Perspectives

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The downside of lower prices

July, 2017

Everyone is familiar with the concept of monopoly but a word which is increasingly common in the financial press but is less well known is the related idea of monopsony. Monopoly is loosely defined as the “exclusive possession or control of a service or good.” Monopsony is defined as a “market situation where there is […]

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Is the US in decline?

June, 2017

Is America in decline? A lot of ink is spilled in the press talking about America’s relative decline and the coming China century. Whilst there can be no doubt that China will play an increasingly important role on the world stage, people tend to forget that China has demographic and debt problems of its own […]

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The astonishing rise of renewable energy

June, 2017

A few months ago on a drive through Extremadura, one of the team came across a plain that was covered in mirrors focussing sunlight onto a network of pipes running along the centre of each mirror. The technology essentially uses sunlight to turn salt into a molten liquid that heats water to generate steam that […]

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A lost decade?

June, 2017

Like most clichés, “an Englishman’s home is his castle” contains the grain of an important truth. For most people, the family home represents the largest financial asset and therefore the largest store of wealth they will ever own. Arguably the British fetish for property owning is one reason for Britain’s relative industrial decline; we have […]

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Braced for volatility

June, 2017

Our focus is on assets and not politics. The election result leaves a lot to be desired. Whether you are left leaning or right, a hung parliament creates uncertainty. After the Brexit vote and Donald Trump being elected in the US, nothing should really surprise us. The key point for us is how this plays […]

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What’s driving the UK equity market?

June, 2017

Why are UK stocks trading at all time highs whilst the political picture is so uncertain? We have written many times before about how valuation is the primary driver of equity returns over the medium term. The price you pay for an investment today has a disproportionate influence on the return you can hope to […]

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The New Silk Road

May, 2017

When our ancestors, the ancient Britons, were still living in mud huts and painting themselves blue with woad, China had already developed a large sophisticated urban culture that had extensive trade links with India, Central Asia and Europe. In 230 BCE, the Qin subdued the regions of Chu, Yan and Zhao and shortly after Qin […]

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Stay focused on your goals

May, 2017

With the UK equity market hitting new all time highs this week, we believe it is important that investors remember their personal objective and time horizon. Rising markets are a good thing, however, chasing markets and not remembering your longer term objective will ultimately lead to disappointment. It is vital to understand behaviour and not […]

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The long road to recovery

May, 2017

At our recent ISG conference, we noted that “risks appeared to be more political than macro-economic.” Despite the undoubted upheaval associated with Trump, Brexit and the raft of European elections that will occur this year we tend to forget that large parts of the world economy are still operating well below potential, at least, relative […]

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The impact of currency

May, 2017

At Tacit, late in 2016 we began to think differently about international exposure in portfolios for UK investors. After many years when international diversification reduced the overall volatility (a measure of risk) of a Sterling portfolio, we began to question if the events of 2016 could change the behaviour of portfolios as UK investors know […]

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