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The K is not OK
December 2020: The consensus is that we are in a K-shaped recovery – that means winners and losers. We are not all in this together. The unique shape of the covid-19 crisis and accompanying recession has meant some industries have thrived whilst others have dived. In caricature, everyone now uses Zoom and Peloton, while offices and gyms were forced to close.
A vaccine: to v or not to v? That is the question
September 2020: The superforecasters of the Good Judgement Project believe there is a 93% probability we will have an FDA-approved vaccine in a year, and enough of it to inoculate 25m people in the US. This is up from just 20% in the dark days of April.
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.
When just in time becomes just in case
May 2020: Balance sheets show the trade-off between resilience and optimisation
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Ruffer Radio: Markets now and next
April 2020: Duncan MacInnes discusses COVID-19: how it has changed the investment landscape, the impact on the Ruffer portfolio and what could happen next.
The fog of war is lifting from the UK
January 2020: It’s morning in Great Britain – could we be at the beginning of a mini-boom?
How Corporate America stole its own future
November 2019: US companies are paying shareholders more than they can afford
Bond investors: want more yield? Buy gold!
August 2019: What is gold telling us about the topsy-turvy reality of negative yielding debt?
A 21st century fairy tale: the venture capitalist and the unicorn
June 2019: The percentage of unprofitable companies listing on public markets has never been higher
Safe as houses?
March 2019: Over almost 30 years UK house price gains have outperformed the best of British businesses. What next?
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