Perspectives

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Good Active Management

June, 2018

Some call it “the gentleman’s game.” Others say it reflects life itself. Whatever your view, the sport of cricket paints a picture of a typical English summer. In its Test Match format, you have unlimited overs. A batsman can take time to score runs and isn’t penalised for not hitting the ball. Good decision making […]

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Trump, trade and unintended consequences

June, 2018

The US, under Donald Trump, is turning protectionist. And the President’s plan to restrict imports will see the country’s external balance of trade deficit as evidence of “a war that is easy to win.” Here at Tacit we believe that, like most of his policymaking, it’s his “base” that will largely bear the costs. According […]

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Investigative Investing

June, 2018

Investing is both a science and an art. To be a successful investor, you need to have an edge. This can be quantitative, qualitative or behavioural. In general terms a quantitative edge is measurement and today that also means the use of complex computer models to process data. Qualitative is harder to measure but includes […]

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Itchy Fingers

June, 2018

We’re often asked why we don’t make more changes to our strategies. It’s a fair question. The fact is we haven’t altered our core holdings in over a year. To an outsider this might look like we’re busy doing nothing. But our view is that a considered decision not to change holdings is in reality […]

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The True Value of Gold

June, 2018

There are over 100 billion galaxies in the visible universe. The Milky Way galaxy, where we live, consists of more than 300 billion stars like our own sun. Some of these stars will have a few planets revolving around them similar to our solar system. A few of these planets will be the right size, […]

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Italy, politics and Super Mario

May, 2018

“There is no better protection against the Euro crisis than successful structural reforms in Southern Europe.” Strong words from Mario Draghi, the President of the European Central Bank. But what he didn’t forecast 6-years ago when he made the comment was the political power grab in Italy by a far right, anti-immigration party combined with […]

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Spurious Correlations & Interest Rates

May, 2018

Did you know that two things can be strongly correlated and yet completely independent of each other at the same time? We love relationships – even relationships that aren’t there. Maybe it’s a human need. The website spurious correlations has a lengthy list of absurd correlations. For example, the number of Nicholas Cage films in […]

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Regulation & the Attention Economy

May, 2018

Starting in the early 1900s, automobiles and air travel transformed the world by making it a smaller place. In the early days, these industries were the wild west with lax safety regulations and frequent accidents. As the transport industry became increasingly important, regulatory scrutiny led to an increase in the number of regulations. The first […]

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Boring Banking

May, 2018

“If we want things to stay as they are, everything will have to change”. The most famous line in “The Leopard” by Giuseppe di Lampedusa illuminates the paradox at the heart of investment. Of all the moving parts that comprise a modern economy, finance is the most conservative activity least amenable to innovation. Indeed, when […]

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Latest Tacit Trends

April, 2018

Read our latest Tacit Trends here