Perspectives

Tacit Thought Light Bulb Icon

A Dressing Down

November, 2020

In Ancient Greece, people that defaulted on their debts were forced to sit in the marketplace with a basket placed over their heads. In 17th century Scotland, defaulters were required to wear a half yellow and half brown coat and cap in public. In France, they were ordered to wear a green bonnet. While these […]

Tacit Thought Light Bulb Icon

The Value of Gold

November, 2020

The Stabiliser component of Tacit portfolios is very specifically designed to mitigate risks, both economic and market related, which may from time to time lead to a sharp correction in equity markets. Its components are primarily cash, G7 government bonds (both conventional and index linked) and Gold Bullion. These holdings are not held to provide […]

Tacit Thought Light Bulb Icon

Squaring the Political Circle

November, 2020

With all eyes focussed on the US election this week it is vital for investors to understand the implications, short, medium, and long term, of the results of the Presidential race. No formal winner has yet been announced but whichever candidate wins, it will be by slim margins in several key states. This will not […]

Tacit Thought Light Bulb Icon

Debt Doldrums

October, 2020

Every financial crisis is marked by the failure of supposedly infallible corporate behemoths. In 2001, it was Enron. In 2008, there were several – Freddie Mac, Fannie Mae, Lehman Brothers and Bear Stearns. On this side of the pond, it was the collapse of HBOS. Every bull market has its poster child of corporate excess, […]

Tacit Thought Light Bulb Icon

Sustainable Investing

October, 2020

Environmental factors have become more and more important to investors as the science has highlighted the impact of their (our) actions today on future generations. At Tacit, we spend a lot of time considering the implications of changes in peoples’ behaviour on asset prices. Ultimately, demand and supply dictate prices and any change to either […]

Tacit Thought Light Bulb Icon

Growth Opportunities

October, 2020

We recently wrote about the role of the Growth portion of our Stabiliser and Growth asset mix. The Growth component of the portfolio is ultimately responsible for, as the name implies, generating growth. It is mainly comprised of equities. A good framework for evaluating the future growth opportunities of a company or an industry is […]

Tacit Thought Light Bulb Icon

Keeping Track of Brexit

October, 2020

Many years ago, C Northcote Parkinson examined company decision making in his still delightfully relevant book “Parkinson’s Law.” In the book he described how a company board could spend hours debating the merits of a proposal to give the employees a new coffee machine but could sign off on a new nuclear power plant in […]

Tacit Thought Light Bulb Icon

Income Trap

October, 2020

Yields from government and corporate bonds continue their precipitous decent and major central banks implement negative interest rate policies, pushing interest on bank deposits further down. Even dividends, as this year has shown, can be fickle. The question of how one can safely generate an income stream from an investment portfolio without taking on excessive […]

Tacit Thought Light Bulb Icon

Growth Always Comes with a Risk

September, 2020

We write a lot about risk. Risk means different things to different people: for example, to an architect the risk may be that a building is not pleasing to the eye once built, to a President the risk could be not getting re-elected, whilst for an investor risk could be missing out on market rises […]

Tacit Thought Light Bulb Icon

The Death of Value?

September, 2020

Equity investors can be put into two distinct types: those that try to unearth future potential that others do not yet recognise (growth investors) and those that believe the market is undervaluing a company based on its intrinsic worth (value investors). Over the past decade many traditional value investors have struggled as the evolving economic […]

  1. Pages:
  2. 1
  3. 2
  4. 3
  5. 4
  6. 5
  7. 6
  8. 7
  9. 8
  10. 9
  11. ...
  12. 23