Perspectives

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Follow the Money

February, 2023

There are two sources of investment: endogenous, to use a word popularised by Gordon Brown some years ago which is to say domestic savings, or exogenous, funds brought into the economy by foreign actors, normally companies. One of the factors we look at when we consider regions for investment is whether they are attracting foreign […]

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It’s really about how old we are.

February, 2023

In the recent IMF projections, it was difficult to ignore the fact that the UK was forecast to be one of the worst performing countries economically year. Interestingly, in contrast India, is experiencing the fastest rate of economic growth this and next year. At Tacit we find this interesting.  as whilst many focus on short […]

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Bertrand Russell’s Turkey

January, 2023

The British philosopher and mathematician, Bertrand Russell, once told a sad and rueful tale about a Christmas Turkey. It was a parable to illustrate the problem of learning and particularly learning from experience. A family bought a turkey. Every day, before school, the children would wander down to the enclosure where the turkey lived and […]

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Looking under the bonnet

January, 2023

This week was the Annual General Meeting for one of our longest standing holdings, Finsbury Growth & Income Trust. The Trust’s manager, Nick Train, presented what appeared to be a very simple set of slides but we feel the content was actually very interesting given the current concerns around inflation. Nick Train’s investment strategy is […]

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Digital currency or cryptocurrency?

January, 2023

The term digital currency and cryptocurrency can become interchangeable in general conversation however they refer to two materially different assets. Similarities are that digital currencies and cryptocurrency do not have physical attributes and are available only in digital form. Transactions involving both are made using computers or electronic wallets connected to the internet or designated […]

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What Next?

January, 2023

2022 was a year most professional investors would like to forget (a bit like 1998, 2001, 2008 and 2020).  When we launched Tacit in 2010, it was our belief that clients expect their professional advisors to be contactable at times of stress and to manage investment risks that they themselves do not fully understand. That’s […]

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Looking ahead

December, 2022

2022 is a year when equity markets and bond markets fell in tandem. This makes it an unusual year as the historic correlation of these two asset classes is very low.  At Tacit we distinguish between absolute loss of value and volatility, which has distinguished us from most of our peers over the past decade. […]

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Residential Property for Children

December, 2022

Many of our clients have children and grandchildren who, with the ineluctable passage of time, are now adults with young families of their own. We are often asked what we think the outlook for property prices looks like and whether now is a good time to buy a new house. It is a notoriously difficult […]

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That was then

December, 2022

Income has historically provided a significant proportion of total returns over the longer term. For the past decade interest rates have been kept close to zero and this has distorted the income-seeking investment strategy. In such a low-yielding environment, an investment with a materially higher yield, say 4%, carried significant capital risks. In other words, […]

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The Rubik’s Cube of Currencies

December, 2022

Few ideas in finance carry more confusion than currencies. It is not uncommon for senior international figures to mix up strength with weakness and get them totally the wrong way round. The key thing to remember is that currency quotes are a “rate” not a “price.” As you will know from your trips abroad you […]