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
Accounting Training
AI Sector Hallucinations
AI will change the world. Whether investors profit is a very different question.
We are offering an exclusive forensic accounting training session built on our experience in the dot-com bubble that will take you to 2023, when we first identified early warning signs of stress beneath the AI boom. Since then, growth has been supported by increasingly complex structures that place greater weight on accounting judgment and interpretation.
In this seminar, attendees will learn about our proven Forensic Accounting Framework and key questions that are transferable across any sector, market, and point in the cycle.
Certificates for professional continuing education credits can be obtained upon request.
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 271 basis points (as of January 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.
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.
Thanks to everyone who came and for making it so special!
Highlights from our celebration evening.
Podcast
Is the AI Bubble Ready to Pop?
Our President and CEO, Anthony Scilipoti, joined Bloor Street Capital's Jimmy Connor on his podcast to discuss forensic accounting, Nortel, the dot-com boom and bust, and parallels to the AI industry today.
More specifically, they talked about Nortel's vendor financing versus Nvidia's circular financing, Microsoft's risks with OpenAI, concerns about Oracle extending the time it will take to monetize AI and the appropriate depreciation period for Nvidia's chips.
Beyond AI, they also discussed cash flow problems in Canada's telecom industry, the Canadian economy, the troubled real estate sector, and risk in the financial services sector, including private credit.
January 20, 2026
Veritas Accounting Scholarship
Our President and CEO, Anthony Scilipoti, was a guest lecturer in three introductory accounting classes at York University this week to promote our Veritas Accounting Scholarship Award, which we've launched to support the next generation of outstanding accountants.
Congratulations to the inaugural recipients from the 2024-2025 semester, Matteo Morettin (BBA'27) and Polina Povorozniuk (BBA'27), who are recognized for achieving the highest marks in their class.
January 27, 2026
Gold miners outperformed gold in recent years: Veritas
Our Materials Analyst, Martin Pradier, appeared on BNN Bloomberg as gold was surpassing US$5,000. Gold miners have outperformed gold bullion in recent years, he explained, because of their leverage to the gold price. "If the gold price goes up 50%, then profits of gold companies will go up maybe 100%," he said.
Gold has been moving up so quickly that it is difficult to predict where gold will end up at the end of 2026, he said, noting how U.S. President Trump's undermining of the U.S. Federal Reserve, threats to invade Greenland and weakness in the U.S. dollar have been driving investors to gold.
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Canadian National Railway Co. - Industrials
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Teck Resources Ltd. - Materials
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Cenovus Energy Inc. - Energy
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Lundin Mining Corp. - Materials
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