The House of Merval maintains a curated archive of selected investment notes reflecting long-term capital thinking across multiple economic cycles.
These documents are not market commentary. They are institutional observations on capital, risk, valuation, and structural forces shaping markets over time.
The archive is intentionally selective. Its purpose is continuity of thought rather than frequency of publication.
The Merval Archives
1990 — On Inflation, Interest Rates and the Cost of Capital
1995 — Globalisation and the Illusion of Permanence
2000 — Technology, Valuation and Speculation
2004 — Liquidity Cycles and Asset Mispricing
2008 — Capital Preservation in Systemic Stress
2011 — Sovereign Risk and the Fragility of Trust
2016 — Negative Rates and the Price of Safety
2021 — Liquidity, Excess and Narrative Investing