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Investment Review
April 2021: Looking back over the past year and a bit, we feel a sense of relief Ruffer has performed well through another crisis – protecting clients from the initial covid turmoil, and making good money in the many weathers that have followed. Yet the markets remain our master – they will do what they do, when they do it: we must do our best in that context. And that context is about to change.
Responsible Investment Report
In our latest quarterly report, Research Director Alex Barnett explores the transition to electric vehicles, and we share our stewardship and engagement activities during the first quarter of 2021.
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.
Annual Stewardship Report
Our 2020 report highlights the depth and breadth of our stewardship activities. Our focus on engaging directly with company management has afforded us a deeper understanding of the companies in which our clients are invested.
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.
Schrodinger’s bonds
March 2021: Corporate bonds had a near death experience in 2020. After a decade where credit markets grew to $10 trillion, borrowing costs spiked as we stared into the abyss of a global economic shutdown. We had been warning of this for several years and were positioned accordingly. But since the US Federal Reserve drenched the market with its money hosepipe, credit is alive again.
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.
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Ruffer Radio: A bias to belief
February 2021: Bethany McLean joins us to discuss the tension between rational markets and emotional investors, what separates the visionary leader from the fraudster and how a bias to belief affects our decision-making.
Inflation gets real – time to adjust
February 2021: Our view is that rising prices in some traditional industries are signalling that the recovery, when it comes, will look very different and be much more inflationary than anything we have seen for 30 years.
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