Nullius in verba
Take nobody’s word for it.
Nullius is independent research on public companies, starting with resources and energy. It is paid for by its readers, never by the companies it covers.1 Every figure is checked against the company’s own filings, and every pick stays on the record.2
One email a week, free. Unsubscribe any time. Membership opens with issue one.
The rules
The rules we publish under
They are written down so you can hold us to them.
No company pays us.
Not for coverage, not for site visits, not for video or production fees. We pay our own way.
Every figure is checked at the source.
Each issue ends with The Assay: every claim, the exact figure in the company’s own filing, the document and its date. If we can’t trace a figure to a primary document, we cut it.
Every pick stays on the record.
Picks are logged at the closing price on their issue date and measured against a sector fund in the same currency. Nothing is edited or deleted, and mistakes are corrected in the open.
We tell you what would change our mind.
Every pick comes with the specific events that would make us drop it. We check them in every monthly portfolio review and report the result, even when nothing has changed.
We never trade ahead of you.
Nobody at Nullius trades a covered stock from 30 days before to 30 days after an issue that covers it. Any holding is disclosed in that issue.
No price targets, no hype.
We show you what a business is worth on its own numbers, what the market is paying for it, and what could go wrong.
A firewall around our owner’s other businesses.
Our owner also has investor-marketing and investment businesses. Nullius never covers a company that is a client of those businesses, was one in the past 24 months, or that they hold shares in. They have no say in what we publish.
What members get
Fewer ideas, researched properly
Members get a fixed schedule they can plan around. We publish when the work is done, and skip a month rather than force a pick.
Monthly
One new idea
A full deep dive on one company: the asset, the balance sheet, the people, the valuation, the catalysts, the case against it, and what would change our mind.
Mid-month
A portfolio review
Every open pick, checked against its catalysts and the events that would change our mind, with a rating for each.
When needed
Alerts, and only alerts that matter
A rating change or an exit, sent the day it happens and logged at that day’s close.
Every January
The full scorecard
Every pick since issue one, with its return and its benchmark’s. Winners and losers together.
The schedule
A month of Nullius
Issues arrive before the market opens, so every reader gets them at the same time.
- Deep diveMembers. One new idea, first Tuesday of the month.
- Portfolio reviewMembers. Every open pick, third Tuesday.
- Free letterEveryone. Every Friday: what we’re reading, what changed, and how we work.
- AlertMembers. Any day, only when a rating changes or a pick hits one of its exit conditions.
Inside an issue
Every deep dive runs in the same order
So you can find what you need, and see what we left out.
- The short versionThe thesis and the biggest risk, in one paragraph.
- How we found itThe screen we ran, stated plainly.
- The assetWhat the company owns, explained, with every key number dated.
- Balance sheet and fundingCash, debt, the funding gap and who is likely to fill it.
- Management and alignmentTrack record, ownership and pay.
- Valuation in contextAgainst the company’s own studies and its peers.
- Catalyst calendarDated milestones, marked as company guidance.
- The bear caseThe strongest honest case against.
- What would change our mindThe specific events that end the thesis.
- VerdictA rating and a limit on position size.
- The AssayEvery claim in the issue, traced to its source.
Claim
The sentence exactly as it appears in the issue.
Figure in source
The number as the company reported it, quoted.
Document
The filing or release it came from: MD&A, technical report, circular, news release.
Date
The document’s date, so you know how fresh the figure is.
Opinion is labelled as opinion. Where two sources disagree, The Assay says which one we used and why.
Track record
The record starts with issue one
We decided the rules before we knew how any pick would do.
Logged at the close
Each pick is logged at the official closing price on its issue date, in its listing currency.
Measured fairly
Against a sector fund in the same currency and the home index, with dividends included.
Never edited
Nothing is deleted. Corrections are added as new, numbered entries.
Published every January
The full record, every pick, winners and losers together.
Membership
One price, everything included
Membership opens with issue one. Free-letter readers hear first.
Membership
US$1,500
A year
Founding members who join in the first month after membership opens keep this rate for as long as they stay members.
- A deep dive on one new idea each month
- A mid-month review of every open pick
- Alerts when a rating changes or a pick is closed
- The Assay with every issue, so you can check our work
- The full scorecard every January
- The free weekly letter
You’ll get the free weekly letter, and hear first when membership opens.
Questions
Before you subscribe
Is this investment advice?
No. Nullius publishes general research and opinion for investors who make their own decisions. Nothing in it is tailored to your circumstances. For advice about your own situation, speak to a registered adviser.
What do you cover?
Companies listed in Toronto and New York, starting with resources, energy and the businesses that depend on them. We will cover any company whose claims can be checked against its own filings.
Can a company pay to be covered?
No. Not directly, not through an agency and not by paying for a site visit. Companies we cover don’t pay us, and companies that pay our owner’s other businesses don’t get covered.
Who writes Nullius?
The editor will be named before issue one, with their background and any holdings in the companies we cover.
Do you use AI?
Yes, to read filings faster and draft the first pass. A human editor checks every figure against the source document and makes every call. The Assay at the end of each issue shows our sources, so you can check them too.
Why no price targets?
Because nobody can know them. We tell you what a company’s own studies say its projects are worth, what the market is paying for them, and what would change our mind. The decision is yours.
