Tacit Thought
Lessons from this week
April, 2025
The world was expecting the second presidential term of Donald Trump to take an unconventional and rough tackle approach to most issues, but what we have witnessed in little over the past week goes far beyond what even members of his own inner circle had envisaged. Equity and bond markets fell in tandem as the […]
Good, bad, or just different?
April, 2025
Following strong positive returns in 2024, all Tacit strategies have delivered broadly flat returns in 2025 to date. This is during a period in which global equities, as measured by the MSCI World Index, have fallen 5.4% for sterling investors. Volatility has increased markedly this year as investors have reassessed the thesis that US exceptionalism […]
Rachel Reeves: A Zugzwang Spring Statement 2025
March, 2025
The chart below illustrates just one of the major dilemmas facing a British government of any persuasion: how to balance the inexorable rise in healthcare costs against the increasingly urgent need to bolster the defence of the realm? Spending on health, even accounting for the squeeze on funding after 2020, is by far the largest […]
History does not repeat itself, but it does rhyme
March, 2025
The Dot Com bubble which ended in the year 2000 can provide an alternative insight into the recent equity market volatility being experienced by investors and can also illustrate why certain markets have risen whilst the US equity market has come under pressure so far this year. In normal circumstances, a falling US equity market […]
What is actually going on in investment markets outside the USA?
March, 2025
For UK investors, rising bond yields bring back the memory of the 2023 mini budget which led to instability and lost our then Prime Minister and Chancellor their jobs in very short order. The context of then and now is very different and is driven more by global developments than by a domestic finance strategy. […]
Unintended consequences
February, 2025
The majority of developed economy electorates are towards the centre of the political spectrum. Most have a bias to the left or the right, but the majority occupy this centre ground. It may not feel like it at times such as now, but the analysis shows that this is a fact, even in the United […]
Aligning your investments with your objectives
February, 2025
Benjamin Graham’s views on asset allocation have significantly influenced Tacit’s approach to investment, emphasising a balanced and disciplined approach to portfolio management. His principles, first published in the book ‘The Intelligent Investor’ in 1949, continue to shape how we think about risk management and long-term wealth accumulation in a world where short-term investment trading and […]
Man With a Hammer Syndrome
February, 2025
At Tacit we intentionally try to avoid the day-to-day noise that can buffet investment markets, as history shows us that making any knee jerk decisions generally leads to bad investment outcomes. Our approach is to focus on the longer term economic trends and look for disconnects in current market pricing to take advantage for our […]
They seek it here, they seek it there
January, 2025
Volatility in the technology space picked up markedly this week driven by news flow related to a Chinese Artificial Intelligence (AI) product called DeepSeek. We thought some context would be important to our readers, as large falls in share prices can lead to anxiety and knee jerk reactions which are bad for longer term investment […]
Animal Spirits
January, 2025
President Trump is a divisive character and politician, of that there is no doubt. But could his approach to the US economy actually benefit us all in a roundabout way? President Trump is a divisive character and politician, of that there is no doubt. But could his approach to the US economy actually benefit us […]