GreensKeeper Asset Management Inc.

03/31/2026

GreensKeeper’s 2025 Annual Report has been published. You can request a copy here http://eepurl.com/ja56VE

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03/06/2026

AI will destroy Visa, Mastercard, and Amex? Please...

AI hot takes are driving indiscriminate selling, including payment stocks.

The latest example: a viral Citrini Research essay (https://www.citriniresearch.com/p/2028gic) arguing that AI agents will “save consumers money” by bypassing credit cards and paying merchants with stablecoins over blockchain rails.

It’s a bold headline. But fundamentally fails to understand how payments work.
Merchants fund the credit card ecosystem — not consumers.

Why would a consumer willingly trade:
• fraud protection
• chargeback rights
• rewards
• 30 days of float
…for a no recourse blockchain transaction?

If consumers want to use cash or a real-time payment app, they already can. Most still choose credit/debit. That tells you something.

The Reality
Card networks are among the strongest business models ever built.
Their moats are enormous: brand, scale, network effects, switching costs.

The real risk to their economics is regulation — not AI agents.

Yes, AI will reshape parts of fintech.
Yes, payment flows will evolve.

But collapsing the entire card ecosystem because agents can route stablecoins is a stretch.

Citrini’s goal wasn’t necessarily to predict the future.
It was to capture attention.
Mission accomplished.

01/23/2026

“Nature does not hurry, yet everything is accomplished.”
— Lao Tzu

This perspective captures the essence of patient, value-driven investing. Read our Q4 2025 Letter here:https://greenskeeper.ca/wp-content/uploads/2026/01/The-Scorecard-Issue-52.pdf

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12/23/2025

📚 Five standout books I read this year—and why they stuck with me
These weren’t just enjoyable reads. Each one sharpened how I think about decision-making, human behavior, risk, and the world we’re collectively building.

1) The Selfish Gene — Richard DawkinsPublished in 1976, yet it feels startlingly modern. Evolutionary mental models help explain altruism, tribalism, aggression, and war—essentially, the human animal in context.An unforgettable insight: the book coined the term meme, framing culture as an accelerator of evolution.
Genes fade in generations. Ideas can outlive us.

2) Clear Thinking — Shane ParrishI’ve long been a fan (and subscriber) of Farnam Street, and this book delivered.At its core: understanding how we make decisions, where we fool ourselves, and how to remove friction from good outcomes.
“Mastering the best of what other people have already figured out.”Practical, accessible, and immediately useful.

3) How Minds Change — David McRaneyA modern companion to Cialdini’s Influence. In a post-fact world, rational arguments rarely change beliefs—and you can’t force someone else to change their mind.What does work? Trust, psychological safety, and helping people reflect for themselves.The discussion on assimilation vs. accommodation explains why we default to: “I might be wrong… but probably not.”P.S. The “strawberry illusion” alone is worth the read 🍓

4) No Shortcuts to the Top — Ed ViestursOn the surface, it’s about mountaineering. In reality, it’s a masterclass in risk management and resisting herd mentality.Ed Viesturs summited all 14 eight-thousanders without supplemental oxygen—and turned back multiple times, even steps from the top.
“Getting to the top is optional. Getting down is mandatory.”A reminder that discipline often matters more than ambition.

5) Sandworm — Andy GreenbergPart thriller, part warning. A chilling look at state-sponsored cyber warfare and attacks that cross from digital into physical infrastructure.The takeaway: we’re living through a shift in warfare as consequential as the dawn of the nuclear age—just less visible.

If you’re looking for books that upgrade your mental models rather than just your bookshelf, these are worth your time.

For more of my favourites, visit https://greenskeeper.ca/home/bookshelf/
Would love to hear what stood out for you this year 👇

12/18/2025

A short book with long-term returns.
This one blends Stoicism, Munger-style thinking, science, and business into timeless mental models.

If you’re gifting this year, skip the trinkets. Gift knowledge. 🎁

12/11/2025

I’m pretty sure our clients would revolt if we ever stopped this annual tradition.

10/15/2025

"Every act of creation is first an act of destruction." -- Pablo Picasso

Creative destruction, capitalism, democracy and free trade.
An excerpt from our Q3 client letter: https://greenskeeper.substack.com/p/the-prosperity-engine

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“Every act of creation is first an act of destruction.” — Pablo Picasso

09/19/2025

Forget FOMO.
Cash flow > chasing trends.
That’s how real wealth is built.

08/09/2025

Free cash flow. Fortress balance sheet. Cheap valuation. Who cares?! Value investing is currently out of step with the market, which is myopically focused on momentum and growth.

As I spoke about on this recent podcast, we see signs of increasing speculation in the market, which causes us to remain disciplined and cautious. https://youtu.be/dTtWk9MD9-I?si=acbFLUtjAq0dFDwJ

👉 Click Here to Subscribe: https://www.youtube.com/?sub_confirmation=1 Is Tesla a Cult, Not a Company? | In the Money with Amber KanwarValue i...

07/25/2025

Had a blast joining Amber Kanwar on to talk about the value of... well, value!

We talked about lots of stocks, shared some laughs, and I explained why I “run towards danger” in the markets (yes, really). Spoiler: Buying low isn’t as easy as it sounds.

Check out the full conversation here: https://youtu.be/v1t6dR3qu5Y?si=FbNZqLC8Wvbc4bTS

07/25/2025