Perspectives

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Has Goldilocks left the room?

November, 2023

Some of our readers will remember the era of the private client stockbroker whose obsession was with dividends – the yield on a share, the dividend cover and the history of the company growing its dividend. This was also an era in which most investors strictly compartmentalised capital and income. Preserving capital, or at least […]

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The Importance of Liquidity

October, 2023

The Tacit investment approach places a very high value on liquidity when selecting investments due to the team’s experience rather than a academic dislike of certain investments. During the 2008 credit crunch, whilst working for some very large investment companies, we experienced first hand how certain assets do not fit comfortably with an investor’s needs […]

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2%?

October, 2023

We hear a lot about inflation and its impact on living standards and interest rates, but what about growth? Whilst the world is fixated with the short-term inflationary picture, we share the view of many analysts that poor global growth prospects are being ignored by policymakers over the next 10 years. To cover off the […]

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Sunk Costs and Loss Aversion

October, 2023

The Sunk cost fallacy occurs when we have invested a lot of time, money, energy, or indeed love, in something and we persist in it even though it is a lost cause. The investment itself becomes the reason to carry on when it would be much better to simply wrap-up, accept we made a wrong […]

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Investment Trusts

September, 2023

Tacit strategies have exposure to investment trusts due to their inherent benefits over other investment vehicles such as open ended funds. Having had many questions over the past years about why we choose to hold an investment trust over other investments, this week we consider their advantages to UK investors: 1. A Fixed pool of […]

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Why the US Dollar is important to us all

September, 2023

Tacit strategies have historically had a significant allocation to US Dollar assets, be they equities in the Growth element or US government bonds in the Stabiliser. The unique role of the US Dollar in the global economy makes it a very important risk management tool during periods of market stress. We have been asked many […]

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AI, Data, and the Economy

September, 2023

The 19th century English polymath, Charles Babbage, widely regarded as the “father of the computer, once remarked that “Errors using inadequate data are much less than those not using data at all.”  He could have barely conceived the amount of data the development of his ideas would go on to create. Sir Arthur C Clarke, […]

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Known unknowns and Unknown unknowns

September, 2023

Humility is at the heart of sound investment. This isn’t a virtuous choice on our part, nor are we meek or particularly self-deprecating. It’s simply a clear-eyed acknowledgment of the uncertainties of the world in which we invest. We may have discovered a ‘perfect’ stock by diligent analysis of solid balance sheet facts but the […]

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Real Returns

September, 2023

Our focus at Tacit has always been to generate ‘real’ returns for our investor clients over the medium to long term. Achieving this requires an understanding that generating positive real returns is empirically difficult, come s with risks over the shorter term and is not achieved in a linear straight line fashion. The table below […]

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The Pace of Innovation

August, 2023

Do you remember the Cathode Ray Tube, Betamax, CDs, the Blackberry or even the Apple Newton, the early electronic personal organiser from the days when Apple had to be rescued from bankruptcy by its dark nemesis, Microsoft? Some of us still have our Psion 5’s, a living piece of post-industrial archaeology. It is a cliché […]

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