Perspectives

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Investment Strategy Quarterly Conference

March, 2019

We held our quarterly investment conference this week where we take the time to review the evolving economic data around the world and to consider the implications for our investment strategies. The OECD and the IMF have recently downgraded their estimates for global growth in 2019/20 by 20bps to 3.4%. Recent Sino-US trade conflict has […]

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Searching for an Edge

March, 2019

In 1969, Buffett announced he was closing down his fund – the Buffett Partnership. This was after a stellar track record of 30% annualised over a 13-year period since the fund was started. Some of his clients asked him to suggest other managers they could give their money to. One name that was thrown at […]

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Out of Uncertainty Comes Opportunity

March, 2019

The past year has been difficult for investors as asset values have been buffeted by increasing interest rates in the US and political tensions, be they trade wars between the US and China, Brexit or the populist election win in Italy. For us, although the political environment is important, our focus remains on assets prices […]

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Compounding Wealth

March, 2019

One of our analysts was contacted by a millennial friend of his about an ‘investment opportunity’. The promoters of this scheme claimed you could make 10% a month, guaranteed. There is however, quite literally, not a single sliver of truth in the phrase “10% a month, guaranteed”. First, very few things in life are guaranteed […]

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Brexit & Skin in the Game

February, 2019

Stephen King, the bestselling author of horror and sci-fi stories wrote a book specifically about writing aptly called “On Writing”. In it, he mentioned that the writer has a variety of tools in his/her toolbox. The fundamental tools include vocabulary, grammar and the elements of style. To be a good writer, one must have these […]

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Beware the Herd

February, 2019

Academics have attempted to identify and predict the rational and irrational behaviour of group think in order to help predict future economic outcomes. Behavioural finance teaches us that herding is a natural human instinct driven by emotional reactions such as greed and fear. But it’s also something to be wary of: investors rushing to be […]

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Fee Adjusted Returns

February, 2019

Financial literature is crammed with different methods of calculating risk adjusted returns. However, very little attention is paid to an equally important metric which we call the fee adjusted return. At Tacit, we have often spoken about the importance of not trading frequently. This is because: 1. Frequent trading increases fees and reduces a client’s […]

Tacit has Achieved the Defaqto 5 Diamond Rating

February, 2019

Tacit Investment Management have achieved the Defaqto 5 Diamond Rating for DFM MPS (Direct & Platform) Portfolio Family of services. This rating is given by Defaqto and highlights that the Tacit MPS Portfolio Family of investment services offers an excellent proposition relative to the peer group as indicated by the Defaqto 5 Diamond Rating.   […]

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Simplicity Over Complexity

February, 2019

When Tacit was launched nearly a decade ago, our aim was simple: to provide clients with investment performance above UK RPI over rolling five year periods. Ultimately, the level of risk a client was willing to take in the short term would dictate how they fared over the longer against this objective. All clients, however […]

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A Different View on Emerging Markets

January, 2019

Emerging markets were relatively poor performers in 2018 with Turkey, Argentina and China suffering relatively large declines.     Successfully investing in emerging markets requires a strong filter because of the multitude of risks that plague these markets. Only a select few ideas are strong enough to make it through our investment filters at Tacit. These […]