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First read

New here? Here's the twenty minutes.

Halvren is a one-principal research desk in Vancouver covering twenty Canadian and U.S. operators in energy, materials, and infrastructure. The public work is free. Reading it well is a short ritual, not a long one. Five steps, in order, and the rest of the site stops feeling like a stack of disconnected pages.

  1. 01

    Read the founding memo.

    Three pages. The whole thesis. Skip this and the rest of the site is just numbers.

  2. 02

    Read one note: How to read a Canadian oil & gas operator in seven numbers.

    If you can leave with these seven, the operator cards start to make sense. Most sell-side decks bury six of them.

  3. 03

    Run the Checklist Live on a stock you own.

    Pick any ticker — coverage or not. The desk's ten questions, answered in fifteen seconds. The verdict isn't the point; watching the lens get applied is.

    Streams the desk's ten-question read in about 15 seconds. Off-coverage tickers don't get a 0–100 score — that part is reserved for operators the principal has reviewed in depth. See methodology.

  4. 04

    Read one operator: CNQ.

    The clearest example in the universe of what the checklist actually rewards. Twenty-six years of dividend raises is the receipt, not the thesis.

  5. 05

    Subscribe to the letter.

    One a quarter. No price targets. No noise. Free.

When you're done with the twenty minutes, the rest of the site will read like a different language. That's the point.