All-weather investing

Seeking good 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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Jamie_Dannhauser

Jamie Dannhauser

Economist
Prior to joining Ruffer in 2014, he spent seven years as a senior economist at Lombard Street Research, an independent macroeconomic research consultancy, with a specific focus on the UK, US and eurozone economies. He graduated from the University of Cambridge in 2006 with a first class honours degree in Economics. He is currently a member of the IEA’s Shadow Monetary Policy Committee.
Articles by Jamie
Swimming naked
July 2022: It is hard to overstate how far free and unlimited central bank liquidity has rewired the financial system. As central bankers extract themselves from the monetary rabbit hole they have burrowed their way into, the damage to traditional portfolios is likely to be considerable. This tightening of monetary policy is happening because inflation has returned – with a vengeance.
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Short dreams, long reality
Economic conditions of the last few decades have supported a long ascent in the majority of asset prices. Investors must now confront conditions alien to most, potentially leading to a more painful descent. In this webinar, Ruffer’s economist, Jamie Dannhauser will explore the key dynamics of this changed economic landscape.
Taking back control?
In the late 1970s, the world was on the cusp of radical change. The ‘Deflation Machine’ was being born. Deng Xiaoping began reforming China’s moribund economy. In the West, liberal, free-market ideals were gaining traction, ideals that underpinned the subsequent regime of rapid, disinflationary global growth.
Staying power versus paying power
March 2022: Central bankers tell us the current burst of inflation will be transitory and workers will not mind the temporary squeeze on their living standards. In today’s full employment economy, this is not convincing. The implied policy response is flawed, potentially even reckless.
Demise of the deflation machine
The global economy has been inherently disinflationary since at least the early 1990s. The result: a generation of investors who have never had to take inflation risk seriously.
MMT on the march?
The response to this economic crisis has moved away from the old monetary regime to one where fiscal policy has become more important.
Make America Inflate Again
Our era of price stability is coming to an end. Expect regime change, and a more inflationary future. There are lessons from 1960s America.
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