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Seeking consistent positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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Ruffer LLP
80 Victoria Street
London SW1E 5JL
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103 boulevard Haussmann
75008 Paris, France
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300 Park Avenue
New York NY 10022
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31 Charlotte Square
Edinburgh EH2 4ET

Henry Maxey

Joined Ruffer in 1998 after graduating from the University of Oxford with a first class honours degree in economics and management. He became a CFA charterholder in 2003. Henry joined the Executive Committee in 2006 and became Chief Investment Officer in 2010. In 2012, he additionally became Chief Executive, a role he relinquished in 2017 to focus on leading Ruffer’s investment strategy.
Articles by Henry
Something new under the sun
Several new features of the global financial system have increased both the risk of a market crisis and its likely severity.
Career-ing into liquidation
The rapid demise of Silicon Valley Bank – the second-largest US bank failure in history – has caught markets by surprise. While we don’t expect a repeat of the 2008 global financial crisis, dismissing the broader risks to the financial system would be a mistake.
American Pie
The ancien régime of low inflation and free money is over. The painful adjustment process has further to run, with scope for mishaps as liquidity drains from the system. The market dreams of a Goldilocks scenario, just right for risky assets. But will the bears be kept at bay?
Case of the misplaced money
Portfolios are prepared for a potential liquidation event in asset markets, “a waterfall of the things that can be sold, as distinct from the ones that can’t.” This article from Grant’s Interest Rate Observer, speaking to Ruffer’s Chief Investment Officer Henry Maxey, explores these changing liquidity dynamics.
The perils of yesterday’s logic
Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.
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.
Dismantling the deflation machine
Seeking to escape the inflation of the 1970s, policymakers have inadvertently engineered an equally powerful deflation machine.
Behind the illusion of stability
The epicentre of risk in the financial system has moved.