hen we assess a client's needs, we take care to understand what will give satisfaction to the client so that the assets are looked after accordingly. This feeling of trust is one which may take years to achieve; it is the ultimate test of a job well done.

Each client's requirements are different, and so each portfolio will differ from others. Nevertheless, just as the same characteristics constantly recur among clients' requirements, so a similar theme runs through the various investments which come up for consideration.

Our job can be likened to a pig hunting for truffles in the world of investment: the truffle is the investment whose rewards outweigh the risks.

Sometimes this can be found in a single investment. More usually however, juxtaposing two or more investments can take away much of the uncertainty, but leave the rewards in place. Most importantly, we try to make sure it is a sound truffle before we dig it up. Unusually for an independent company, we have a dedicated in-house research team to do this, so we investigate personally the companies in which we invest.

There is truth in the maxim 'clients love making money, but they hate losing it more than they like making it'. This is as true for those who aim at capital growth as for those who need income. Many fund managers try to provide a comparatively good performance. Ruffer LLP's aim is to achieve an investment performance which is 'absolutely' satisfactory.