Perspectives

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The Death of Value?

September, 2020

Equity investors can be put into two distinct types: those that try to unearth future potential that others do not yet recognise (growth investors) and those that believe the market is undervaluing a company based on its intrinsic worth (value investors). Over the past decade many traditional value investors have struggled as the evolving economic […]

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Perspective Changes with Distance

September, 2020

In our school days it was orthodox to treat the periods 1901-1914, 1914-1933 and 1933-1945 as discontinuous and distinct periods of history. Today historians regard the end of the Edwardian period in the UK to the fall of Germany in 1945 as a continuous period of great power competition with Versailles and Weimar the pivot […]

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The Limits of Growth

September, 2020

Since the start of the year, one area of the market that has delivered phenomenal returns to investors, in spite of a global pandemic, poor economic growth and rising geopolitical tensions is compounder type businesses and companies claiming to be compounders. What exactly is a compounder business? They have three main characteristics. First, they tend […]

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Finely Balanced

August, 2020

At Tacit we have spent the past ten years investing for ‘real returns’ and feel it is important to explain why this focus is so relevant at this juncture. Investors often look at returns without taking the impact of inflation into account: a concept known as money illusion. Simply put, a £10 note in your […]

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What Changes, What Doesn’t

August, 2020

In this crisis, as in any other, it is good to spend some time thinking about what permanently changes in the economy and what does not. What is temporary and what is permanent? What is structural and what is cyclical? These are very important questions, but the answers are not always intuitive especially when one […]

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What Matters, What Doesn’t

August, 2020

As of yesterday’s close, the largest public company in the world, Apple Inc, has a market capitalisation which is approximately equal to the total market capitalisation of the FTSE 100 – an aggregate of the largest public companies in the UK. What may come as an even bigger surprise is that the combined market capitalisation […]

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The Price We Will All Eventually Pay

August, 2020

As investors, we have a habit of focussing on the most recent events and forgetting history. Much focus over the past few months has been on the containment of COVID-19 around the world and the emergency measures used by central banks and governments to limit the economic impact of lockdowns on individual countries. This time […]

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A New Gilded Age

July, 2020

During the gilded age in America, a few industrialists like John Rockefeller, Andrew Carnegie, Jay Gould, Cornelius Vanderbilt, and John P. Morgan, among others, had a strong hold on the American economy. In many ways, the companies they founded and ran were the tech companies of the day because they developed new and scalable solutions […]

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Russian Roulette

July, 2020

The Russian author Leo Tolstoy noted in his novel, Anna Karenina, that all happy families are alike whereas each unhappy family is unhappy in its own way. The same can be said for investing, admittedly without the flair of Tolstoy; All good investment decisions are alike whereas all bad investment decisions are unique in their […]

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On Globalisation

July, 2020

Globalisation is a term that is used a lot. Very few however, truly understand how globalisation has transformed the world other than through the goods they purchase being manufactured overseas. Globalisation has four key components: trade, capital flows, flows of people and the sharing of intellectual capital. Each component, although independent of each other, works […]

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