Perspectives
Investment Outlook
July, 2024
US politics continues to take centre stage in the news and this will likely remain the case for the foreseeable future. The political volatility is only one aspects to consider when investing however and investments have been said to ‘climb a wall of worry’. This week we hosted our quarterly Tacit Thought Live webinar in […]
Will Getting Britain Building Solve Our Housing Problems?
July, 2024
If you have ever had the “builders in,” you will know that that in solving one problem, they frequently cause another necessitating more work and more expense. The newly installed Labour administration has made “Growth” the keystone of its economic platform and it has placed “Getting Britain Building,” 1.5 million new homes over the new […]
Anxiety is rife, but investing still pays
July, 2024
We regularly review the principles which underpin our investment approach, and as long-term objective-based investors, we must be cognisant of the dangers of recency bias in our decision making. In behavioural economics, recency bias (also known as availability bias) is the tendency for people to overweight new information or events without considering the objective probabilities […]
“…And After Many a Summer Dies the Swan.”
July, 2024
Aldous Huxley’s satire on ageing becomes more prescient with literally every passing year. The world is getting older and whilst a small coterie of “tech bro’s” in Silicon Valley regard age as a “sickness” amenable to cure, in the real world, there is not much evidence that the seven ages of man has changed much […]
What could go wrong?
June, 2024
The Tacit approach to running money focuses very much on growing sustainable cash flows which in turn leads to higher asset prices. This has generated superior returns to our peers in 12 out of the 13 full calendar years since Tacit was launched almost 14 years ago in our Total Return Strategy, which has the […]
What could go right?
June, 2024
The Tacit Investment Strategy Group meets every quarter with the sole purpose of taking a long view on the global economy and global asset markets. In a world where daily news flow can skew opinion and perception the role of this group is to review, without short term bias, financial markets in the context of […]
Do Elections Matter for Markets?
June, 2024
The imminent General Election will be the 12th since Margaret Thatcher’s epochal win in 1979. Of those elections Labour or “New Labour” won three and the Conservatives won eight, albeit with one as a coalition (the Cameron/Clegg administration) and one as a minority with Theresa May’s administration supported by the DUP in a “confidence and […]
Perception and reality
June, 2024
When investing you can focus on two types of risk: volatility and the risk of a permanent impairment of your capital. Volatility often refers to the amount of uncertainty or risk related to the amplitude of changes in an investment’s value. A higher volatility means that an investment’s value can potentially be spread over a […]
Avoiding the noise
May, 2024
How should we quantify risk when investing; is it the risk of losing money? Or, maybe the risk of not achieving our financial goals? Or the risk of preserving our buying power over the longer term in the case of a pension? The reality is that risk exists only in the future and it is […]
Does Military Spending Matter for Long-Run Growth?
May, 2024
The primary role of the state is widely regarded to be the “protection of its citizens” either from themselves (internal order) or military defence (external aggression). History suggests and contemporary events affirm that the “better angels of our nature,” are too often subverted by the demons lurking inside. Nonetheless, for a moment in 1989, […]