Perspectives

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Actively inactive

February, 2024

We’re often asked why we don’t make more changes to our strategies. It’s a fair question and in a world where activity is tracked second by second this may look like we’re busy doing nothing. But our view is that a considered decision not to change holdings is every bit as valid as one to […]

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A Capital Endeavour

February, 2024

In the 19th century, at the peak of Empire, Great Britain was simultaneously the “workshop of the world” and banker to the world. Immediately prior to the explosive demolition of Edwardian gentility in the trenches of the 1St World War, it is estimated that 50% of the capital invested throughout the world had been raised […]

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Lifestyling: It’s a Risky Business

February, 2024

“And one man in his time plays many parts, His acts being seven ages.” Few of us these days wear “slipper’d pantaloon,” but we still play a variety of roles as we travel through life: the dependent child, the lingering teenager, the thrusting entrepreneur, the stressed-out parent, and the grateful grandparent. Each of those roles […]

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AI: Machine Learning

January, 2024

Artificial Intelligence (AI) has become one of the most searched for terms on the internet over the past year.  In reality most people do not really understand what AI actually is, other than the fear of what we may have seen in sci-fi movies such as iRobot. There are distinctly different technological developments at play […]

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Cashflow Comes in Many Forms and Sizes

January, 2024

The Tacit investment process is biassed towards companies that exhibit strong cash flows and can grow these cash flows irrespective of the economic environment which prevails globally. This approach can lead investors towards defensive and dull companies which do not rely on strong economic growth for their business models to increase cash flows year on […]

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Back to Basics

January, 2024

It is, perhaps, hard to believe that the 5-year anniversary of the Covid pandemic will occur later this year. The clue is to be found in the number 19 since novel viruses are named after their year of discovery. The full economic ramifications of that period, bound up as it is with Brexit and the […]

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Patience Pays

January, 2024

As in each of the previous 13 years, we start this year with a recap of returns that were generated in the previous year, 2023. The table below provides the returns for the calendar year from a selection of asset classes including cash, UK government bonds, UK equities, and international equities. Following a period when […]

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Cash: Losing its Crown

December, 2023

It is monetary policy week in the key G7 economies, and the Federal Reserve in the US has already landed with, perhaps, an early Christmas present but just possibly a hint of a gnarly New Year hangover. The United States sets the tone and direction for developed world interest rates. The world economy is highly […]

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Are geopolitical events the cause or effect?

December, 2023

At Tacit we believe that economics is a powerful factor in geopolitics. The connection between economic growth and conflict is intricate, with scarcity often serving as a catalyst for social unrest and conflict. Economic downturns intensify competition for resources, exacerbate inequalities, and strain governance structures, creating conditions conducive to conflict. The relationship between economic growth […]

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Recency Bias

December, 2023

TACIT THOUGHT LIVE RECORDING We held a client Webinar on 27th November, where our Chief Investment Officer, Raj Basra, covered the current economic and market environment and the rationale for the recent changes that we have made to portfolios as we head into 2024. A recording of the event is available using the links below. […]

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