Anthony Scilipoti, Founder, President and CEO; Benjamin Butler, Research Associate, Utilities & Infrastructure; and Martin Pradier, Investment Analyst, Materials

Our Approach

We are independent. We do not have investment banking or trading revenue, or biases.
That means we are paid only by the investors and clients who read our research or receive our training. We call it the Veritas Way.

Our focus

We believe the decision to buy or sell a security is based on whether the underlying risk or opportunity is correctly reflected in the company’s valuation.

What does that mean? It means we dig through financial and non-financial facts looking for upside and downside catalysts. What we call: Flammable Items - risks and opportunities that, when faced with a spark, lead to material upside or downside.

Keep it simple

Our recommendation system has three tiers: 

• Buy: Expected to generate a meaningful positive return or outperform our analyst’s sector coverage over the next 12 months.

• Reduce: Expected to underperform our analyst's sector coverage over that time.

• Sell: Expected to generate a meaningful negative return.

While other firms may tell you to Buy or Hold 90% of the time, our recommendations can be roughly balanced between Buy or Reduce/Sell at any given time. Our track record proves this works.


Please see our coverage list by Sector



Ratio of Buy Recommendations to Reduce/Sell Recommendations 

Note: As of January 31, 2024

No crystal balls

We work with intrinsic values calculated using discounted cash flow models. Our intrinsic values state what we think the stock is worth today, not what it may be worth 12 months from now or further off into the future.



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Veritas Quality Ratings

As part of our investment recommendation process, we do a deep dive into each company’s disclosure and accounting to provide insight into risks that may be unknown or underappreciated by the Street.

Our Veritas Quality Ratings score each company out of 25 on five key risk metrics that have proven to affect stock price performance.

These are:

Accounting and Disclosure

Accounting rules have become increasingly complex. We help clients navigate through accounting choices made by management to provide insight into the quality of earnings and operating performance. We compare the quality and transparency of the financial and non-financial information provided to investors in public disclosures. 

Business Operations

The market often loses sight of fundamentals and gets caught up in the ‘story’. Our analytical techniques ensure that the ‘story’ is supported by the facts. We evaluate the key tenants supporting the sustainability of an organization's business success.

Corporate Governance

Understanding how an executive team is compensated provides insight into a company’s business objectives and accounting choices. We consider each company's management compensation system, its decision-making process and sustainability to evaluate whether management's interests are aligned with those of shareholders.

Balance Sheet Risks

Time and again, accounting scandals and unexpected losses prove that what is ‘off’ the balance sheet is often more important than what is ‘on’ the balance sheet. It is only after a thorough understanding and review of financial disclosures that such exposures can be uncovered. We evaluate the company's asset valuations and consider on and off-balance sheet exposures. 

Cash Flow Sustainability

Companies go bankrupt because they run out of cash, not earnings. Cash Flow sustainability is the key to operational health. We evaluate the sources of and sustainability of each company's cash flow to equity investors.