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
Podcast
The Bubble No One is Talking About
The Knowledge Project
Our President and CEO, Anthony Scilipoti, was on Shane Parrish's The Knowledge Project podcast. It was a wide-ranging discussion about accounting, fears of an AI bubble, circular financing, parallels with the dot-com era, and lessons learned from 25 years of investing.
For those unfamiliar with him, Parrish is a former Canadian intelligence cybersecurity expert and the founder of the popular website Farnam Street, which began as a personal blog that has evolved into a renowned online intellectual hub with millions of subscribers. It offers resources to help people make better decisions and is a valuable resource for leaders in finance, technology, and sports. He is also a New York Times bestselling author of Clear Thinking: Turning Ordinary Moments into Extraordinary Results and The Great Mental Models series. His podcast has 360k subscribers and 16.7 million views on YouTube.
Celebration
Veritas Investment Research
25th Anniversary
A Letter from Anthony Scilipoti
President, CEO and Co-Founder
On Tuesday, September 30, 2025, many of our clients, partners, former colleagues, employees, and family all gathered under one roof to celebrate 25 years of Veritas. Read Anthony's letter to everyone who has worked at and supported Veritas over the years.
We have also put together a photo gallery from our celebration evening. Thanks to everyone who came and for making it so special!
Thank you to all who came to such a special evening.
21-Year Track Record
V-List Model Portfolio
What is the V-List?
We started our V-List model portfolio 21 years ago and it has now outperformed the S&P/TSX Composite Index by 270 basis points (as of October 31, 2025, 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
Returns greater than 1 year are presented as compound annual growth rates. *V-List inception October 30, 2004.
October 22, 2025
IASB Visits Veritas: What Investors Should Watch
At the risk of repeating ourselves, at Veritas, we take pride in being an accounting-first investment research firm. Most of our analysts were accountants in previous jobs or have obtained their Chartered Professional Accountant designation. In what has become an annual event, we again hosted members of the International Accounting Standards Board (IASB) in our office for a lively discussion on upcoming changes to the International Financial Reporting Standards (IFRS). Several clients joined in, sharing an investor's perspective on how new standards will influence investment decisions. We provided a summary of the discussion.
November 3, 2025
Short sales on the TSX: What bearish investors are betting against
We've been tracking our Sell recommendations for 25 years now. As this Globe article reports, because we're independent of investment banking, we're able to call them as we see them. At any given time, we rate approximately 40% of our coverage list as either Sell or Reduce. We've aggregated all our Sell recommendations into what we call our S-List. Names on the S-List are expected to generate a negative return over the next 12 months, using bottom-up fundamental analysis. Our SELL recommendations have underperformed the S&P/TSX Composite Index by a CAGR of 528 basis points (as of September 30, 2025, from inception March 25, 1999).
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Constellation Software Inc. - Information Technology
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Canada Goose Holdings Inc. - Consumer Discretionary
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Bank of Montreal - Financials
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Brookfield Asset Management Ltd. - 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