Investment Philosophy
We look for quality businesses the market has mispriced, and hold every idea to the same standard of valuation discipline.
Focus
Compounders with durable moats and strong free cash flow, and growth businesses we can underwrite ahead of profitability.
Mispricing
Businesses whose price has moved away from their fundamentals, through short-term sentiment or growth the market has yet to recognise.
Variant View
Where we disagree with the market, we state exactly where and why. Where we don't, we still hold every call to the same valuation discipline.
Coverage
Equities
NYSE · NASDAQ · TSX
Companies and ADRs, researched bottom-up on their own merits. Our portfolio is long-only equities.
Commodities
Energy · Metals
The commodity drivers that matter most for the companies we cover, such as oil and silver, with occasional direct trades.
Macro
Canada · United States
We don't trade macro, but it is the lens that ties our equity and commodity work together and shapes when we make a call.
Research Process
Every idea goes through the same six steps, from the first screen to the call we track in public.
Select any step to read more.
Research
A strong business is worth researching in any macro environment, but the macro view shapes when we make the call and how we frame it. So every name is worked through three layers.
- 1Macro
Which forces matter for the company (rates, FX, commodity prices, the cycle) and which way they are moving.
- 2Industry
How the industry is structured, who competes, and how those macro forces hit the sector.
- 3Company
Qualitative and quantitative analysis, catalysts, and risks: why this business wins or loses.