The Ruffer Review

"I remember my father reporting this note with 11 zeros was worth 'roughly one cabbage' at the time of issue."

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.

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.

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.

World order has never been so complex for investors. The US and China have entered a new phase of long-term strategic global competition.

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.

Seeking to escape the inflation of the 1970s, policymakers have inadvertently engineered an equally powerful deflation machine.

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.

Our era of price stability is coming to an end. Expect regime change, and a more inflationary future. There are lessons from 1960s America.

Prospect theory, complex systems research and the work of two physicists can help investors make better decisions.