Featured Research

Canadian bank primer – look to the North
We are initiating coverage on Canada’s six largest banks (the “Big 6”). Together, these institutions dominate the domestic banking landscape, representing roughly 95% of total industry assets and deposits. Near term, we would characterize our stance as relatively neutral on the banks. While long term we remain positive, most of the Big 6 are trading near peak P/E multiples, leaving the group sensitive to shifts in market sentiment, particularly around the credit outlook.

Takeaways from the 15^th annual Raymond James Bank Conference and proprietary survey results
Management teams by and large were excited about the fundamental prospects for their banks in the back half of 2025, continuing into 2026, with the de-regulatory agenda playing out perhaps even faster than expected, the expectation for rate cuts to accelerate loan demand, customer confidence still strong, and the prospect of accelerating M&A.

Biotechnology initiations of coverage; stuck in a moment we can’t get out of 
While the biotech sector has bounced upward nicely at times this year, the sector overall been a rather dismal long-term investment, as performance is roughly flat over the last 10 years. We think there’s little debate as to the causes – higher interest rates, policy uncertainty, and a lingering hangover from the party that was 2020-2021 (where 222 IPOs were priced, and the sector raised a record $98 billion). The central question of course is, “Where do we go from here?"

BevCan you dig it? Packaging sector initiations of coverage
From cans going viral to the emergence of new drink categories — whether it be emerging energy drink brands, prebiotic sodas, dirty sodas, et al — beverage consumption trends favor the can. In our view, these tailwinds are supported by more than a passing social media fad: namely, sustainability goals that actually have legs from legislation (e.g., the EU’s Packaging and Packaging Waste Regulation) and major beverage can producers alike.

FDA state of play: ghost of FDA yet to come
In this note, we cover a variety of topics that show the current state of FDA, including: staffing shortages; slowing approvals; early stage engagement in the approval process; uncertain regulatory environment; competing statements; and overall ennui at the agency. We frame the note through a Dickens “Christmas Carol” framework that allows the reader to be visited by the Ghost of FDA Past, the Ghost of FDA Present, and the Ghost of FDA Yet to Come.

Multifamily demand flailing like the WKRP turkey drop
Demand for new apartment leases has continued to deteriorate at an accelerating pace through October and into November (in most U.S. markets), according to our latest rent tracking data analysis and corroborated by several industry data aggregators. With many apartment REITs likely facing flat-to-negative rental rate “earn-in” from 2025 leases, likely continued low-single digit inflationary cost pressure, and higher debt refinancing costs, we now think 2026 will be another year of flat-to-down FFO growth across the sector.

Investing for the fifth defense revolution
The fifth defense revolution is underway, creating a potential $500B investing opportunity triggered by technology and doctrine that is disrupting traditional vendor ecosystem, acquisition processes, and redefining warfare, creating a once in generation super cycle for investors. The democratization of technology, rapidly compressing design cycles, and escalating global threats are breaking the post-Cold-War industrial model.

Who’s on first? Making sense of the confusing sports watching ecosystem
In one sense, the sports watching experience has grown more accessible, more customizable, and in some cases more affordable, and has seen improvements such as multi-view, viewing on mobile devices, no need for contracts and equipment, etc. However, the sports-watching user experience has undeniably become more complicated and confusing, and for hardcore fans of certain sports who need to watch everything, more expensive. In this report, we break down the sports streaming ecosystem.

The robots are coming… to deliver your food
Building upon our earlier autonomous vehicle deep dive, we roll out an in-depth look at robots for food delivery focusing on sidewalk, pathway, and drone and modalities. We segment the robotics landscape across sidewalk, pathway, drone, and humanoid/quadruped with sidewalk robots commercializing the autonomous delivery market and pathway and drones following.

The 2025 global airlines guide
Presented in this annual report is key information for 27 airlines across the Americas and Europe to be used as a primer and reference tool for investors. This report includes key airline industry terms, geographic exposure, cost breakouts, top cities and routes, fleet details, labor contract timelines, major alliances, joint ventures, and more.