Perspectives

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Never Bet Against America

March, 2023

Previously we have written about the King and the conman trading their understanding of financial compounding. Luckily, what the King lacked in financial acumen he more than made up in regal authority. If there is a modern monarch of finance, it is surely Warren Buffett. Now known to investors as the “Sage of Omaha,” in […]

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Banks and the financial system

March, 2023

Whilst our strategies have no exposure to Silicon Valley Bank (SVB) or Credit Suisse this week we feel it necessary to provide a narrative to market movements and events surrounding the banks. At its core, SVB experienced a run on its deposits as clients realised that it had not managed its asset base appropriately and […]

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How do you know something is cheap?

March, 2023

Having been in the investment industry for over 30 years it is still confusing to us that most investment processes attempt to put the valuation of an asset at their core. In simple terms the decision these investors are making is either that an asset is cheap today because of its historic attributes or it […]

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Not all bonds fall when interest rates rise

March, 2023

With interest rates rising, bond prices have fallen. Bond prices move inversely to interest rates: they rise when interest rates fall, and they fall when interest rates rise (as now). Since November our strategies have had meaningful exposure to a different type of bond  in lieu of equity, namely Floating Rate Notes (FRN). FRNs, unlike […]

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Counting the cost of interest

February, 2023

There is a very old story about a king and a trader. The king liked to play chess and collected rare and fine chessboards. One day a trader approached the king with a particularly ornate chessboard and offered it to him. The king was enraptured by the piece and asked the trader to name his […]

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8012 Points

February, 2023

This week the FTSE 100 index reached a new all time high of 8012 points. This is a newsworthy event as, unlike other equity markets around the world, the UK equity market has struggled to make new highs since 2018. In fact, the index failed to trade higher than its level in 1999 until after […]

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Follow the Money

February, 2023

There are two sources of investment: endogenous, to use a word popularised by Gordon Brown some years ago which is to say domestic savings, or exogenous, funds brought into the economy by foreign actors, normally companies. One of the factors we look at when we consider regions for investment is whether they are attracting foreign […]

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It’s really about how old we are.

February, 2023

In the recent IMF projections, it was difficult to ignore the fact that the UK was forecast to be one of the worst performing countries economically year. Interestingly, in contrast India, is experiencing the fastest rate of economic growth this and next year. At Tacit we find this interesting.  as whilst many focus on short […]

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Bertrand Russell’s Turkey

January, 2023

The British philosopher and mathematician, Bertrand Russell, once told a sad and rueful tale about a Christmas Turkey. It was a parable to illustrate the problem of learning and particularly learning from experience. A family bought a turkey. Every day, before school, the children would wander down to the enclosure where the turkey lived and […]

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Looking under the bonnet

January, 2023

This week was the Annual General Meeting for one of our longest standing holdings, Finsbury Growth & Income Trust. The Trust’s manager, Nick Train, presented what appeared to be a very simple set of slides but we feel the content was actually very interesting given the current concerns around inflation. Nick Train’s investment strategy is […]

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