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
Veritas 2026 Holiday Food Drive
Weston Area Emergency Support
The Veritas Winter Food Drive aims to lighten the burden of hunger for those who have to endure it. 100% of the financial donations raised will go toward purchasing badly needed groceries, which will be delivered by volunteers to an established and worthy organization before the holidays.
Rising food prices combined with the surging cost of rent continue to add to the difficulties of those living on fixed and low incomes in Toronto.
Recent media reports indicate GTA food banks are facing the highest demand in their history. The Veritas Holiday Food Drive aims to lighten the burden of hunger for those who have to endure it. 100% of donations will go toward purchasing groceries, which will be delivered by volunteers to the Weston Area Emergency Support (WAES) located at 1 King St. in the Weston Community of Toronto (bounded by Wilson Ave., Royal York, Black Creek and Eglinton Ave.).
Please donate, or better yet, join us for shopping on November 21 at the Real Canadian Superstore at 2549 Weston Rd, Toronto.
For 40 years, WAES has provided food support and security to the most vulnerable in the Weston community. They offer support without judgment, and their volunteers welcome clients from all backgrounds and walks of life.
Thank you for your support!
To date, the Veritas Food Drives have raised over $26,000 for local food banks!
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 275 basis points (as of October 31, 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.
CSI Chat Podcast With Anthony Scilipoti
If you're interested in getting to know Veritas Investment Research better, this is an excellent podcast about our history, how our analysts think, and our CEO, Anthony Scilipoti's views on the current markets. CSI Chat is hosted by Scott Denneny, the Vice President of Finance at Constellation Software Inc. As one of Scott's latest guests, Anthony covered:
• Why Veritas hires Chartered Professional Accountants as analysts.
• How does Veritas handle the stress of publishing reports that are controversial?
• The state of the markets today and where Anthony is seeing the "Red Flags".
• Are there particular industries which Anthony feels are overvalued?
• What can we learn from past case studies of Nortel Networks and Valeant Pharmaceuticals? Does history always repeat itself?
YouTube | Spotify | Apple
October 10, 2026
Will betting big on sports pay off for Rogers Communications?
After years of planning and billions in spending, Rogers Communications Inc. (NYSE: RCI, TSX: RCI.b) is in the final inning of its latest big move into sports – and Bay Street is watching closely. Rogers this month closed its $4.35-billion deal with Kilmer Sports Inc. to purchase its stake in Maple Leaf Sports & Entertainment. From this Globe & Mail article, it appears that most analysts agree the company will raise adequate funds from the sale of a portion of MLSE to reduce debt, with some estimating proceeds of up to $ 7.5 billion.
But Liam Gallagher, our Communication Services & Information Technology Analyst, takes a more cautious view of the anticipated proceeds, noting in the article that potential buyers will be aware of the company's current position. "I don't think that gives them the best negotiating leverage at the table." He also isn't so sure that selling a portion of MLSE will crystallize its value in the company's market valuation.
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TFI International Inc. - Industrials
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Imperial Oil Ltd. - Energy
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Canadian National Railway Co. - Industrials
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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