Perspectives

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The Unintended Consequences of Leverage

February, 2021

The past week has seen retail investors become the centre of attention as they have driven the share prices of certain companies up by more than 100% in a day. This in itself is not newsworthy to us, however the fact that they created significant losses for certain hedge funds has reminded us of the […]

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Lessons from the Future

January, 2021

In investing, there is always a metaphorical tug of war between the past and the future. Is history always doomed to repeat itself, or will the future be vastly different from the past? Is looking into the past the best way to predict the future or is such an approach as flawed as looking through […]

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On Debt

January, 2021

“Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty and six, result misery”.   Poor old Mr Micawber should know, he ended up in debtor’s prison when he was unable to meet his creditors demands.  The world has a tense relationship with lending and borrowing, even the words used, from the latin “credere,” […]

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Inflation Protection

January, 2021

The past decade has seen central banks pumping liquidity into the financial system on an unprecedented scale – it has been given the beguiling name of Quantitative Easing. In old coinage, we would call it printing money. This has been with the noble intention of preventing a collapse of the global economy, which would have […]

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A Note on the Future

January, 2021

At the turn of the year, it pays to spend some time reflecting on the past – what has worked, what has not and why. Over the last decade, including the tumultuous year that was 2020, one of the best performing stocks (including investment trusts) listed in the UK has been the Scottish Mortgage Investment […]

Tacit Christmas and New Year Arrangements

December, 2020

Tacit will be closed on the public holidays for Christmas and New Year – 25 December, 28 December, and 1 January. The Tacit Team will operate a skeleton staff on other days and will monitor email and telephone lines.  Any urgent matters will be dealt with as required; non-urgent matters will be dealt with after […]

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Picking Up Pennies in Front of a Steamroller

December, 2020

As investors we have a dislike of excessive company debts. Companies that have too much debt ultimately have to structure their balance sheets or go out of business. Or do they? Corporate debt is priced off government debt. So if the government borrowing cost falls from 5% to 1%, all other things being equal, a […]

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Follow the Stars

December, 2020

None of us could have imagined as we welcomed in the New Year 2020 what lay ahead of the world. The shutting down of vast swathes of the global economy to slow the transmission of the Covid-19 virus has been necessary to contain the numbers of critically ill patients requiring hospitalisation, but we are acutely […]

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An Opportunity if You Can See it That Way

December, 2020

As investors, it is vital we focus on the opportunities that a changing economic environment can provide to us as well as the threats it can pose.  2020 has been a difficult year for many reasons for many people. 2021 is likely to be better, following vaccine developments and some return to normality. The new […]

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November 2020 Spending Review

November, 2020

It’s a old political saw but when Harold Macmillan responded, ”Events, dear boy, events” to a question regarding what he feared most in politics and although he actually said the “opposition of events,” it could hardly ring more true than of the Covid crisis today. Covid has thrown the economy entirely off course and rewritten, […]

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