Anthony Scilipoti

We recently held one of our most popular accounting training sessions ever. If you missed it, we're still offering the replay for sale. Our AI Sector Hallucinations seminar, led by President and CEO Anthony Scilipoti and Special Situations Analyst Ben Butler, CFA, CPA, took attendees through our proven Forensic Accounting Framework to uncover the true economic substance of the AI sector's performance. It covered disclosures from the following companies: • Meta Platforms Inc. (NYSE: META) • NVIDIA Corp. (Nasdaq: NVDA) • CoreWeave Inc. (Nasdaq: CRWV) • OpenAI (Private) • Microsoft Corp. (Nasdaq: MSFT) 100% of attendees of the live seminar said they would recommend a Veritas Accounting Training course to a colleague or co-worker Visit our website to find out more and purchase the replay. veritascorp.com/Training/Train…

@FlavioVolpe1 Auguri!

Today I shared a humbling induction ceremony with many extraordinary citizens of the greatest country in the world. 🇨🇦 The honour of my life. Canada forever. 🇨🇦

Darryl McCoubrey, VP and Senior Energy Analyst at Veritas, was on BNN Bloomberg to discuss #oil prices and the escalating war in the Middle East. Leading up to the conflict, Darryl was in the camp believing the industry was facing a supply glut of about three million barrels per day of excess capacity, superimposed on about five million barrels per day of OPEC spare capacity.  Given the ongoing conflict, he raised his WTI oil price forecast this week to US$70/bbl from US$60/bbl and changed his recommendations and valuations accordingly. Of the four oil sands majors, he thinks Canadian Natural Resources and Cenovus Energy stand to benefit the most from higher oil prices. Of the two, he favours CVE. "We increased both of those valuations by 30%," he said. "The difference is that CNQ's stock has performed relatively well compared to CVE over the past month or so, as signs were becoming clearer that this would escalate and last longer than people had first hoped. CVE is a name that stands out as relatively levered to the higher price environment for investors who see this lingering on for months rather than weeks." He also discussed how Suncor Energy would be a better name if the conflict ends more quickly and oil normalizes. bnnbloomberg.ca/business/econo… $CNQ $CNQ.TO $CVE $CVE.TO $SU $SU.TO

Nvidia dealt out a number of "flammable items" in its most recent quarter, the most notable of which is the $13B increase in non-marketable securities, or investments in customers. By our estimation, the advances account for approximately 90% of the sequential growth in revenue for the quarter. That's up from approximately 30% in the previous quarter. It seems NVIDIA is providing more and more of a helping hand to ensure that its customers can purchase chips. There's so much more I could say, but we'll leave that for our upcoming accounting training. Next Thursday, our Special Situations Analyst, Ben Butler, CFA, CPA, and I will be running an accounting training seminar called AI Sector Hallucinations. We've put months of work into this. We'll cover what we call "flammable items" for Nvidia, META, CoreWeave, OpenAI, Microsoft and more. As I like to say, although it is difficult to identify the sparks that will eventually ignite flammable items, identifying them is the secret to capital preservation. If you didn't know, Veritas has proudly been training our clients and investors with our forensic accounting framework for more than 20 years. See our website for more details about our latest seminar, focusing on accounting in the AI sector. I hope you can join us. veritascorp.com/Training/Train… $NVDA $META $CRWV $MSFT

Ben and I have put a ton of work into this training, drawing on experiences that go back to Nortel and the dot-com bust of 2000. Please join us. #accounting

Just to add to what I said, Canada's S&P/TSX 60 has also outperformed the U.S. S&P 500 in five of the last six quarters.

I had a great time sitting down with Amber Kanwar for our recent Fact Finder podcast. When you think about it, there aren't many people who've had the chance to pick the brains of as many smart investors as Amber has, first during her 15 years at BNN Bloomberg, and now through her own podcast, In the Money. One part of the conversation really stuck with me. We talked about how investors should consume financial media, and Amber made a point that doesn't get said often enough: sometimes the best move is to tune out the noise. Or at least be very clear about what headlines should (and shouldn't) mean for your investment decisions. Last year was a perfect example. Global politics and trade dominated the news cycle, and it all felt incredibly important at the time. But in the end, markets didn't really care. The economy grew. Earnings grew. As she said, that's all that mattered. In fact, from April of last year (when markets sold off on Trump tariff fears) to today, Canadian stocks have gone on one of their strongest runs ever. If you sold at the lows and stayed on the sidelines, you would've missed close to a 50% upside. Headlines can be loud, but fundamentals matter more. @baystreetamber @inthemoneypod youtu.be/VgM0iBo7zAw?si…

The Toronto condo market is getting pretty interesting to say the least and reminds me a lot of a hard lesson that I'll never forget as a young man. As I told Garry Marr recently for this article, I've always been an entrepreneur and while studying to become an accountant, I tried to make my fortune in t-shirts and custom promotional products. When I was 20 years old, I bought 2,500 individually packaged and logoed t-shirts from China for $3 each. I thought I had done a great deal, selling them for between $5 and $7 wholesale. By the end of my sales, I was left with odd sizes, unpopular prints and I ended up taking the last 500 t-shirts to Ed Mirvish, who ran Honest Eds discount store, thinking I could sell them for at least my cost. I walked in, asked for Ed, and he took my meeting. I strolled into his office carrying my box and offered him my t-shirt stash for $4 each. He said, "Forget it." I responded with $3. He said, "I'll give you $1 and you can get your money as I sell them." Enraged, I got up to leave, "That is below my cost!" He scoffed with a half smile. "Take your time, kid. I don't need them." I walked around the store and thought to myself, I already made money on the shirts. My inventory was my profit regardless of the sale price. I turned and agreed to the $1 per unit price. When I went back at the end of the month to pick up my money, I saw my shirts in a bin with a $5 price tag. All I could do was smile as I picked up my unreceipted $115. I learned a lot from that experience. Money is power. He who has more will win the negotiation. Also, time is money. The longer you wait, the more you lose. Finally, pull demand is better than push supply. I never carried inventory again. All the tiny condos on the market now are like the t-shirts that I couldn't sell. The private equity players or other opportunistic buyers in today's market, you can call them vultures if you want to, but they are the Honest Eds. It's also a bit ironic that the site of the Honest Ed's store became one of the more troubled development projects in the city, but that's another story. I never dealt with Ed again. He was honest. What you saw was what you got. I also came to understand his magic, which was to generate retail profit using suppliers' working capital. He passed away at 92 in 2007. I read his book "How to build an empire on an orange crate or 121 lessons I never learned at school." All entrepreneurs and would-be entrepreneurs should read it. His first lesson is key: "If you think you're so terrific, let someone else boast about it. No one wants to hear it from you." Wherever you are now, Ed, thank you for taking no sympathy with me. That was a valuable lesson, and I must say that you were absolutely honest with me, just as the banner on your store said. financialpost.com/personal-finan…

For those of you who want just clips of the main interview about specific stocks, here are three: Fairfax Financial: youtube.com/shorts/8uiSbhJ… $FFH.TO Constellation Software: youtube.com/shorts/Qi5phvG… $CSU.TO Shopify: youtube.com/shorts/xyeOQF4… $SHOP $SHOP.TO * Disclosure: Sam LaBell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in this media appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change.

Over at Veritas Asset Management Inc., Sam LaBell, our Portfolio Manager, was recently on Amber Kanwar's In the Money podcast. It's a lively discussion that covered a lot of ground, including #gold, macro risks, trade, AI concentration, and lots of stocks. Amber really kept Sam on his toes, which allowed him to explain his approach to 2026, and you can see how he takes the ideas provided by Veritas Investment Research and layers in independent portfolio management techniques to running our funds. $B $ABX.TO $HBM $HBM.TO $BBD.TO $FFH.TO $CSU.TO $SHOP $SHOP.TO $RCI $RCI.TO $TI $T.TO $QBR.TO * Disclosure: Sam LaBell is an Advising Representative with Veritas Asset Management Inc., an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer registered in the provinces of Ontario and Manitoba. The opinions and statements expressed by Sam in this media appearance are his personal views and do not necessarily reflect those of the Veritas Group of Companies. They are effective as at the date of the broadcast only and may be subject to change. @baystreetamber @inthemoneypod youtu.be/UJ3u3Zt-zBk?si…

We recently released our latest Veritas Report on Dividends: Outlook for 2026 to clients, and once again, it is proving to be one of our most popular reports of the year and is available as part of our Base Subscription. The cross-sector report highlights companies our analyst team thinks are best positioned to deliver robust dividend growth within each sector across our coverage, as well as companies with dividends we think investors should be cautious about in 2026. Since we started our dividend reports in 2024, our Recommended Dividend Stocks have outperformed the S&P/TSX total return index, while our Cautionary Dividend Stocks have underperformed. We note that this is a limited sample size, but it indicates that prioritizing Veritas-calculated FCF growth, normalizing cash flows across sectors, and emphasizing balance sheet strength can outperform the benchmark. For the best yield and dividend growth companies, we generally look for BUY-rated stocks with meaningful yields above 3%, though there are exceptions in sectors such as Consumer Staples & Discretionary, where yields in that range with attractive dividend growth are not available. However, we favour names with long histories of dividend growth, such as grocers, or names that emphasize total shareholder returns (dividends + buybacks), such as the energy sector, over the more cyclical sectors where dividends are not prioritized. Two examples are mining and industrials. For the names that we are cautious about, we are not necessarily forecasting a dividend cut. Rather, we suggest that investors be mindful of company-specific risks. Our Veritas Dividend reports are part of our Base Subscription, which is ideal for private investors and financial advisors who want to make informed decisions but do not need full access to all our research or to consult with our analysts.  See our website for more. veritascorp.com/RESEARCH/divid…

Like being on autopilot with no ability to grab the controls if something is not to your liking. Capital preservation is the key. Stay safe out there. 5/5

I could not agree more strongly. As I said in a past post here (x.com/ASclipoti/stat…), I don't think the biggest risk this year is AI, or even market concentration in AI and tech, but passive investing. 4/5

If you missed it, this is a great article from someone I very much respect, Dr. George Athanassakos, Professor of Finance and the Ben Graham Chair in Value Investing at the Ivey Business School at Western University. This is the key quote: 1/5

Unlike the stock market, the housing market moves in long, slow waves and we're still on the downside of this wave. If you're interested in attending our next real estate conference, stay tuned, as we'll be planning our 14th annual event scheduled for October. 8/8

Of course, that kind of rent increase would mean no one could afford rent. Now the problem is a) condo purchasers are underwater on their investment b) they cannot secure a mortgage because rates have risen c) rental rates are in decline because of the excess supply. 7/8

Catching up on reading - this article is too important not to share. Key quote from Shaun Hildebrand of Urbanation. “It's really sort of alarming to see that by the time we get to the end of this decade, we’re basically not building anything.” thestar.com/real-estate/to… 1/8