Perspectives

Tacit Thought Light Bulb Icon

Characteristics of Chinese Technology Companies

August, 2021

China’s economy is often described internally as “socialism with Chinese characteristics”. Its stock market, largely driven by the large technology companies, can also be described using such idiosyncratic phrasing. The large Chinese tech companies are not quite like the tech companies in America, Europe or anywhere else. They come with their own unique characteristics. The […]

Tacit Thought Light Bulb Icon

Characteristics of British Technology Companies

August, 2021

Britain has a long history of innovation. The Lunar society in Birmingham had members such as Joseph Priestly, Erasmus Darwin and James Watt, who were some of the catalysts behind the industrial revolution in the 18th century. In the 20th century, Frank Whittle, the co-inventor of the turbo jet engine, ushered in the age of […]

Tacit Thought Light Bulb Icon

COVID and The Housing Market

August, 2021

Record low interest rates, stamp duty holidays and a government guarantee for mortgages are some of the reasons behind the recent rise in UK property values. An emphasis on subsidising demand instead of increasing supply has naturally led to a substantial rise in residential property prices. This is not unique to the UK however as […]

Tacit Thought Light Bulb Icon

Consider You May Be Wrong

July, 2021

To manage the funds that are entrusted to us we have to build a model of how we think the world economy is working. The inputs into that model are multi-variate; some are quantitative, and some are qualitative. Quantitative inputs include the level of interest rates, cost of capital, expected inflation rates, implied discount rates, […]

Tacit Thought Light Bulb Icon

Return Free Risk

July, 2021

Robert Heinlein, one of the most prolific sci-fi authors of all time, was a sceptic of specialisation. To quote: “A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, […]

Tacit Thought Light Bulb Icon

The Advantages of Backwardness and the Opportunities in Change

July, 2021

In Saffron Walden, where one of our colleagues lives, there is a broken and battered old building next to the common emblazoned with the word “GASWORKS” and underneath dated 1836. Victorian England was lit by gas. Gas mantles were used in domestic houses until the late 1940s and early 1950s when the post-war slum clearances […]

Tacit Thought Light Bulb Icon

In Search of Stability

July, 2021

Roman centurions during the age of Augustus earned a stipend of about 3,750 denarii, roughly 38 ounces of gold. Today, in the age of Biden, the average US Army captain earns a salary of about $70,000, or about 39 ounces of gold at current prices. Over two millennia, across a multitude of wars, plagues, famines, revolutions and […]

Tacit Thought Light Bulb Icon

All Roads Lead to Rome

July, 2021

You may have noticed that a small footballing victory this week sends our domestic “English” team to Rome for their quarter-final against Ukraine. This prompted us to think about Italy in Europe and to consider one of the few rational reasons for Britain departing the European Union: chronic economic stagnation. The IMF recently published their […]

Tacit Thought Light Bulb Icon

Growth versus Value

June, 2021

There is no right or wrong when considering the valuation of a company today with its potential returns in the future. Sometimes, expensive companies do well and at other times those trading cheaply perform well. The factors that influence whether a company trading on a price-earnings (P/E) ratio of 22 today performs better than a […]

Tacit Thought Light Bulb Icon

Disruption

June, 2021

“Past performance is not a guarantee of future results” is pasted across multitudes of financial promotions that we see every day. While this statement is correct, the following question naturally arises: If the past is not a guarantee of what the future will look like, is the future fundamentally unknowable?   While past performance is […]

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. ...
  11. 26