Perspectives
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 […]
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 […]
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 […]
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 […]
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 […]