Insights

Perspectives on Canadian capital markets.

Essays and field notes drawn from senior practice—written for executives, boards, and the institutions that capitalize them.

Field Notes

November 2025 · 8 min read

Investor expectations in Canadian small caps

What institutional buyers really look for from sub-$500M issuers—beyond the headline metrics, and beyond the deck.

How the cadence, structure, and tone of public disclosure shapes the multiple analysts are willing to underwrite.

Three patterns we see repeatedly across Canadian issuers—and the senior-level corrections that restore credibility.

Scripts, Q&A preparation, and the difference between answering a question and addressing the underlying concern.

Sequencing, targeting, and the unglamorous work of building real engagement with the right capital allocators.