The Ruffer Review

Our annual publication, sharing some investment thinking
Water scarcity
Disruption to weather patterns and an increase in extreme events have played havoc with the water cycle. The freshwater crisis is alarming not only because of our dependence on water, but also because of the speed at which the crisis is approaching.
The Cazique. The conman
General Sir Gregor MacGregor orchestrated one of the most audacious scams in history – marvellous in its ambition and catastrophic in its consequences.
The Great Acceleration
The coronavirus crisis has accelerated pre-existing tectonic shifts that are changing world order. Four interlinked areas deserve the attention of long-term investors: greater geopolitical instability; the digital revolution; domestic political changes in the advanced economies; and the rise of environmental, social and governance (ESG) considerations.
Jurassic risk
The death of inflation has been greatly exaggerated. Its return will ruin the traditional balanced 60/40 portfolios. Investors need to prepare for a world of greater inflation volatility and with it the possibility that bonds and equities fall in tandem.
Ruffer Review 2021
Download our 2021 edition of the Ruffer Review. In it we explore the fate of traditional balanced portfolios, our latest big picture thinking – on regime change and inflation – as well as fresh perspectives on trust, belief and behavioural bias.
Hyperinflation and me | The Ruffer Review | Thinking | Ruffer | Investment Management
"I remember my father reporting this note with 11 zeros was worth 'roughly one cabbage' at the time of issue."
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.
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