About

One desk. One principal.

Halvren is a small, AI-augmented research firm covering Canadian and U.S. operators in energy, materials, and infrastructure. Models read at scale. The principal signs the decision. The book is proprietary. The work is public.

How I got here.

My family came to British Columbia and built businesses, manufacturing first, then real estate development. Thirty-plus years in, and still at it. That is the education that shaped how I read companies long before I read any sell-side report. Operators have a particular way of thinking about a balance sheet, a payroll cycle, a contractor relationship, and a downturn. Once you have watched a business get built that way, you cannot unsee the difference between an operating business and a stock chart.

I studied economics at Simon Fraser University in Vancouver and went straight into financial services and corporate lending, where I spent the next several years on the underwriting side of small and mid-cap Canadian companies. Cash-flow lending, real-estate-secured credit, working-capital facilities, restructurings. Lending teaches a discipline that public markets sometimes forget: you only have to be wrong about a borrower once. The loan documents do not have a trading window.

Alongside the lending work, I have been operating and investing in real estate in British Columbia and building software, in Canada and across the MENA region, for close to a decade. The largest of those efforts ended in a 2023 exit to Digikala, Iran's largest e-commerce platform. The combination is the part of my background most public-market analysts do not have, and the part that informs most of what I write here. I have signed personal guarantees, made payroll in two currencies, sat across the table from auditors, regulators, and acquirers, and learned the difference between a model that works on a spreadsheet and a model that survives contact with a real economy.

The investing thread has run alongside all of it. I hold a securities licence through the Canadian financial services system and am a CFA candidate. Halvren is the firm that consolidates the work I had been doing in private and on principal capital into a single, public-facing research desk.

Credentials & background

Education

BA Economics, Simon Fraser University · Vancouver, BC

Designation track

CFA Candidate · Securities licence (Canadian financial services)

Operating

Real estate (BC) · Software (Canada / MENA) · 2023 exit to Digikala

Lending & capital

~Decade in corporate lending and underwriting Canadian SMBs

Markets

Canada · United States · Energy, Materials, Infrastructure

Languages

English · Farsi

What I work on now.

Halvren reads the Canadian and U.S. operator universe at machine breadth. Filings, transcripts, insider transactions, reserve and resource reports, and pricing data, ingested continuously from SEDAR+ and EDGAR. Models screen, summarize, and surface. I read every name that earns a closer look, sign every conviction, and write every public letter. The architecture is described in detail on the Process page.

The published surface area is the research archive (full company writeups, public and free), the Halvren Checklist (the ten questions every operator has to answer before it earns a position), the coverage universe (what is published, on the desk, watching, or monitoring), and the quarterly Halvren letter. The position-level commentary and the working notes go out through the private letters.

The names I cover sit where my background can actually add something: operator-led, balance-sheet-driven, cyclical-but-survivable businesses. Energy. Materials. Infrastructure. Mostly Canadian, increasingly U.S. as the AI ingestion layer extends. The intent is not to cover everything. The intent is to cover, deeply, the things I will still understand a decade from now.

Most of what we study never becomes a position. Most of what becomes a position is held for a long time. The writing reflects that pace.