Perspectives

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Tackling inflation

June, 2023

This week we had our quarterly investment conference where we review global macro-economic data with a view to gauging the impact of emerging economic trends on our investment strategies. One of the observations that came out of the meeting was that the actions taken by central banks this year to combat rising inflation are beginning […]

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Banks are a lazy answer

June, 2023

Ever since the financial crisis of 2008, banks have been an easy target for many commentators, including us at times to be fair, when we talk about the ‘risks’ that might disturb investment markets. Banks are, by definition, complex, opaque businesses. Many of their revenue lines rely on them being so. If everybody knew  how […]

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Why did the central banks get it so wrong?

June, 2023

At a client meeting this week we were asked why the central banks have made such a hash of managing inflation over the past two years. This is an interesting question to us, as we believe the answer to this question is rooted in the global response to the financial crisis of 15 years ago. […]

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Inflation is falling, just not as quickly in the UK

May, 2023

The inflation rate in the UK remains higher than in most other European countries. Interestingly, this is not the case in the US where inflation has fallen quicker and by more over the past six months. In fact, unlike in the UK and Europe, it is likely that the US inflation rate will be close […]

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What is the debt ceiling in the US and why does it matter?

May, 2023

Over the past weeks there has been an issue holding back investment markets which is a US phenomenon: the debt ceiling. This is an issue peculiar to the US but it affects us all. The debt ceiling, also known as the debt limit, is the maximum amount of money that the US government can borrow […]

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The Pound in Your Pocket

May, 2023

Some of our older readers may remember the Sterling crisis of 1967 and the accompanying black and white footage of Harold Wilson, then Prime Minister, explaining to the British public that this did not mean that the “Pound in your pocket or purse, or in your bank, has been devalued.” Ted Heath noted that this […]

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Economic Moats

April, 2023

We have written previously about how certain companies exhibit a competitive advantage which makes it difficult for its earnings to be  eroded away by a competitor. In the recent inflationary period, it is these companies which have been able to increase prices whilst not destroying demand in the process. Microsoft, a common position in three […]

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Late frosts

April, 2023

Gardeners among our readers will be very conscious of the damage a late frost can cause, especially if it has been preceded by clement weather which has encouraged buds to form and birds to settle down into comfortable nests. One night below freezing at just the wrong moment can devastate an apple harvest and spoil […]

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Banking 101

April, 2023

Charlie Munger, who at the age of 99 is the senior half of the nonagenarian duo that run Berkshire Hathaway, is famous for his quip that runs, “Show me the incentive and I’ll show you the outcome.” It chimes with Upton Sinclair’s remark that “It is difficult to get a man to understand something, when […]

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Dividends

March, 2023

Tacit strategies have a core of investments whose investment approach can be described as dividend investing. The investment approach focusses on dividend levels and growth prospects as a good predictor of future performance of a stock. Dividends are paid out of cashflows a company generates but what exactly are they? When a company earns a […]

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