual Open House
An Introduction to Independent Research
If you've been thinking about subscribing to independent investment research, our Virtual Open House was the perfect opportunity to learn more about how we can help you avoid hidden risks, spot underappreciated opportunities, and make more informed investment decisions.
In this replay, you'll hear from Veritas founder and CEO Anthony Scilipoti on why he started the firm and why independence matters. You'll also meet Dan Fong, our Head of Research, to learn more about the Veritas forensic accounting approach and how we've helped clients avoid some of Canada's largest capital market blow-ups.
Finally, you'll meet two of our analysts, Darryl McCoubrey (Energy & Pipelines) and Kathleen Wong (Consumer Retail), who will give you an idea of their track record and some views on their sectors.
Please contact sales if you'd like to learn more about subscribing to our research.
Our open house is appropriate for private individual investors, financial advisors, family offices, institutional investors, accountants and regulators.
Giving Back
32nd Annual Buddies Open Golf Classic
We're thrilled to announce the 32nd Annual Buddies Open Golf Classic, which will be held on Sunday, September 7, 2025, in support of Children's Cancer Charities.
Thanks to the incredible support from friends, family, and generous sponsors, we've raised over $140,000 to date. Let's make this year the biggest yet. Join us or donate!
Find out more about the event here.
Date: Sunday, September 7, 2025
Time: 8:00 AM Shotgun Start
Location: Bethesda Grange Golf Course
Generous golfers at the 31st Annual Buddies Open in September 2024.
V-List Model Portfolio Performance
What is the V-List?
The V-List is a concentrated portfolio of 12 to 25 companies recommended by our analysts as the best investment opportunities drawn from our firm's research.
Stocks are selected based on their liquidity, lower volatility, and potential for long-term capital appreciation. Bottom-up fundamental analysis and a strict review of accounting and disclosure practices identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.
The V-List is equal-weighted and rebalanced at the end of each month or based on a change in recommended holdings.
The V-List has outperformed the S&P/TSX Composite Index by 294 basis points (as of June 30, 2025, from inception on October 31, 2004). Returns greater than 1 year are presented as compound annual growth rates.
It's a very big year for Veritas. In October, we celebrate turning 25!
Veritas Investment Research started out by writing a few impactful reports per year about hidden risks inside Bay Street's stock market darlings, such as Nortel Networks. A quarter of a decade later, we have a full research staff that publishes almost 1,000 reports, videos, and newsletters annually, covering almost 90% of the TSX 60 market cap. If you're a client, you may have heard Founder, President and CEO Anthony Scilipoti tell the story already, but 25 years ago, when he and his founding partners were starting our firm, the lawyer handling the incorporation advised them against it. "You're aware that people don't pay for research, aren't you?" It turned out that the lawyer was about as wrong as all those long-term BUYs on Nortel.
June 11, 2025
Builders taking on more debt as some in residential sector struggle
New Bank of Canada data show that Canada's chartered banks doubled the debt they have extended to real estate developers and builders in the last year, raising outstanding loan commitments to an unprecedented $85 billion.
Industry experts say there are several factors contributing to this new leverage. Among them are a large number of residential real estate developers that have overextended themselves and taken interim loans, which are often more expensive than longer-term financing, as they attempt to resolve stalled projects.
While this is certainly another sign that Canada's real estate sector is under strain, the bottom line is that this is still not a sizable exposure for the banks, said Shalabh Garg, Veritas Financial Services Analyst, in this Globe & Mail article.
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Hudbay Minerals Inc. - Materials
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Allied Properties REIT - REITs and Real Estate
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Alimentation Couche-Tard Inc. - Consumer Staples
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Bank of Montreal - Financials
Our Affiliated Companies
The Veritas Group of Companies
Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.
Veritas Asset Management Inc.
Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.
Sam LaBell, Veritas Asset Management Advising Representative, Director
Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process.
Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies. While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.
Veritas Foundation
The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.
Mark S. Bonham, Veritas Foundation Executive Director