Themes
Where the discount might live.
The Canadian market is heavy in the things the world is short of — copper, uranium, energy, fertilizer, timber, defense capacity — plus a smaller technology bench the U.S. market rarely prices. Each theme is a standing research question, not a sector bet.
- The Canadian Discount The thesis, as a question
- Copper Electrification, assets & execution
- Uranium & Nuclear The whole fuel chain
- Canadian Defense Strategy, supply chains & procurement
- Gold & Precious Metals The metal and the business
- Oil & Gas Real assets & capital discipline
- Critical Minerals Strategic importance meets project economics
- Infrastructure Long-lived assets, explicit obligations
- AI & Digital Assets Beyond the hype
- Agriculture & Food Food, inputs & productive assets
- Industrial Technology Innovation with operating evidence
- Forestry & Timber Fibre, housing and trade
- Special Situations Catalysts with conditions