Mercova Capital
Independent research, sharper capital decisions
We publish the analysis we would want as long term investors: candid public equity memos, grounded market research and clear frameworks for allocating capital. No hype. Nothing to sell.
Mercova Capital is an independent research and insight initiative. It is not asset management: we do not manage money and we do not run a fund. Everything here is educational and for information only, not investment advice and not a solicitation.
What we publish
Research worth your time
A small body of carefully reasoned work, written for people who actually decide where capital goes.
Market research
Structural reads on sectors, cycles and competitive dynamics: what is changing, what is already priced in, and where the consensus may be wrong.
Public equity memos
Written investment cases on listed companies: the business model, the unit economics, the bull and bear case, and what would have to be true.
Portfolio thinking
How we think about position sizing, concentration, cash, risk, and the difference between volatility and permanent loss of capital.
Capital allocation frameworks
Practical frameworks for weighing reinvestment, buybacks, M&A and dividends, and for judging management as stewards of capital, not just operators of a business.
Our approach
How we think
An owner operator mindset applied to listed markets, with one firm bias: protect the downside first.
Long term by default
We measure businesses in years, not quarters. The aim is durable compounding, not guessing next month’s price.
Owner operator mindset
We read a share as a real stake in a real business: cash generation, capital discipline and the people running it.
Downside first
Before the upside, we ask how we lose money. Margin of safety, balance sheet strength and honest assumptions come first.
- Independence: no products to push, no conflicts hidden behind the research.
- Intellectual honesty: we lay out the bear case as clearly as the bull case.
- Concentration over diversification for its own sake, with conviction earned through work.
- Patience: most of the time, the right move is to do nothing.
Who it’s for
Written for serious capital allocators
If you make real decisions about where money goes, yours or other people’s, this is written with you in mind.
Investors
Private and professional investors who want considered, independent reasoning instead of tips and noise.
Searchers
Entrepreneurs through acquisition who think like owners and want a sharper lens for business acquisition analysis and due diligence on SMEs and startups.
Allocators
Family offices and capital allocators looking for frameworks and a second, independent perspective.
Curious owners
Founders and operators of SMEs and startups who want to understand how investors and public markets read a business like theirs.
Mercova research
Ask about our research
Interested in our approach to listed companies, markets or capital allocation? You can request information about the research available.
- Analysis of listed companies and markets.
- Frameworks for examining capital allocation decisions.
- Your request is reviewed individually by Mercova.
Request research information
Leave your email to express your interest and request a personal follow up from Mercova.
FAQ
Questions about Mercova Capital
Important disclaimer
Mercova Capital provides independent research, commentary and capital allocation insight for informational and educational purposes only. Nothing on this page or in our publications constitutes investment advice, a personal recommendation, an offer, or a solicitation to buy or sell any security or financial instrument, nor is it asset management or portfolio management. We do not manage money on behalf of clients and do not operate a fund. Past performance is not indicative of future results, and all investing involves risk, including the possible loss of capital. Always conduct your own due diligence and seek advice from a duly authorized professional before making any investment decision.
Want to discuss capital decisions directly?
For company and acquisition work, talk to Mercova Advisory. Book a diagnostic call and we’ll point you to what’s useful.