Why a U.S. investor should look north — and what to look for.

Most American investors own no Canadian stocks on purpose. A few own some by accident, through an index fund or a cross-listed miner that showed up in a screen. Almost none have a view on the market as a whole, because almost no one writes about it for them. That is the gap this publication is built to fill, and the second letter is a good place to say plainly why we think the gap is worth filling.

Start with what Canada actually supplies to the United States. In 2025, Canada was the source of 32% of the uranium delivered to U.S. nuclear reactors — the largest single supplier, against 7% from U.S. mines. It supplied a record 61% of U.S. oil imports by value. It was the second-largest source of the refined copper the U.S. now imports to cover 57% of its consumption. Roughly 40% of the world’s public mining companies are listed in Toronto. These are not talking points; they are figures from the U.S. Geological Survey, the Energy Information Administration, the Census Bureau and the exchange itself, and each one is linked on our front page.

Now the caveat. At the end of August the Canadian index traded at about 16.5 times forward earnings against about 20.1 for the S&P 500. A gap of that size looks like a bargain, and part of it is. But Canada’s index is built from banks, energy and materials, which trade on lower multiples everywhere, and the United States’ is built from technology companies that the market expects to grow for a long time. Compare like with like and much of the gap closes. What remains is a mix of inattention, illiquidity, governance and genuine risk — and sorting one from another is the only part of this that pays.

So here are the three questions we bring to every company, and that you can bring to any of them without us.

First, a discount to what. U.S. peers, net asset value, or the company’s own history. Same date, same currency, same measure. If the comparison is not defined, the discount is not either.

Second, where the cash is. Revenue is not profit. Resources are not reserves. Backlog is not collected. Follow the money from the press release into the filing and out again to the shareholder, past the lenders, the convertible holders, the minority partners and the capital the business has to reinvest just to stand still.

Third, what the market is charging for. Liquidity, governance, jurisdiction, currency, a financing that has not happened yet. Some of these are earned. Some are not. We will say which, and we will show our work.

A practical note for U.S. readers: many of the companies we cover trade on the NYSE or Nasdaq, and most of the rest are reachable over the counter. We print the U.S. ticker on every profile, flag the reporting currency on every figure, and link to the filing rather than the homepage. Our guide to buying Canadian from the U.S. covers withholding tax, SEDAR+, NI 43-101 and the rest of the vocabulary.

The next brief is in preparation. It will feature two companies, not ten; the bear case in the same type size as the thesis; and sources you can open yourself. That is the whole method. Thank you for reading.