Perspectives

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A Formula for Investing

January, 2020

Most new investors want to know a quick, sure-fire formula for making money in the markets. Such a formula, of course, cannot exist. If it did, any business school purporting to teach such a formula would charge infinitely high tuition fees. Also, if enough people use the formula, it becomes worthless. Why? Because if everyone […]

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Watching the News

January, 2020

There is a somewhat irrational urge by investors to always stay informed with the latest news and have well-formed opinions about their implications for businesses and the broader economy. The truth is, no one really knows how the news cycle will change; transforming what was once supposedly relevant news into obsolete opinions destined to be […]

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A Decade in Review

January, 2020

The seemingly arbitrary passage of roughly 3650 days is celebrated as a decade, which is the amount of time it takes our planet to revolve around the sun 10 times. Businesses and economic cycles do not however take note of such precisely choreographed celestial marathons. The last 10 years have shown that trying to make […]

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Things rarely turn out as you expect

December, 2019

At the turn of the year, most of the investment industry and financial press play out the role of Sisyphus from Greek mythology, forced to repeatedly roll a boulder up a hill only to have it roll back down once it reaches the top. This metaphor symbolises the fruitlessness and inevitability of forecasts. Our strongly […]

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Elections

December, 2019

At Tacit, we have intentionally shied away from opinions on political events but we have been clear that the outcomes of these events are less predictable now than in the past, as social media and the now engrained effects of the financial crisis of a decade ago on economic disparity within countries have become more […]

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How Cheap is Cheap?

December, 2019

Many of you will be aware of emerging markets. These are countries that, in aggregate, have a lower GDP per capita, have less liquid markets, higher inflation rates and less stable currencies than developed markets. Some countries currently classed as emerging markets are China, India and Brazil. There is an entire class of countries that […]

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The Election, Inequality and Brexit

November, 2019

With the election nearing, we feel the need to provide you with a clear view on our thinking for portfolios in the event of one of the three core scenarios playing out: namely, a Conservative majority, a Labour majority or another hung parliament. At Tacit, our focus is solely on the implications of the election […]

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Managed Expectations

November, 2019

Every month, we report the performance of all our strategies relative to a composite benchmark. This information is available on our website for anyone to see. An IFA or client looking at this performance month by month may experience one of two emotions – a measure of happiness if we outperform the benchmark or a […]

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Luck & Skill

November, 2019

“Rise early, work late and strike oil” This was the success formula embraced by the American oil tycoon Jean Paul Getty. In most activities, there is an element of skill; working hard and becoming a specialist in some task will improve the likelihood of success. There is also an element of luck; this is what […]

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Madness & Manias Part 2

November, 2019

Following on from last week’s Thought, we received various questions regarding the practical implications of ‘Madness and Manias’ for our investment approach at what is a confusing time for many of our clients. In reality, politics and newsflow in the modern world are volatile. The 24 hour news flow generated for the digitally connected world […]

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