Featured Research

The dichotomy of price realizations for Canadian E&Ps
With all the commodity price volatility we’ve seen in the last few months, one of the more interesting dynamics is how spreads between various Canadian oil/liquids grades have traded. In particular, we’ve noticed multiple relative headwinds for Canadian heavy oil producers, and multiple relative tailwinds for light oil/condensate producers.

Exchange & trading venues 101
Much has changed in the world of exchanges and trading venues since we published our original industry primer. Most notably, the industry has significantly consolidated while the exchanges left standing have leaned into recurring revenue streams and diversified via acquisitions of data and fintech businesses. Nevertheless, the core strengths of the industry persist: scalable business models, defensive characteristics, and high operating margins.

Financial indices 101
The purpose of this report is to provide a comprehensive overview of financial index providers. This includes explanations of the business model and differences among index providers, as well as an exploration of relevant data and key trends. High barriers to entry, significant operating leverage, and low capital requirements have resulted in the index business becoming a high-margin jewel for several of the companies in our coverage universe.

A detailed analysis of concentrated capital spending booms; when and why they become busts and when and why they don’t
The AI-related capital spending boom represents one of many concentrated capital spending booms over the last 150 years big enough to drive the overall economy. In this note, we highlight capital spending booms and subsequent busts, and compare the scale, financing, speed, and monetization, etc. to today’s AI capital spending boom. We also outline the consistent macroeconomic dynamics that are driven by boom/bust capital spending cycles.

Stats pack; chasing full-year guide, strong free cash flow supports balance sheets and shareholder returns
Our report provides a statistical review of operating and financial performance in the mining sector thus far as well as a discussion on themes emerging from the first quarter, including views on how operations are tracking full-year guidance, balance sheet analysis, corporate activity, and project updates.

2026 mid-term election outlook
The state of the race 22 weeks from Election Day currently sees Democrats well-positioned in the House, while the Senate outlook remains much more fluid given this year’s map. Midterm Senate elections tend to track the previous presidential outcome for the state.

A coming of age story: Canadian seniors housing transforming into a core real estate class
The Canadian seniors housing sector is expected to benefit from demographic demand tailwinds over the next several years, particularly as the baby boomer generation further expands into the 75+ age cohort. We believe the combination of growing demand from Canada’s senior population and an increasing supply short of Canadian senior housing can provide create a durable medium-term runway for improved rent pricing power, and above-average organic growth prospects.

Resuming coverage of healthcare REITs
We are re-launching coverage of healthcare REITs with a favorable view of seniors managed housing and outpatient medical. We are more cautious on the life science space. The combination of age demographics, wealth and affluence, and limited supply across all the senior living spectrum today offer what appears to be nearly a decade ahead of above-average rent growth, improving occupancy, the ability to grow margin, and a substantial ability to take market share.

Semi-annual media usage trends survey
The shift from traditional linear TV to streaming remains the driving force behind many industry trends, though the pace of cord cutting continues to be gradual. Cord shaving remains significantly more common than outright cancellation, supporting our view that traditional pay-TV and streaming can coexist for some time, particularly as sports, news, and broadcast content remain important drivers of retention.

Quarterly valuation check and return analysis: Gauging sentiment and buyside expectations
A collaboration between the airline and strategy teams, this report reviews valuation, sentiment, positioning, and the price-implied buy-side earnings bar as consensus estimates revise ahead of earnings season over the coming weeks. We attempt to identify stocks that are likely to outperform/underperform based on a mix of sentiment-related factors reviewed (vs. fundamental).