Perspectives
Getting Back to Work
November, 2017
One of the drivers behind Keyne’s monumental “General Theory of Employment. Interest and Money” was his incomprehension at the failure of the economy to provide work for the many idle hands of the time who wanted to find work. There was, after all, no shortage of work to do. Amongst many other things, the book […]
Political Stability: Lessons from the East
October, 2017
In recent notes we have highlighted the growing disparity between the improvement in the economic landscape visible globally and the discontent of voters expressed in elections and political campaigns across the developed world: Trump, Brexit, Catalonia and the Lombardia to name but a few. We see this political turmoil as the key risk to continued […]
Tacit wins prestigious award
October, 2017
Tacit Investment Management has been announced as “Best Small Firm” in the 2017 Citywire Wealth Manager Investment Performance Awards. It was also shortlisted in the “Aggressive Portfolio” category. The awards were held in association with Asset Risk Consultants (ARC), which offers an independent assessment of the portfolio returns of individual wealth management firms to provide benchmarks […]
Nominal V. Real Returns
October, 2017
Whilst most investors await a rise in the UK interest rate later this year, we continue to be amazed by the focus on this nominal rate in an environment where inflation is running at over 3% as we cannot see its relevance to an investor. Since the late 1970s we have become accustomed to nominal […]
Goodbye to Wolfgang Schauble
October, 2017
Wolfgang Schauble, the current German Finance Minister, will shortly leave his post to take up his new role of speaker of the German Bundestag. Although he is probably unknown to the average man in the street, he has been possibly the most influential and damaging politician in Europe throughout the course of the Eurozone crisis. […]
Focus on cashflows rather than politics
October, 2017
How should we quantify risk when investing; is it the risk of losing money? Or, maybe the risk of not achieving our financial goals? Or the risk of preserving our buying power over the longer term in the case of a pension? The reality is that risk exists only in the future and it is […]
Focus on cashflows rather than politics
October, 2017
How should we quantify risk when investing; is it the risk of losing money? Or, maybe the risk of not achieving our financial goals? Or the risk of preserving our buying power over the longer term in the case of a pension? The reality is that risk exists only in the future and it is […]
Overdiversification is a Risk
September, 2017
Imagine you are a school teacher. You are looking for a new job and there are two alternatives. The first involves a small school – there are 20 pupils. It isn’t an easy job. You will be responsible for keeping a very close eye on the children, analysing their every move every day and hoping […]
Cyclical upswing, but what of the structural headwinds?
September, 2017
We held our quarterly investment conference this week where we discuss some of the key economic issues that we believe are driving global markets. The baseline is reasonably positive in that momentum in the world economy appears to be, if anything, strengthening. Lead indicators, business surveys and institutional research all point to continued expansion. At […]
Where’s the wage growth?
September, 2017
We are in the middle of preparing and reviewing the data for our quarterly investment conference. Everyone has an opinion but it is always worth examining the raw economic information coming out of Central Banks, Government statistics organisations and other global institutions such as the World Bank and the IMF. Equally, it is always interesting […]