Editorial thesis / The Canadian Discount
When is the Canadian discount deserved?
The S&P/TSX Composite trades at 16.5 times forward earnings against 20.1 for the S&P 500. A lower price is an invitation to investigate.
Catalysts with conditions
Special Situations
Mergers, spin-offs, asset sales and other corporate events — and the conditions required for value to reach minority shareholders.
A pending merger, a strategic review, a spin-out: events where the evidence is in the circular rather than the chart, and where the downside if the event fails deserves equal attention.
Research in this theme
Research brief / Copper
Copper: beyond the headline.
America imports more than half of the refined copper it uses, and Canada is its second-largest supplier.
Research primer / Special Situations
Flow-through shares subsidize the buyer and dilute everyone else.
Canada gives its own taxpayers a full deduction plus a 15% or 30% credit for buying exploration shares; a U.S.
Relevant company profiles
Teck is a Canadian producer of copper and zinc whose operating footprint includes Highland Valley Copper in British Columbia and Quebrada Blanca in…
Financial figures appear when they are tied to a dated filing.
Vancouver, British Columbia
Read profile
Hudbay is a copper-focused Canadian miner with gold as a significant by-product. Its disclosed operating portfolio includes Constancia in Peru, Snow…
Financial figures appear when they are tied to a dated filing.
Toronto, Ontario
Read profile
The record
Desk notes in this theme
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Policy / Special Situations
CSA proposes to make the C$25 million listed-issuer financing limit permanent
Canadian regulators propose to write a 2025 blanket order into NI 45-106, keeping the prospectus-free financing limit at C$25 million, or C$50 million for larger issuers, after C$3.7 billion was raised under it in a year; comments close October 21, 2026.
Data & documents
Go to the primary source.
Use the current releases linked below. We do not display live market data, and a source directory is never a verified data snapshot.
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SEDAR+ public filings
Management information circulars and material change reports.