The Great North Letter
Independent thinking. Delivered when it matters.
The letter is the editorial voice of Great North Value: what we are looking at, why, and what would change our mind. It arrives when there is something useful to say — never on a schedule for its own sake.
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No. 008
Why a U.S. investor should look north — and what to look for.
Five sourced numbers, one honest caveat, and the three questions we bring to every Canadian company.
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No. 007
A better question about Canada.
The first Great North Letter: why a discount should begin an investigation, not end one.
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No. 006
The bear case is the service.
Why every brief carries a risks list at the same size as the thesis, and what we learned from writing a dozen of them.
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No. 005
Patience is a position.
On deals that take a year to close, projects that take a decade to build, and why the calendar is part of the analysis.
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No. 004
The border is a line item. Read it like one.
Duties, differentials and the price of being next door: the Canadian discount has a customs form attached.
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No. 003
A summer of results, and the word that did the most work.
Guidance is a promise with an escape clause. Reporting season is when you find out which.
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No. 002
The filing is the product. Everything else is packaging.
A quiet argument for reading the document the company would rather you skipped.
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No. 001
The discount is a question. We intend to answer it in public.
Why this letter exists, what it will and will not do, and the one habit we promise to keep.