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 250 basis points, while the Sell recommendations have underperformed by more than 500 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
Real Estate Conference
Veritas 14th Annual
Great Canadian Real Estate Conference
The definition of "Great" is "of an extent, amount, or intensity considerably above the normal or average." Until 2022, Canada's housing market had certainly been tracking considerably above the norm.
Our Great Canadian real estate conference began more than 13 years ago as an exploration with our clients into the sustainability of Toronto's emerging condo boom. Over the years, it has grown into Canada's premier conference for investors, regulators, academics and industry professionals who want to understand the true dynamics of Canada's residential and commercial real estate markets.
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.
21-Year Track Record
V-List Model Portfolio
What is the V-List?
We started our V-List model portfolio more than 21 years ago and it has now outperformed the S&P/TSX Composite Index by 277 basis points (as of June 30, 2026, from inception on October 31, 2004).
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.
V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception
The V-List, along with our bi-annual dividend report, is available to subscribers of our Base Subscription.
Returns greater than 1 year are presented as compound annual growth rates. *V-List inception October 30, 2004.
Podcast
Canada’s Condo Crash Just Got Dark...
Our President and CEO, Anthony Scilipoti, was a guest on Ron Butler's Angry Mortgage podcast, discussing our latest condo mystery shop in Vancouver, government bailouts for developers, and condo vulture funds. Ron is a staple guest speaker at our annual real estate conferences.
If you're also wondering what a condo mystery shop is, we started them 14 years ago. The premise was that the Toronto condo market was starting to take off, and we wanted to know why. Anthony took a group of clients to visit a number of condo developments and went through the full process of buying a condo, only to give it back before the 10-day cooling-off period.
It was on-the-ground research that we couldn't get from a real estate board report or Statistics Canada. Over the years, we started adding speakers after the mystery shop, then panels, and pretty soon, we had a full-day real estate conference (the next one is in October). Looking back over the years, these mystery shops became more and more like visits to nightclubs or fashion shows. The hype kept growing, and nowhere was it more surreal than Vancouver.
June 12, 2026
Why the SpaceX IPO will mark a market top
Anthony Scilipoti, our President and CEO, penned a column on the SpaceX IPO. Here is an excerpt:
One of the advantages of spending more than three decades analyzing financial statements is that you get to watch market cycles repeat themselves. The technology changes. The story changes. The personalities change. But patterns never seem to change. During periods of market exuberance, investors gradually become willing to accept things they would normally question. Governance becomes less important. Disclosure and transparency become less important. Accounting treatment becomes less important. Fundamentals become less important. Investors convince themselves that exceptional companies deserve exceptional treatment. Everyone is making money, so no one needs to ask any questions.
Read the rest of the column and comment on it in the LinkedIn version. Or read it in The Globe & Mail.
July 8, 2026
Canada's biggest banks are in a 'sweet spot,' but questions remain over how long it will last
Canada's biggest banks are in a 'sweet spot,' as they have comfortably beaten analysts' earnings expectations, pushing their share prices even higher, our Financial Services Analyst, Shalabh Garg, told The Financial Post this week. The resiliency shown by Canadian households has surprised Shalabh, as he had expected to see a spike in impaired losses at the big banks, but that hasn't happened. As a result, he said he no longer expects credit to be a big issue for the banks, at least in the next year, since the Big Six mostly cater to prime borrowers, who are typically from high-income households that are saving up more money now than before.
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Bank of Nova Scotia - Financials
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Bank of Montreal - Financials
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Broadcom Inc. - Information Technology
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Gildan Activewear Inc. - Consumer Discretionary
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