Methodology.

Before any company makes it onto the desk, our analysts read three years of filings. Quarterly reports. Annual reports. The notes. The management commentary. The cash flow statements that nobody reads.

We do this because three years is roughly one full business cycle in most Canadian sectors. A company that looks strong in one quarter can look very different across twelve. We want to see the company through the cycle, not just the moment.

No company exists in a vacuum. We read the company alongside its peers. We watch the same regulatory filings, the same earnings transcripts, the same industry conferences. We track who's gaining customers and who's losing them.

For sectors specific to Canada — mining, energy, banks, telecom — we also follow the Canadian regulatory environment closely. OSC, BCSC, AMF, ASC. SEDAR+ filings get checked weekly. Industry-specific rule changes get tracked at source, not from secondary press coverage.

Every thesis is read by a second analyst before it leaves the desk. The second reader's job is to argue against. To find the weak claim. To question the assumption that the first analyst held quietly.

If a thesis survives the second reader, it's published. If it doesn't, it doesn't. Sometimes that means a report we expected to ship on Monday gets cut by Friday. We'd rather lose the issue than publish something we'd be uncomfortable defending six months later. The publication schedule is a target, not a deadline.

Each report carries a clear stance. Buy. Hold. Sell. Sometimes we explicitly say there's not enough evidence either way, and the report exits with no recommendation. That's a valid outcome.

Price targets are stated when we have one, with the time horizon written next to it. We never publish a target that we wouldn't put our own money behind. We never recommend more positions than a Canadian retail investor could reasonably manage. A typical portfolio has between eight and fifteen positions; our research reflects that math.

No company pays us to cover them. No issuer compensates us in cash, equity, or services for inclusion in a report. No brokerage or dealer pays us referral fees. We charge subscribers a flat fee. That fee is our only revenue.

Our analysts do not take personal positions in any company they cover or have covered in the prior twelve months. This isn't an industry norm in Canadian retail research — most newsletter publishers are silent on this point. We chose to take it seriously because the only way to give you research worth reading is to make sure the person writing it has no reason to mislead you.