Calverell Perspectiveshttps://calverell.com/perspectives/Independent research on markets, capital and structural change.enPrice and value are different thingshttps://calverell.com/perspectives/price-value/A distinction between the price we can observe and the value we must estimate, and why a margin for error belongs in both the analysis and the decision.LettersMon, 05 Oct 2026 00:00:00 +0000https://calverell.com/perspectives/price-value/Liquidity preserves the ability to choosehttps://calverell.com/perspectives/liquidity-optionality/Liquidity has a role beyond funding the next investment: it protects the freedom to meet obligations, reconsider commitments and act without unnecessary urgency.LettersMon, 05 Oct 2026 00:00:00 +0000https://calverell.com/perspectives/liquidity-optionality/Duration is not a defence against permanent losshttps://calverell.com/perspectives/duration-permanent-loss/A long horizon can create room for judgment, but time alone cannot repair a weakened asset, an unsustainable obligation or a mistaken thesis.LettersMon, 05 Oct 2026 00:00:00 +0000https://calverell.com/perspectives/duration-permanent-loss/