The Ruffer Review

Our annual publication, sharing some investment thinking
Buy and hold
Buy good companies. And own them forever. As investment approaches go, it is seductively simple. In a financial world that often looks confused, and in places absurd, buying and holding a portfolio of high-quality companies has evident appeal.
Blowing up the Box
Across many developed economies, the prevailing economic and financial policy framework – what we’ll call the Box – is failing to deliver for much of the adult population. The mood is ripe for a policy revolution, a new monetary settlement. When the Box is blown up, inflation objectives will lose their privileged position. Fiscal orthodoxy will be abandoned. This will demolish the pillars on which so many investment strategies are built.
Ruffer Review 2020
Download our 2020 edition of the Ruffer Review. It covers everything from a new Cold War to the likely impact of the post-crisis surge in government spending.
Cold War II
World order has never been so complex for investors. The US and China have entered a new phase of long-term strategic global competition.
Modern Monetary Theory
Stephanie Kelton, guest speaker at Ruffer’s Family Office Conference in November 2019, is a leading authority on Modern Monetary Theory. She sees MMT as a disruptive force.
Dismantling the deflation machine
Seeking to escape the inflation of the 1970s, policymakers have inadvertently engineered an equally powerful deflation machine.
Ruffer Review 2019
Download the first edition of the Ruffer Review. This is our annual review and covers a range of topics from natural capital to behavioral finance and inflation.
Make America Inflate Again
Our era of price stability is coming to an end. Expect regime change, and a more inflationary future. There are lessons from 1960s America.
On starlings and casinos
Prospect theory, complex systems research and the work of two physicists can help investors make better decisions.
Behind the illusion of stability
The epicentre of risk in the financial system has moved.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussman
75008 Paris, France