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
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.
(The time for the webinar has passed but you may still buy the replay)
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 280 basis points (as of March 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.
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.
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.
May 01, 2026
Shopify Analyst Who Saw Selloff Coming Says Too Soon to Buy
This Bloomberg article, published before Shopify Inc. reported Q1 results, quotes our analyst, Liam Gallagher, as the only analyst with a Sell recommendation on the stock. As the article details, he put a Sell on it in August when it was trading at about 95 times forward earnings. The article adds that he held the rating as Shopify rose through the fall, but the call proved prescient as the stock then plunged more than 30% from the peak. Shopify fell a further 16% the day it reported Q1 results. “It’s a really high quality business, but the cost of admission is too high,” Gallagher said in the article, published before the quarter. “I am not willing to pay that ticket to get into the concert.”
-
Magna International Inc. - Consumer Discretionary
-
Hudbay Minerals Inc. - Materials
-
Capital Power Corp. - Utilities
-
Brookfield Renewable Partners L.P. - Utilities
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