VERITAS Investment Research - Archives 2015-Current

April 08, 2024
Don’t Expect a Regional Banking M&A Wave, Says Analyst - Mergers & Acquisitions, a U.S.-based publication, interviewed Nigel D'Souza, our Senior Financial Services Analyst, about the likelihood of Canada's Big Six banks making further forays into buying U.S. regional banks, given that valuations are depressed there.

March 26, 2024
Banks to reach cyclical bottom near end of 2024: financial services analyst - Despite the Big Six banks performing well since bottoming in October last year, Nigel D'Souza, our Senior Financial Services Analyst, thinks the economy will deteriorate and experience a hard landing as the year progresses, dragging the banks down with it. He appeared on BNN Bloomberg.

March 21, 2024
Battle for Canadian bank deposits seen heating up as rate cuts loom - Our Senior Financial Services Analyst Nigel D'Souza was quoted in this Reuters article about the competition for consumer deposits amongst Canadian banks. "What's changing is that banks are being more competitive ... the price competition with deposits has gotten fiercer, and that's resulting in banks offering more competitive deposit rates, and that's also putting upward pressure on costs," he said.

March 07, 2024
Shareholders set to miss out on Neighbourly’s next stage of growth - Shareholders of Neighbourly Pharmacy were set to vote on a take-private offer from Persistence Capital Partners, which already owned half the company. As this Globe & Mail article laid out, our Senior Analyst, Kathleen Wong, was skeptical of the valuation used to make the offer, particularly management's forecasts and TD Securities' modelling of the current year's EBITDA as a base.

February 29, 2024
A stable and growing dividend at BCE? A cut would be a better idea - Our Senior Analyst Desmond Lau was quoted in a Globe & Mail column by David Milstead about BCE Inc.'s high dividend payout ratio. By its own calculations, BCE's dividend payout ratio exceeds 100%. However, as the article explains, BCE management's calculation of free cash flow (FCF) excludes capital lease payments for essential equipment such as satellites and cell towers. The payout ratio is even higher once capital leases are included back in. Desmond has been subtracting $800 million from BCE management's FCF ratio to reflect these capital leasing costs.

February 21, 2024
Full hit of commercial real estate losses for banks still to come - Nigel D’Souza, our Senior Financial Services Analyst, talked with Financial Post’s Larysa Harapyn about what investors should look for when Canada’s big banks reported Q1-F24 earnings. Margins, credit losses and capital markets will be in focus.

January 24, 2024
CN Railway’s stock price is baking in an overly-aggressive growth rate: Veritas Investment Research - Dan Fong, our Senior Investment Analyst for Diversified Industrials & Energy, was a guest on BNN Bloomberg to explain why he downgraded Canadian National Railway Co. to REDUCE from BUY after the company reported Q4-F23 earnings.

December 20, 2023
Martin Pradier of Veritas warns that world has too much copper - Martin Pradier, our Materials Sector Analyst, joined BNN Bloomberg's Andrew Bell to discuss how China's residential real estate slump is likely to drag on for years, pushing down copper prices and creating a global surplus in 2024.

December 18, 2023
Persistence Capital Partners cuts buyout offer for Neighbourly Pharmacy - Kathleen Wong, our Senior Investment Analyst for the Consumer Staples & Consumer Discretionary Sectors, was quoted in this Globe & Mail article about Persistence Capital Partners reducing its offer for the remaining 49.8% it doesn't already own of Neighbourly Pharmacy Inc.

December 13, 2023
Constellation Software is well positioned to capitalize on M&A - Desmond Lau, our Senior Investment Analyst of telecom and technology, joined BNN Bloomberg to discuss where a higher interest rate environment is a risk for the Canadian tech giant Constellation Software Inc. in the new year.

November 28, 2023
Franco Nevada analyst on Panama Court ruling against First Quantum - Martin Pradier, our Materials Analyst, joined BNN Bloomberg to discuss the impact of the shutdown of Cobre Panama on Franco-Nevada Corp.

November 27, 2023
Why a soft landing could be bad for Canada's big banks - Nigel D'Souza, our Senior Financial Services Analyst, spoke with the Financial Post in this video about what to expect from the banks' upcoming fourth-quarter earnings.

November 23, 2023
Canadian producers don't need US$100 oil to succeed: analyst - Dan Fong, our Senior Analyst of Diversified Industrial and Energy, discussed with BNN Bloomberg how Canadian oil producers have been outperforming despite the fall in oil prices.

November 22, 2023
How Tracy Robinson got CN Rail back on track - Tracy Robinson, CEO of Canadian National Railway, was named CEO Newcomer of the Year in ROB Magazine's annual CEO awards. In a feature about her and CNR, Dan said strategic changes under Robinson have put the railway in a better position to drive profitability.

November 22, 2023
Canada’s Biggest Bank Is Trying to Fix Its $10 Billion Headache - Nigel D'Souza, our Senior Financial Services Analyst, provided analysis in this Bloomberg feature about how Royal Bank of Canada has had to inject billions of dollars into its U.S. bank, City National, including US$2.9 billion this year.

October 20, 2023
I don't see a reason for rejecting the takeover: Analyst on RBC-HSBC Canada - Nigel D'Souza, our Senior Financial Services Analyst, joined BNN Bloomberg to talk about the Canadian banking landscape and why he thinks the Royal BAnk-HSBC Canada deal should go through.

August 25, 2023
RBC downgraded amid higher expenses, 'unfavourable' deposit trends - Our Financial Services Senior Analyst, Nigel D'Souza, downgraded Royal Bank of Canada to REDUCE after Q3-F23 results, as reported by BNN Bloomberg. Despite the downgrade, he still holds a favourable view of RBC's fundamentals and expects the bank to outperform its peers in the long run.

August 23, 2023
We expect lower loan growth in the upcoming results: Bank earnings preview - Nigel D'Souza, our Senior Financial Services Analyst, joined BNN Bloomberg to discuss why investors should look past the headline numbers to areas of concern for the Canadian banks.

June 20, 2023
Higher 'DSB' means smaller dividend increases for banks: Analyst - Our Financial Services Senior Analyst, Nigel D'Souza, was on BNN Bloomberg to provide his take on what a higher domestic stability buffer means to investors in Canadian bank stocks.

June 12, 2023
Analyst Actions: CN Rail is seeing unreasonably low growth priced in - Dan Fong, Senior Investment Analyst for Diversified Industrials & Energy, was on BNN Bloomberg discussing his outlook for Canadian National Railway and a recent controversy that has made headlines about a new federal government proposal to expand interswitching.

May 28, 2023
Canada’s big banks log 13-fold rise in loan loss provisions - Our report on long-term investing in Canada's Big Six banks was also featured in The Financial Times. “Canadian banks generate higher [return on equity] and trade at higher book multiples than US banks,” The Financial Times wrote, quoting the report. “Since 1840, Canada has not experienced a bank crisis, and only two banks have failed since 1923 . . . The US banking system, on the other hand, has experienced 12 major banking crises since the 1840s.”

May 25, 2023
Canadian banks bent on international expansion lag those that stay home, Veritas report argues - Our report on long-term investing in Canada's Big Six banks was featured in The Globe & Mail. In the report, entitled “The Tortoise and the Hare,” Senior Financial Services Analyst Nigel D'Souza and his Associate Analyst Roshun Paunikar argue that “slow and steady” wins the race in Canadian banking. Published at the beginning of May, the report concludes that the banks that generated the best risk-adjusted returns over the past decade were the “tortoises” that focused on Canadian banking rather than the “hares” that raced out to pursue international diversification.

May 23, 2023
Gearing up for Canadian bank earnings - Nigel D'Souza, our Senior Analyst for Financial Services, joined BNN Bloomberg to discuss his outlook for Canada's Big Six banks, which are reporting their Q2-F23 quarters this week. "Longer-term, I think that banks that focus on Canadian banking, like RBC and National Bank, are going to outperform banks that chase international banking growth, like BMO, Scotia, TD, and even now CIBC with its entry into U.S. commercial banking," he said.

May 15, 2023
Why Newmont's Deal for Newcrest May Not Pan Out - Our Materials Analyst Martin Pradier was on BNN Bloomberg to discuss Newmont Corp.'s (NYSE: NEM, TSX: NGT) proposed acquisition of Newcrest Mining Ltd. (TSX: NCM) now that Newcrest's board backs the deal. He continues to have doubts that the deal will be accretive for shareholders.

May 01, 2023
TFI International: Freight Volumes & The Economy - Dan Fong, our Senior Investment Analyst for Diversified Industrials & Energy, joined BNN Bloomberg to discuss TFI International Inc. (NYSE, TSX: TFII) and its acquisitions of two entities, Siemens Transportation Group and Hot Line Freight Systems. He also discussed the outlook for the freight and transportation industry.

April 12, 2023
Outlook for Canadian banks amid BoC rate pause - Our Financial Services Analyst, Nigel D'Souza, was on BNN Bloomberg following the Bank of Canada's decision to hold interest rates steady. He discussed which of the Big Six banks should do better with higher interest rates, but noted that this should be balanced by the fact that the banks will also be facing higher credit losses the longer rates stay high.

April 11, 2023
Newmont's offer for Newcrest Mining will destroy shareholder value if accepted: Analyst - In the wake of Newmont Corp.'s increased bid for Newcrest Mining Ltd. this morning, our materials sector analyst Martin Pradier told BNN Bloomberg that he thinks the US$19-billion acquisition will prove to be value-destroying for Newmont shareholders.

April 10, 2023
Utilities will outperform as economic risks start to mount again: Darryl McCoubrey - Darryl McCoubrey, our Head of Research and Utilities and Infrastructure Analyst, was on BNN Bloomberg to discuss his recommendations on his sector at a time when investors are risk averse.

April 01, 2023
Green For Life’s founder built a garbage empire on $9 billion in debt. Now interest rates are rocketing up — is he worried? - As quoted in this Toronto Star article, Darryl McCoubrey, our Head of Research at Veritas and Utilities and Infrastructure analyst, wonders if the desire for growth could hurt GFL Environmental in a potential recession, especially given the company's high levels of debt and interest rates that are higher now than they have been in GFL's lifetime.

February 24, 2023
'Holding ourselves accountable': Tim Hortons' parent RBI to start releasing earnings per restaurant - The Financial Post recently wrote about how the new executive chairman at Restaurant Brands International Inc. is going to release EBITDA per restaurant for each of the company's four major brands in order to "elevate accountability to our franchises even further." Kathleen Wong, our Senior Investment Analyst for the Consumer Staples and Consumer Discretionary Sectors, said restaurant EBITDA is the best metric for investors to evaluate management’s execution of its strategy.

February 17, 2023
Quebec’s Lion Electric Co. transforming an industry by cranking out electric school buses - The Globe & Mail recently wrote a long feature about The Lion Electric Company, in which Veritas Special Situations Analyst Brent Levenstadt is the only outside analyst quoted in the article with concerns about fundamental weaknesses in the business.

February 11, 2023
Swimming against Brookfield’s tide of positivity - Dimitry Khmelnitsky, our Head of Accounting & Special Situations, remains the lone analyst with a Sell on Brookfield Asset Management Inc. and a Reduce on the parent, Brookfield Corp. As this Globe & Mail article lays out, the remaining analysts on the Street rate the two Brookfield entities as either a Strong Buy, Buy or Hold.

February 08, 2023
We prefer Manulife Financial ahead of a recession: Analyst - Nigel D'Souza, our Senior Analyst for Financial Services, was on BNN Bloomberg ahead of Canada's main insurance companies reporting Q4-2022 results.

February 06, 2023
Barrick Gold is a better option to own Newcrest: Analyst - Martin Pradier, our Materials Analyst, was on BNN Bloomberg with host Andrew Bell to discuss Newmont Corp.'s US$16.9 billion bid for Newcrest Mining Ltd.

February 01, 2023
Big Three grocers have new appeal in recessionary environment - As this Globe Advisor article laid out, the Big Three Canadian grocers have performed well since the pandemic for investors, but with inflation running high and a recession looming, will the strong performance continue? Kathleen Wong, our Senior Investment Analyst for the Consumer Staples & Consumer Discretionary Sectors, is quoted in the article as saying that she favours Metro Inc. in this environment.

January 25, 2023
If your bank accentuates the positive, bad news may follow - As David Milstead at The Globe & Mail wrote this week, buried deep within the securities filing of Canadian banks are their forward-looking economic indicators for GDP, unemployment and housing. Each bank must provide a benign case, base case and adverse case for each economic indicator. The banks use those indicators to forecast losses on performing loans, also called their provisions for credit losses (PCLs). The banks actually use much more sophisticated models to forecast PCLs, but this is as much as shareholders get to see. Our Financial Services Analyst Nigel D'Souza tracks these indicators quite closely for our clients and it helps him predict how hard the banks are going to get hit with credit losses on performing loans in the future, or vice versa.

January 17, 2023
Why Hydro One’s shares are soaring despite rising rates and constant CEO upheaval - Darryl McCoubrey, our Vice President and Head of Research, Partner, Utilities & Infrastructure Analyst, was quoted in The Globe & Mail explaining why Hydro One has long been one of his favourites. “They’re ticking the checkmarks that you want checked from a regulated utility,” Darryl said. “It’s income first.”

January 16, 2023
Barrick Gold before Mark Bristow had trouble as a stock: Analyst - Martin Pradier, our Investment Analyst for Materials, joined BNN Bloomberg to discuss the outlook for gold and major gold mining companies Agnico Eagle Mines Ltd., Barrick Gold Corp., and Newmont Corp.

December 22, 2022
Brookfield Unit’s Rough Start Looks Like an Opportunity to Goldman - Dimitry Khmelnitsky, our Head of Accounting and Special Situations, provides an alternative take to Goldman Sachs' opinion on Brookfield Corp. and its recent spinoff Brookfield Asset Management Inc. in this Bloomberg article.

December 21, 2022
Canadian banks debt servicing costs will hit a new high in 2023: Analyst - Our Financial Services Analyst Nigel D'Souza was on BNN Bloomberg discussing his outlook for the Canadian Big Six banks as Canadians face inflationary pressure and higher mortgage rates.

December 19, 2022
Economic outlook to create ‘stiff headwinds’ for insurers but dividends are sustainable - Nigel D’Souza, our Financial Services Analyst, sees the global economic outlook as offering stiff headwinds for profits for Canada's life insurers, which is why he favours Manulife Financial Corp. over Sun Life Financial Inc. and Great-West Lifeco Inc.

December 14, 2022
BMO's plans to fund Bank of the West deal shaken by surprise OSFI capital-buffer changes - Veritas Financial Services Analyst Nigel D'Souza comments on Bank of Montreal's recent equity offering to pay for a major acquisition.

November 28, 2022
We believe there will be a deterioration in the macro outlook for the Big Six banks: Nigel D’Souza - Our Financial Services Analyst Nigel D'Souza was a guest on BNN Bloomberg, providing his outlook for the Canadian banks as they started reporting their Q4-F22 results this week.

November 21, 2022
Home Capital's current share price worth below $30/share is a worse case scenario: Nigel D'Souza - Our Financial Services Analyst Nigel D'Souza appeared on BNN Bloomberg today to discuss Home Capital Group Inc. agreeing to be acquired by Smith Financial for $44 per share. "I think the offer is fair," he said. "I think shareholders should accept and approve it." Nigel had been telling our clients to BUY the stock recently because it was trading at an "incredibly cheap" valuation.

November 01, 2022
Brookfield Eases Concern About Slow Deal Pace With Westinghouse Sale - Dimitry Khmelnitsky, our Vice President Head of Accounting & Special Situations, initiated coverage on Brookfield Asset Management Inc. recently and was quoted in this Bloomberg article about the recent sale of one of its holdings, Westinghouse Electric Co. for US$8 billion.

October 28, 2022
Solving Shopify’s misery: How Canada’s tech saviour lost its swagger — and why investors remain so scared - Desmond Lau, our Communication Services & Information Technology Analyst, weighed in on the future of Shopify Inc. in this feature in The Globe & Mail's ROB Magazine.

October 04, 2022
There's likely an external shareholder pressuring HSBC to focus on their core business: D'Souza - Nigel D'Souza, our Financial Services Analyst, joined BNN Bloomberg to discuss why HSBC Holdings would consider selling off its Canadian division.

October 04, 2022
Banking: Veritas cuts bank targets, citing sour loan concerns - Our Financial Services Analyst Nigel D'Souza lowered his valuations on all of the Big Six Canadian banks, saying that rising borrowing costs and a potential recession could lead to an increase in provisions for credit losses (PCLs), as reported in this BNN Bloomberg article. While Nigel did lower his valuations, he upgraded Bank of Nova Scotia to a Buy and reiterated that TD Bank is his top recommendation in the sector.

September 14, 2022
Canadian Tire’s rise in past-due accounts might be a big red flag - Globe & Mail columnist David Milstead quoted our Consumer Staples & Consumer Discretionary Senior Analyst Kathleen Wong in this article about the risks in Canadian Tire's credit cards business.

August 22, 2022
Rising recession risks could make Canadian bank executives change their upbeat tune - The Financial Post quoted our Financial Services Analyst Nigel D'Souza in a story setting up Q3-F22 earnings for the Big Six Banks. “I think (results will) be received very positively and you could see a rally for bank stocks because of how negative sentiment has been over the recent months,” Nigel said.

August 22, 2022
Far too early to sell Canadian bank stocks today for credit losses that are a year out - Our Financial Services Analyst Nigel D'Souza joined BNN Bloomberg to discuss the Q3-F2022 earnings season for the Big Six Canadian banks, which starts August 23 with Bank of Nova Scotia reporting. You may recall that he went negative on the sector in February when he didn't think the market appreciated the impact that steep interest rate hikes would have on valuations. Last week in a report for clients, he upgraded Bank of Nova Scotia (TSX: BNS), Canadian Imperial Bank of Commerce (TSX: CM) and Toronto-Dominion Bank (TSX: TD) to BUYs as the sector was down about 15% from its peak in January/February and was trading at ~9.5x forward P/E multiples. Bank of Montreal remained a BUY, while he upgraded National Bank (TSX: NA) to REDUCE from SELL, and kept Royal Bank (TSX: RY) at REDUCE.

August 03, 2022
A new international accounting standard will have the biggest impact on Manulife: Analyst - Nigel D'Souza, our Financial Services Analyst, joined BNN Bloomberg's Jacqueline Hansen to discuss a new International Financial Reporting Standard for insurance contract accounting (IFRS 17), saying it will have the biggest impact on Manulife.

August 02, 2022
Lifecos face 'really epic' accounting change - here's why it matters - The new International Financial Reporting Standard for insurance contract accounting (IFRS 17) requires insurance companies to break out the source of earnings between insurance and investment-related operations, such as wealth management. “The issue [currently] is that life insurance companies don't split this out,” said Veritas Analyst Nigel D'Souza told BNN Bloomberg in an article. “I think [IFRS 17] will lead to better comparability and more consistency.”

July 28, 2022
'Calm before the storm': Canadian banks expected to start shoring up reserves as consumer credit risks build - Canada’s big banks may need to start shoring up their loan-loss provisions as the economic cycle turns and they eye growing consumer credit risks. “Given cycle highs in household leverage and the fastest pace of interest rate increases in over twenty years, we expect provisions for credit losses (PCLs) in the upcoming cycle to match or potentially exceed PCLs during the global financial crisis (GFC),” Veritas Financial Services Analyst Nigel D'Souza wrote in an extensive recent report for our clients that is quoted in this National Post article.

July 15, 2022
Canadian bank stocks could fall another 5-15% before they hit bottom: Veritas - Nigel D’Souza, our Financial Services Analyst, explained on BNN Bloomberg why he doesn't think Canadian bank stocks have yet reached a bottom.

June 24, 2022
Investors are selling banks now anticipating impact of headwinds in 2023: Analyst - Nigel D’Souza, our Financial Services Analyst, told BNN Bloomberg that the negative impact from rising rates or slowing growth is unlikely to be reflected until next year, but investors are getting ahead of that.

June 01, 2022
We could see valuation headwinds for banking sector if BOC moves above 2%: Analyst - Nigel D'Souza, our Financial Services Analyst, joined BNN Bloomberg to discuss how the Bank of Canada's second consecutive half-point rate hike impacts the outlook for Canadian bank stocks.

May 24, 2022
Historically, valuation multiples for banks have bottomed when credit losses peak: Veritas - Our Financial Services Analyst Nigel D'Souza was a guest with Andrew Bell on BNN Bloomberg discussing his outlook for Canadian bank earnings. Nigel explained that the best time to buy bank stocks historically has been when provisions for credit losses have peaked. Usually, credit losses peak about two years after interest rates start to rise.

May 19, 2022
How the automotive supply chain crisis is leading to efficiency and investment opportunity - Our Industrials Analyst Dan Fong looked at auto cycles for the last 40 years and found that whenever U.S. auto sales were in a recovery phase, auto maker and auto-parts stocks outperformed the market significantly. “Right now, we’re in a heavy contraction,” Dan told Globe Advisor. In a recovery phase, “automotive stocks tend to outperform the broader market wildly.”

May 03, 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 and Mail lays out, things have turned on their head in the last two years.

April 07, 2022
2021 is not an appropriate benchmark for bank profitability: Analyst Nigel D’Souza - Nigel D'Souza, our Financial Services Analyst, told BNN Bloomberg that the increase in taxes for financial institutions unveiled in the federal budget is not justified, as banks benefited in 2021 due to several temporary factors.

April 06, 2022
No risk of banks increasing fees, but they might generate fewer loans: D'Souza on big banks surtax - Nigel D'Souza, our Financial Services Analyst, joined BNN Bloomberg to discuss the risks of the surtax on banks ahead of the Federal Budget. He notes that apart from setting a dangerous precedent, it could also push banks to generate fewer loans, affecting the Canadian economy.

March 22, 2022
Biggest risk of bank surtax is precedent it sets: Veritas Analyst - The Liberal and NDP partnership means that the proposed surtax on profits for major Canadian financial institutions is a step closer to reality. The proposal taxes profits an extra 3% beyond $1 billion. “It’s not something that’s going to impact the banks’ earnings growth or the return on equity materially going forward,” Veritas Financial Services Analyst Nigel D'Souza told BNN Bloomberg. “To me, the bigger concern isn’t this tax rate itself, but whether it sets a precedent for more onerous taxation on bank profits in the future.”

March 09, 2022
This dividend-growth story is also a debt-downgrade candidate - Emera Inc has been raising its dividend for more than a decade and told Bay Street that it’s targeting 2% to 4% annual dividend growth through 2024. But Veritas Investment Research analyst Darryl McCoubrey casts doubt on that outlook, as reported in this Globe & Mail article.

February 23, 2022
The Canadian banks will show softer earnings results this quarter - Nigel D'Souza, our Financial Services Analyst, joined BNN Bloomberg to discuss why he believes the Canadian banks will show softer results in capital markets and wealth management divisions when reporting Q1-F22 results. He also points out the possible risks ahead for the sector, which include increased interest rates.

February 22, 2022
Analyst downgrades five of the Big 6 banks over worries risks of rate hikes will outweigh rewards - The Financial Post also covered Nigel D'Souza, our Financial Services Analyst, downgrading five of the Big Six banks.

February 09, 2022
Analyst cuts five of Big Six banks to sell on rate-hike fallout - Nigel D’Souza, our Financial Services Analyst, downgraded all but one of Canada’s Big Six banks, citing the eventual drag from higher interest rates, as covered in this article by BNN Bloomberg.

January 30, 2022
Why renewable energy stocks are tanking again, despite climate change fears - Veritas Utilities and Infrastructure Analyst Darryl McCoubrey explained in this Globe & Mail article why many renewable energy stocks have fallen sharply in recent months.

January 26, 2022
Canadian banks stand to benefit once the BoC hikes interest rates - Nigel D’Souza, our Financial Services Analyst, joined BNN Bloomberg to discuss his reaction to the Bank of Canada keeping rates on hold at its January meeting this week. Nigel noted he was surprised by the decision to hold rates steady, but expects hikes to begin in the coming months.

January 24, 2022
Canada's housing market is betting interest rates will never rise - A Veritas survey was cited in this article by Bloomberg about Canada's housing market. The survey found about 40% of residential real estate investors were only breaking even in 2020 — making that group completely reliant on price appreciation to earn a return.

January 21, 2022
Fresh vs frozen: Circle K, On The Run parents face off in convenience store food fight - Veritas Retail Analyst Kathleen Wong was quoted in this BNN Bloomberg story about the strategy of convenience stores, particularly Alimentation Couche-Tard, to offer more food services.

December 30, 2021
IASB’s Investor Update December 2021 Newsletter - Profile - The leadership at Veritas takes an active role in representing investors to accounting and financial markets regulators. Anthony Scilipoti, Veritas President and CEO, is a member of the International Accounting Standards Board Capital Markets Advisory Committee and was profiled in the IASB’s Investor Update December 2021 Newsletter. Anthony covered how Veritas was founded, what makes investing in Canada unique both from a sector mix and a financial reporting point of view, areas of corporate reporting that can be improved and what topics standard setters should focus on in coming years.

December 19, 2021
Bombardier shares drop as Swedish corruption probe unfolds - Anthony covered how Veritas was founded, what makes investing in Canada unique both from a sector mix and a financial reporting point of view, areas of corporate reporting that can be improved and what topics standard setters should focus on in coming years.

November 29, 2021
Preparing for Q4-F21 Bank Earnings - Nigel D’Souza, our Financial Services Analyst at Veritas Investment Research, joined BNN Bloomberg’s Amanda Lang ahead of the Canadian banks releasing their Q4-F2021 results this week.

November 04, 2021
Banking regulator set to make announcement on capital distributions - Nigel D’Souza, our Financial Services Analyst, discussed how the regulator will likely allow banks to raise dividends again in this article by Canadian Press.

November 03, 2021
"I expect OSFI to announce banks can pursue dividend hikes and share buybacks" - Nigel D’Souza, our Financial Services Analyst, was a guest on BNN Bloomberg with Amanda Lang to discuss how the banking regulator will likely allow banks to raise dividends and participate in share buybacks again.

October 24, 2021
SNC-Lavalin suing government for damages over Montreal’s Champlain Bridge project - Veritas Special Situations Analyst Dimitry Khmelnitsky commented on the company's lawsuit versus the Canadian government, noting that the lawsuit is another indication that SNC’s decision in 2019 to exit fixed-price construction was the right one.

October 21, 2021
Emera not currently the best choice in utilities - Veritas is the only firm with a Sell rating on Emera. Darryl McCoubrey, VP of Utilities and Infrastructure at Veritas, joined BNN Bloomberg to discuss why he is wary of the stock.

October 16, 2021
A buy-and-hold utility with a growing dividend - Veritas Utilities Analyst Darryl McCoubrey's main concern with Emera is that the company's investment-grade credit rating could be at risk if the company fails to improve its debt ratios, as discussed in this Globe & Mail article.

October 13, 2021
Shareholders should look to lock in gains on Lightspeed shares amid competitive pressures - Veritas's research about Lightspeed's disclosure and growth prospects is referred to in this piece by Globe & Mail columnist David Milstead.

October 08, 2021
How to play the new energy bull market - Jeffrey Craig, Veritas Energy Analyst, is bullish on the sector, and particularly on major Canadian oil sands companies. "You could see some serious dividend increases and a lot of share buybacks.”

September 30, 2021
Canadian tech firm Lightspeed walloped - Veritas Analyst Howard Leung's report was quoted in this CBC story about Lightspeed: "Investor doubts persist around [Lightspeed] because management is not providing enough high-quality disclosure."

September 25, 2021
The death of profit: Why investing feels broken, and markets no longer make sense - Howard Leung, Veritas REITs and Technology Analyst, was quoted in this Globe and Mail feature about why investors are throwing vast amounts of cash at money-losing companies in the hopes of finding the next Amazon.

September 21, 2021
Liberal tax hike will impact earnings but not economic fundamentals of banks - Nigel D’Souza, our Financial Services Analyst, was a guest on BNN Bloomberg with Greg Bonnell, discussing his view of the Liberal government’s minority victory and how its proposed tax hikes on banks and insurers will impact the financial sector and shareholders.

August 23, 2021
Canadian banks will have to navigate the impact of the Delta variant - Veritas Financial Services Analyst Nigel D'Souza discussed his Q3 outlook for the Canadian banks with Greg Bonnell on BNN Bloomberg, predicting that investors would not reward banks for reversals of credit loss provisions.

July 28, 2021
Canadian restaurant stocks rebound from COVID-19 pandemic, but concerns linger - Veritas Senior Retail Analyst Kathleen Wong told The Globe & Mail that quick-service restaurants are the best way to play restaurant stocks as economies re-open from lockdowns.

July 21, 2021
Investors unlikely to reward pandemic-boosted Canadian bank results - Veritas Financial Services Analyst Nigel D’Souza appeared on BNN Bloomberg to discuss his latest report on the Canadian banks.

July 14, 2021
Oilsands assets worth $13.4 billion may be up for grabs with Big Oil on divestment spree - Canadian oilsands assets with a potential price tag of $13.4 billion may be up for sale as oil majors divest their heavy oil assets in Western Canada, according to a report from our Veritas Energy Analyst Jeff Craig, as quoted in The Financial Post.

July 03, 2021
With limitations of remote work becoming more evident, REITs will be among biggest beneficiaries - As lockdowns ease and people return to offices, Veritas Real Estate Analyst Howard Leung provided his take to The Globe & Mail on how this will affect office REITs.

June 17, 2021
“I think it’s appropriate for OSFI to raise the DSB in October:” - Veritas Financial Services Analyst Nigel D’Souza appeared on BNN Bloomberg with Amanda Lang to explain what the banking regulator’s move to increase the stability buffer means for bank stocks.

June 11, 2021
Canadian auto parts makers give investors a chance to bet on North America’s economic reopening - Veritas Industrial Analyst Dan Fong provided his outlook on Canadian auto parts companies in this article by Ian McGugan in The Globe & Mail. “There is a very positive set of factors driving the outlook for the auto sector right now,” he said.

May 27, 2021
Regulators now equipped to crack down on misleading financial metrics - Veritas President and CEO Anthony Scilipoti provided his opinion on new Canadian regulations for non-GAAP financial reporting in this article in The Globe & Mail. “I’m impressed that it has more teeth than even the U.S. regulations."

May 25, 2021
Canadian banks likely to release pandemic-era provisions for sour loans - Veritas Financial Services Analyst Nigel D'Souza appeared on BNN Bloomberg with Amanda Lang to discuss how he expects the banks to beat expectations for Q2 earnings.

May 18, 2021
Bombardier strikes deal with mystery investor in bid to end debt covenant saga - Veritas Industrials Analyst Dan Fong provided his analysis of Bombardier's defense tactics in a dispute with a bondholder in this Globe & Mail article.

May 14, 2021
CN and CP are offering enormous sums for Kansas City Southern, but history suggests the payback will be robust - Veritas Industrials Analyst Dan Fong talked to The Globe and Mail about his investment views of the railways and mergers.

May 12, 2021
What to expect from Home Capital Group earnings on Thursday - Veritas Financial Services Analyst Nigel D'Souza outlined the tailwinds he sees for Home Capital Group's outlook in this Globe & Mail article.

May 11, 2021
Flexible reporting standards mean investors know little about when companies used emergency wage subsidies - Veritas President and CEO Anthony Scilipoti discussed with The Globe & Mail how Canada’s Emergency Wage Subsidy program is obscuring the ability of investors to evaluate the performances of companies during the pandemic.

May 07, 2021
How dividend stocks can protect you from inflation - Power producers and utilities have mechanisms in place to protect against inflation, Veritas Head of Research Darryl McCoubrey told The Globe & Mail.

May 03, 2021
Bombardier disputes unnamed bondholder’s claims it breached pledges over sale of train unit - Veritas Industrials Analyst Dan Fong provided his take on the dispute with bondholders in an article in The Globe and Mail.

April 30, 2021
The trouble with ‘bubble’: Why Canada’s red-hot housing market is defying the burst - Veritas President and CEO Anthony Scilipoti was quoted in this Globe & Mail Saturday feature about the housing market. Canada’s economy has come to depend too much on the unpredictable residential sector, leaving it vulnerable to any weakness in that area, he said. "It's not good for the country."

April 01, 2021
Veritas Analyst Howard Leung has been appointed to be a member of the Canadian Accounting Standards Board - The AcSB is an independent body that establishes standards for financial reporting for all Canadian private sector entities and contributes to internationally accepted financial reporting standards.

March 12, 2021
Household savings are fuelling the demand side of Canada’s housing market - Veritas Financial Services Analyst Nigel D’Souza was a guest on BNN Bloomberg, discussing why he doesn’t think house prices are set to decline imminently.

March 11, 2021
SPAC'd out: Everything you need to know about the next hyped-up investment fad - Veritas President and CEO Anthony Scilipoti provided some wisdom and advice in this CBC article on why many SPACs coming to market today will end in tears.

February 22, 2021
Investors should be overweight Canadian banks tied more closely to financial markets - BNN Bloomberg’s Amanda Lang interviewed Veritas Analyst Nigel D’Souza about the outlook for the Big Six banks ahead of Q1 earnings season.

February 18, 2021
Shopify: Barriers to higher valuation - The Financial Post interviewed Veritas Analyst Chris Silvestre about Shopify’s business model compared to Amazon’s.

February 16, 2021
Shopify’s growth path is the biggest unknown as valuation soars - Veritas Analyst Chris Silvestre was interviewed by Bloomberg about Shopify’s 2021 outlook: “The recent pace of growth is unsustainable.”

February 13, 2021
With Shopify set to report record Q4 Wednesday, CEO Tobi Lutke looks to change ‘everything’ about the eCommerce platform - The Globe & Mail quoted Veritas Analyst Chris Silvestre about Shopify’s growth prospects. Shopify is “so large that sustaining the recent pace of penetration gains in the U.S. is unlikely.”

February 05, 2021
Beaten-down REITs could see negative sentiment reverse quickly as lockdowns end - Veritas Analyst Howard Leung was interviewed by Ian McGugan in The Globe & Mail about value opportunities in the REIT sector.

January 26, 2021
International Accounting Standards Board survey to analysts and investors who follow the Metals & Mining or the Oil and Gas Sectors. - The IASB asked us to forward this survey as it tries to decide whether to develop proposals to replace IFRS 6 Exploration For and Evaluation of Mineral Resources.

January 21, 2021
TC Energy could shrug off loss of Keystone XL pipeline project - "A loss in its oil business indirectly enhances opportunity in its other, much more important operations," Darryl McCoubrey, Veritas Head of Research, told S&P Global Market Intelligence. "I don't get why it's all doom and gloom.

January 21, 2021
CPAs and the New Social Contract: The Rise of the Warrior Accountant. - “ESG measurement is in the eye of the beholder, with too little emphasis on how it is being calculated… Just because a company has high or low ESG scores doesn’t mean it’s a good investment,” Veritas President and CEO Anthony Scilipoti is quoted as saying in this report by CPA Ontario.

January 18, 2021
Why Shopify’s Tobias Lütke is No. 2 on the 2021 Maclean’s Power List - Writer Jason Kirby interviewed Veritas Analyst Chris Silvestre about Shopify’s dizzying valuation. “Shopify is a phenomenal company at the right price. But it’s so hard to wrap your head around the valuation.”

January 18, 2021
What blocking Keystone XL could mean for the Canadian energy sector - Veritas Head of Research Darryl McCoubrey appeared on BNN Bloomberg discussing the implications for pipelines and oil producers if President-elect Joe Biden blocks Keystone XL as rumoured.

January 08, 2021
Pandemic, oil downturn hitting Calgary's office real estate with one-two punch - Veritas Energy Analyst Jeff Craig told BNN Bloomberg that consolidation in the energy industry is expected to be a continuing trend.

January 06, 2021
Markets react to prospect of 'blue wave' in Georgia Senate vote - Veritas Investment Research Head of Research, Darryl McCoubrey, was quoted by the CBC in this article about markets reacting to the Democratic “blue wave” and the impact on renewable energy stocks.

December 22, 2020
Air Canada is well-positioned to weather the storm - Veritas Industrial Analyst Dan Fong joined BNN Bloomberg to discuss his outlook on Air Canada.

December 09, 2020
Veritas Residential Real Estate Investment Property Survey Results - Please see our slide deck on how real estate investors could impact future house prices.

November 30, 2020
Canadian banks well-positioned to meet or exceed Q4 expectations - Veritas Financial Services Analyst Nigel D’Souza appeared on BNN Bloomberg to discuss upcoming bank earnings and why he has a cautious outlook for next year.

November 25, 2020
The growth and acquisition outlook for TFI International - Veritas Analyst Don Fong discussed the trucking firm’s opportunities when the economy reopens in this article by Transport Dive.

November 20, 2020
How much are Canadian real estate prices vulnerable to expiring mortgage deferrals? - Better Dwelling wrote about a report by Veritas Analyst Nigel D’Souza that estimated what a supply-shock from financially pressured homeowners could do to the housing market.

November 06, 2020
Why we upgraded three of Canada’s banks - Veritas Investment Analyst Nigel D’Souza appeared on BNN Bloomberg to explain why he no longer has a SELL on all of the Big Six.

November 03, 2020
How a murky balance sheet line signals weak profits ahead - Veritas Analyst Dan Fong provided insights into how investors should look at deferred tax assets in this Globe & Mail article.

October 29, 2020
How Accounting Standard Changes Affect Investment Research - Veritas REITs and Technology Analyst Howard Leung was a guest on LumiQ’s podcast: A Discussion on Restatement Rules, Real-World Scenarios, and Accounting Policy Choices (the link includes a free trial for LumiQ, which is a podcast site that provides Continuing Professional Development credits for Chartered Professional Accountants. Register and then search for the Veritas podcast).

October 27, 2020
Oil patch primed for more consolidation in wake of Cenovus deal for Husky - Veritas Analyst Jeff Craig was quoted in this article by The Financial Post about why more mergers may happen.

September 17, 2020
Bombardier bonds, shares rise as rail sale to Alstom is signed - Bloomberg quoted Veritas Analyst Dan Fong about the market's reaction to Bombardier finalizing the sale of its train unit.

September 15, 2020
Downtown Won’t Become a Ghost Town - Veritas President and CEO Anthony Scilipoti and REIT Analyst Howard Leung discussed real estate investing in this Morningstar Market Insights article.

September 15, 2020
Veritas places #1 and #3 in Refinitiv StarMine Awards with eight total awards - Desmond Lau, our Communication Services & Information Technology Analyst, placed first overall across all industries and analysts in Canada, while Dan Fong, our Industrials Analyst, placed third overall. We have won awards for the past seven consecutive years.

August 28, 2020
Retail apocalypse now?: A day of reckoning may be approaching for two of Brookfield's property entities - The Financial Times quoted Veritas Investment Research in this article about Brookfield Property Partners.

August 21, 2020
We Nailed Bombardier, Nortel & Valeant. Who’s Next? - In this interview with Mark Bunting of Uncommon Sense Investor, Veritas President and CEO Anthony Scilipoti discussed why investors need to be more cautious now than at any other point in a market cycle.

July 27, 2020
Canadian banks face rising loan losses as Government COVID-19 support programs taper off - Financial Services Analyst Nigel D’Souza is quoted in The Globe and Mail.

July 15, 2020
Survey: How do you use Financial Statements? Veritas/AASB Survey - We represented external users on Canada’s Auditing & Assurance Standards Board’s Extended External Report (EER) advisory group. The standards setters were proposing changes to unaudited financial reports.

July 11, 2020
When the tide goes out, what companies will be left standing naked? - Veritas President and CEO Anthony Scilipoti was the guest on Governance Dialogues with Alissa Kole. They discussed how investors can protect themselves from companies that may cheat or stretch accounting during an economic shock.

June 09, 2020
Shopify Is Enjoying a Big Moment and Hoping It Will Last - Veritas Analyst Chris Silvestre was interviewed for this article in Bloomberg Businessweek.

May 26, 2020
Banks will see credit losses peak at end of 2020 - Veritas Investment Analyst Nigel D’Souza appeared on BNN Bloomberg with Amanda Lang to discuss the upcoming quarterly reporting cycle for the Canadian banks.

May 21, 2020
Residential real estate: a reckoning or just a softening? - Veritas Investment Analyst Howard Leung spoke to Morningstar about some of the opportunities in REITs.

April 29, 2020
Stock markets are surging, but has this rebound come too far, too fast? - Veritas Head of Research Sam La Bell was interviewed in this Financial Post article about the dislocation between earnings and rising stocks.

April 27, 2020
The economy with a capital ‘E’: markets, energy and housing - CBC radio host Paul Haavardsrud interviewed Veritas President and CEO Anthony Scilipoti on the pandemic’s effects on the market.

April 21, 2020
What to make of this quarter’s earnings season - Veritas Head of Research Sam La Bell told MoneySense how to evaluate companies as they report Q1 during the pandemic.

April 17, 2020
It doesn’t take much extra supply to tip the housing market - Anthony Scilipoti, Veritas President and CEO, discussed the pandemic’s negative effect on the housing market with Amanda Lang of BNN Bloomberg.

April 15, 2020
Once Safer Than Gold, Canadian Real Estate Braces for Reckoning - Veritas President and CEO Anthony Scilipoti was interviewed by Bloomberg about house prices.

April 13, 2020
Alberta eyes 'liquidity package' for oilpatch from Ottawa as OPEC+ deal underwhelms - Veritas Analyst Jeff Craig was quoted in The Financial Post about short-term and long-term oil prices in the context of the pandemic.

April 12, 2020
A 60-cent loonie and painful days for banks and homeowners: predictions for what comes next - Veritas President and CEO Anthony Scilipoti and Director of Research Sam La Bell wrote a column for The Globe and Mail.

April 07, 2020
The weakest corporate pension plans now have even bigger problems - Veritas Analyst Dimitry Khmelnitsky was quoted in The Globe & Mail saying pension deficits will rise significantly because of the pandemic crisis.

April 03, 2020
COVID-19 – Thoughts on the markets and the future - On March 26, we published a report for our clients that considers both near and longer-term socio-economic impacts of the COVID-19 Virus. The report has garnered such a strong response that we felt it appropriate to share it widely.

March 31, 2020
Oil stocks surge after Keystone deal, but sector isn't out of the woods yet - Veritas Analyst Jeff Craig was quoted in The Financial Post, cautioning investors about the rally in oil stocks.

March 17, 2020
Low interest rates making simple investing difficult - BNN Bloomberg interviewed Anthony Scilipoti, Veritas President and CEO, about how investors should approach the markets with volatility caused by the coronavirus pandemic and interest rates approaching zero.

March 15, 2020
How to manage the market volatility - A special message about the market turmoil from Team Veritas.

March 13, 2020
Energy stocks best-positioned to survive the oil price war - Veritas Analyst Jeffrey Craig appeared on BNN Bloomberg to discuss which Canadian energy stocks are worth investing in during the oil price war.

March 13, 2020
The market rout is a gift for income seekers - The Globe and Mail interviewed Veritas Analyst Darryl McCoubrey about opportunities to buy utilities and infrastructure dividend stocks during the market meltdown.

March 11, 2020
The bear case against Canadian banks amid oil shock - On BNN Bloomberg, Veritas Analyst Nigel D’Souza discussed why it is still too soon to buy banks and how the oil price crash affects his thesis.

March 06, 2020
Vermilion Energy slashing dividend in half, points to virus impact - BNN Bloomberg cited Veritas Analyst Jeff Craig who predicted management would need to cut the dividend.

March 04, 2020
Amid uncertain market, GFL shares sink on first day of trading - The Globe & Mail quoted Veritas Analyst Darryl McCoubrey on the waste company’s IPO.

February 27, 2020
Vermilion Energy could slash dividend in half, Veritas warns - BNN Bloomberg quoted Veritas Analyst Jeff Craig on his analysis of the oil and gas company’s dividend sustainability.

February 24, 2020
Canadian banks face elevated credit risk in 2020 - BNN Bloomberg interviewed Veritas Analyst Nigel D’Souza about his cautious earnings outlook for the Big Six Banks.

February 14, 2020
Canada’s market cops trying again to police companies’ funny numbers - The conversation about non-GAAP financial reporting abuses accelerated when The Globe and Mail published the results of a report by Veritas Investment Research.

February 13, 2020
Shopify leadership manages expectations for 2020 despite 'spectacular' fourth quarter - Financial Post quoted Veritas analyst Chris Silvestre on the company’s earnings outlook.

February 09, 2020
Bombardier Has Choice Between Trains or Jets With China Pressing - Bloomberg quoted Veritas Analyst Dan Fong who said there is a legitimate rationale for Western train firms to consolidate to better compete with CRRC of China.

January 17, 2020
VP Business Development Tom Jarmai Retires and Other Personnel Changes at Veritas - This announcement included the promotion of Josie Monasterolo to VP Operations.

December 30, 2019
Canadian Regulators Delay Plan to Toughen Rules on Companies’ use of Non-GAAP Measures - Globe and Mail quoted Veritas President and CEO Anthony Scilipoti who expressed hope that the ultimate proposal will be at least as strong as the U.S. measures.

December 19, 2019
IFRS Foundation announces appointments - Veritas President and CEO Anthony Scilipoti was appointed to the Capital Markets Advisory Committee.

December 13, 2019
Canadian Housing Market Perspectives - A report from our fall housing conference by Scott Adams. It included insights into the economic impact of the mortgage stress test; the condo market; constraints in new construction; apartment development; how real estate investors could exacerbate a house price correction; the shadow mortgage market; foreign investor money laundering; consumer insolvency, innovations in urban planning and more.

December 09, 2019
Taming expectations for Shopify - BNN Bloomberg interviewed Veritas Analyst Chris Silvestre about why he had a "Sell" rating on the stock. While the e-commerce company has a long runway for growth, Chris said the valuation appeared to be stretched on a standalone basis.

December 06, 2019
Canadian bank stocks could fall as much as 20% into 2021 - BNN Bloomberg interviewed Veritas Analyst Nigel D’Souza about his views on the Canadian banks' most recent round of earnings and his bearish call on five of the six major banks.

December 04, 2019
Finance professionals wary over today’s non-GAAP reporting, say experts - A Chartered Professional Accountants Canada article quotes Veritas President and CEO Anthony Scilipoti about the professional responsibilities of CPAs.

November 19, 2019
Dimitry Khmelnitsky, Special Situations Analyst, received the #2 ranking for the past three years - The rankings are according to institutional investors and provided by Brendan Woods International TopGun Canadian Equity Research Analyst Awards.

November 12, 2019
Checking on the sell calls on Canada's banks - BNN Bloomberg

November 12, 2019
Canadian Banks Shore up Their Defenses - The Banker Canada

November 11, 2019
What’s it really worth? Shopify’s stock has doubled this year, but new competition is on the horizon - Globe and Mail

November 07, 2019
Oil and gas company forced to sell itself at 80% discount ‘canary in the coal mine’ for struggling sector - Financial Post

October 23, 2019
Dimitry Khmelnitsky, Special Situations Analyst, received the #1 ranking in Brendan Woods International TopGun Canadian Equity Research Analyst Awards - For coverage in 2019

October 22, 2019
This could be the cause of the next housing crash - Globe and Mail

October 03, 2019
Now is not the time to buy Canadian banks, analyst says - BNN Bloomberg

September 09, 2019
A third of Canada's stock market may be holding the rally back - BNN Bloomberg

September 04, 2019
Trash-talking-How-Patrick-Dovigi-built-Green-for-Life-into-a-waste-empire-Sept.4.2019-Veritas - Globe and Mail

September 03, 2019
Bank earnings wrap-up: how this analyst ranks Canadian financials - BNN Bloomberg

August 29, 2019
Canadian banks decouple from one another as economic cycle wanes - Financial Post

August 28, 2019
Canadian banks bear Nigel D'Souza turns bullish on BMO - BNN Bloomberg

August 27, 2019
Don't buy banks today: Financials analyst - BNN Bloomberg

August 21, 2019
Big Six banks brace for 'challenging' outlook on prospects of lower interest rates, roiled capital markets - Financial Post

August 16, 2019
From credit quality to low rates: What Bay Street is watching this bank earnings season - BNN Bloomberg

June 29, 2019
BlackBerry violates SEC rules with use of non-standard metrics - MarketWatch

June 20, 2019
Veritas Wins Five Starmine Analyst Awards from Refinitiv - 2019 marks the sixth consecutive year that Veritas analysts have received Refinitiv Starmine Analyst Awards

June 20, 2019
Why this top analyst has a sell rating on each of the Big Six banks - Globe and Mail

May 27, 2019
Even a 'Normalization' of Credit Risk Could Hurt Bank Shares: Veritas - BNN Bloomberg

May 23, 2019
Germany Licences Confirmed, Though Significance Uncertain - Globe and Mail

May 12, 2019
Cash-hungry Engineering Assets Threaten SNC Plans for Breakup, Analysis Finds - Globe and Mail

April 25, 2019
Is Shaw’s Wireless Success Enough to Offset its Cable Business Declines? - Globe and Mail

April 04, 2019
Bull and Bear Debate on Future of the Cannabis Sector - BNN Bloomberg

March 26, 2019
BMO Joins Rest of Canada's Big Banks on Veritas' 'Sell' List - BNN Bloomberg

March 18, 2019
Air Canada and WestJet Still a 'Buy' Despite the Grounding of 737 Max 8 Jets - BNN Bloomberg

March 11, 2019
Real Estate, Rates and Potential Hurdles for Canadian Banks - BNN Bloomberg

March 11, 2019
The Bear Case on Canada's Big Banks - BNN Bloomberg

March 01, 2019
A Bearish Take on Canada's Banks - BNN Bloomberg

February 25, 2019
Cracks appear in Toronto’s new-build condo craze as the investor-supported frenzy fizzles - Globe and Mail