Gutter Capital Research Subscribe
About Gutter

Research that shows
its work

Gutter Capital Research was founded on the thesis that the financial research industry had a presentation problem. Good analysis was buried in PDFs. Assumptions were hidden. We publish differently.

Our Approach

Structured. Transparent. Verifiable.

Every Gutter report publishes its key assumptions in a structured table — WACC, terminal growth rate, scenario inputs — so readers can disagree with specifics rather than the whole thesis. Every data claim links to a source. Every target price comes with a scenario range.

This is not standard practice in independent research. We think it should be. The discipline of publishing assumptions forces better analysis; the transparency builds the kind of trust that survives being wrong.

We've been wrong — we track it. The model portfolio maintains a complete trade log with entry rationale, exit rationale, and outcome. We don't delete losing trades.

Founded
2019
Toronto, Canada
Reports Published
312
since launch
Subscribers
4,800+
individual and institutional
Model Portfolio
+68%
since Jan 2020 inception
The Team

Four analysts, no house view

KA
Katherine Ashworth
Senior Macro Analyst

Former BoC research staff. CFA. Covers Canadian rates, BoC policy, and fixed-income strategy.

DM
Daniel Moreau
Head of Equity Research

Twelve years at a Bay Street buy-side. CFA. Leads energy, infrastructure, and industrials coverage.

SL
Sophie Lafleur
Technology & Financials

Previously at CIBC equity research. Covers Canadian technology and financial services sectors.

RN
Ravi Narayan
Quantitative Analyst

MSc Financial Engineering, Waterloo. Maintains the model framework, scenario tables, and data infrastructure.

Independence & Disclosures

Gutter Capital Research is independently owned. No analyst holds a position in any security covered in our research at time of publication. We have no investment banking relationships. All research is produced for informational purposes and does not constitute investment advice. Canadian Securities Administrators registration is not required for the publication of general financial information.