Perspectives
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Madness and Manias
November, 2019
“People, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly and, one by one.” Charles Mackay was a nineteenth century Scottish journalist who made that comment in his influential book, “Extraordinary Popular Delusions and the Madness of Crowds” that […]
Money Illusion
October, 2019
Money is a more slippery concept than you might imagine. The story goes that money was invented to replace barter. It’s clearly very hard to make an estimate of how many shoes are equal to a bushel of wheat although I was once offered “two camels for my wife” on a trip to Egypt. On […]
Rembrandt’s & Perception
October, 2019
Why do people sometimes spend lavish amounts of money on pieces of art? It could be for purely personal reasons; they like the painter. It could be for aesthetic reasons; they like the painting. It could also be for financial reasons; they believe it can be sold at a higher price in the near future. […]
Stay Focused on your Objective
October, 2019
With the focus very much on short term issues in the UK and US, we believe investors are missing key longer-term implications being highlighted in government bond markets. Government bond yields around the world have continued to fall even whilst economic growth has rebounded over the past decade. This puzzles most investors as the standard […]