Empowering investors for over 20 years
Veritas is Canada's leading
independent equity research firm
Our Mission Is To Seek The Truth From The Facts
Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sells 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.
Advanced Accounting Training
June 8, 2022
Is the Growth Real?
We saw it during the Dot-Com Bubble and before the Great Financial Crisis. Growth companies sold investors on hyper-growth prospects.
Will this time be different?
It may be different companies and sectors, but the accounting tricks are similar and the outcomes are already reminiscent.
We'll help you separate the companies with long-term growth staying power from the ones that are using tricks to fool investors.
PLEASE JOIN US
We have 12 more modules and have been training investment professionals, accountants, regulators and academics for 20 years.
Please contact Sales for more details about our latest course or to customize a course for you or your firm.
Fact-Finder Video Conferences
Why Bitcoin Isn't Digital Gold
Fortunes have been won and lost with cryptocurrencies (more the latter recently), but do they make for appropriate long-term investments?
At Veritas, we do not claim to be experts on cryptocurrencies (although we do have opinions on them) so we went to Bob Seeman for his take.
Our President and CEO Anthony Scilipoti spoke to him for almost an hour in a Fact-Finder video conference on May 5 with our clients. From time to time, we share Fact-Finder replays widely with our followers. Given how volatile the markets are now, including cryptocurrencies, we thought we'd share this one as it is so timely.
"Bitcoin is gambling. It's not an investment. It's not even an asset. It has no cash flow or utility."
Bob Seeman, author of multiple books on Bitcoin (Bitcoin: The Coinmen; Bitcoin: Unlicensed Gambling; Bitcoin: The Mother of all Scams: Lies, manipulation and gambling; Bitcoin: The New Gambling Addiction)
Research Analyst and
We currently have an opening for a lead Energy Analyst.
We also have an opening for a Financial Services Research Associate
Our mission is to be the #1 source of trusted, independent research that helps investors make better investment decisions.
We might have the ideal opportunity for you.
Veritas is Canada’s first and only equity research firm to be certified as a CPA training organization by the Chartered Professional Accountants of Ontario.
V-List and Track Record
Why We Favour Energy:
V-List Performance Overview February 2022
Our model portfolio, the Veritas V-List, has outperformed the S&P/TSX Composite Index in 15 of the past 17 years.
It is up 3.06% for the year to date as of the end of February, versus the S&P/TSX Composite which is down 0.12%. Since its inception in 2004, the V-List has outperformed the S&P/TSX Composite by 335 basis points annually.
It is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.
You can subscribe to the V-List.
“We’re favouring stocks with downside protection with catalysts to the upside,” Anthony Scilipoti, Veritas PresPresident and CEO.
Please watch this 9-minute video with Anthony and our Head of Research Darryl McCoubrey as they discuss how the V-List has performed and why we have recently favoured the Energy Sector.
Create Your Own Charitable Foundation and Establish Your Legacy
We have an affiliated organization called The Veritas Foundation. Through it, individuals, families, organizations and companies can set up their own Legacy of Giving in four simple steps.
Our Foundation invests your contributions and they grow tax-free.
Ukraine Emergency Relief Campaign
The Russian invasion of Ukraine is devastating. The Veritas Foundation is raising emergency relief funds for people in Ukraine.
All funds will be directed to the Red Cross Ukraine Emergency Fund which will be matched by the Federal Government.
June 3, 2022
CFA Society New York Conference:
What's New in International Financial Reporting Standards
Veritas President and CEO Anthony Scilipoti will appear on a panel at a conference hosted by the CFA Society New York.
The panel will cover the International Accounting Standards Board's Primary Financial Statements Project, including the Amortization of Goodwill and Intangibles; Sustainability Accounting; and Non-GAAP Metrics. Fellow panel members will be Filipe Camilo Alves, Senior Technical Manager, European Financial Reporting Advisory Group (EFRAG), and Nick Anderson, Board Member, International Accounting Standards Board.
Anthony was appointed to the Board of the Capital Markets Advisory Committee of the International Accounting Standards Board in 2019.
May 3, 2022
Canadian corporations get lucky on pension funding
At Veritas, we have been tracking pension deficits at companies in the S&P/TSX 60 since 2007. We have constantly warned that companies’ profitable income statements failed to reflect chronic pension underfunding. However, as this article in The Globe & Mail lays out, things have turned on their head in the last two years. In the aggregate, the pension plans of companies in the S&P/TSX 60 are in surplus now for the first time since we began tracking the data in 2007. The Globe article is based on a March 29 for clients (Accounting Alert: Burden Relief: A Review Of S&P/TSX 60 Pension Plans).
April 7, 2022
2021 is not an appropriate benchmark for bank profitability: Analyst Nigel D’Souza
Our Financial Services Analyst Nigel R. D'Souza was on BNN Bloomberg to explain why he thinks the increase in taxes for financial institutions unveiled in the federal budget is not justified.
Element Fleet Management - Financials
Linamar Corp. - Consumer Discretionary
Brookfield Infrastructure Partners L.P. - Utilities
Bank of Montreal - Financials