Perspectives

Tacit Thought Light Bulb Icon

Growth Opportunities

October, 2020

We recently wrote about the role of the Growth portion of our Stabiliser and Growth asset mix. The Growth component of the portfolio is ultimately responsible for, as the name implies, generating growth. It is mainly comprised of equities. A good framework for evaluating the future growth opportunities of a company or an industry is […]

Tacit Thought Light Bulb Icon

Keeping Track of Brexit

October, 2020

Many years ago, C Northcote Parkinson examined company decision making in his still delightfully relevant book “Parkinson’s Law.” In the book he described how a company board could spend hours debating the merits of a proposal to give the employees a new coffee machine but could sign off on a new nuclear power plant in […]

Tacit Thought Light Bulb Icon

Income Trap

October, 2020

Yields from government and corporate bonds continue their precipitous decent and major central banks implement negative interest rate policies, pushing interest on bank deposits further down. Even dividends, as this year has shown, can be fickle. The question of how one can safely generate an income stream from an investment portfolio without taking on excessive […]

Tacit Thought Light Bulb Icon

Growth Always Comes with a Risk

September, 2020

We write a lot about risk. Risk means different things to different people: for example, to an architect the risk may be that a building is not pleasing to the eye once built, to a President the risk could be not getting re-elected, whilst for an investor risk could be missing out on market rises […]

Tacit Thought Light Bulb Icon

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 […]

Tacit Thought Light Bulb Icon

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 […]

Tacit Thought Light Bulb Icon

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 […]

Tacit Thought Light Bulb Icon

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 […]

Tacit Thought Light Bulb Icon

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 […]

Tacit Thought Light Bulb Icon

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 […]

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. ...
  10. 18