WELCOME TO RUFFER

All-weather investing

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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Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Intermediary
I am a financial advisor or wealth manager
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Individual investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
Institutional
I am a professional client or eligible counterparty
Charity
I am a charity trustee, or a consultant who advises charities
Wholesale
I am a financial advisor, wealth manager or institutional investor
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
Institutional
I am a professional client or eligible counterparty
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
All investors
I invest on my own behalf, am a job seeker or want to learn more about Ruffer
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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Directions | Map +1 917 947 3003
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
Jonathan_Ruffer

Jonathan Ruffer

Founder Emeritus
Trained as a barrister and a stockbroker with Myers & Co in 1973 before moving into private client investment management in 1979, with Dunbar Fund Managers. Formerly Chief Investment Officer of Rathbone Bros plc. He established Ruffer Investment Management Limited in 1994, which transferred its investment business to Ruffer LLP in 2004.
Articles by Jonathan
Ruffer Review
In conversation with Chris Bacon
In this thought‑provoking conversation, Ruffer Chief Executive Chris Bacon discusses the idea of Risk backwards: that comfort, conformity and ‘blanding’ can create the illusion of safety while increasing vulnerability.
22 mins | Chris Bacon, Gemma Cairns-Smith
Read
Ruffer Review
Risk backwards
Five lessons from the first five decades of life reveal how we often get risk wrong. Resisting the lure of comfort and conformity is more important than ever.
19 mins | Chris Bacon
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Ruffer Review
Shadow banking: the next financial crisis?
Guest contributor Ben Hunt looks at the mechanics of the current boom in private credit and explains why he thinks it may end in a major bust.
19 mins | Ben Hunt
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Ruffer Radio
In conversation with Alexander Chartres
Fund Manager Alexander Chartres sits down with Investment Specialist Gemma Cairns-Smith to discuss the challenges facing investors in a more fractured global landscape. They cover the journey to this more multipolar and harder‑edged world order, its new power dynamics, and the renewed importance of real assets. They also discuss the skills investors need to survive in this hard new world. Read Alexander’s article in The Ruffer Review 2026 ruffer.co.uk/rufferreview
11 mins | Alexander Chartres, Gemma Cairns-Smith
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Ruffer Review
Echoes of ’87
Two crises nearly 40 years apart – the first in equities, the second in crypto – display stark similarities. Learning the lessons of these meltdowns could help to build more resilience in both markets.
16 mins | George Brampton, Will Judge
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Ruffer Review
Crude awakenings
The shale revolution transformed US oil and gas output, profoundly altering the global energy balance. If the shale boom is now over, that will have enormous geopolitical and economic consequences.
14 mins | Oliver Shale
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Ruffer Review
Narratives and the shifting market mindset
Stories are increasingly driving markets, outweighing the fundamentals. We analyse how this dynamic works – and how to avoid getting caught in the downdraft.
13 mins | Gemma Cairns-Smith
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Ruffer Radio
In conversation with Michael Biggs
What really drives the economic cycle? It’s not the total amount of debt – it’s the rate of change of new borrowing. Investment Specialist Gemma Cairns-Smith sits down with Ruffer’s Head of Macro Strategy Michael Biggs to explore his research into the credit impulse — the change in new borrowing that drives economic activity.
18 mins | Michael Biggs, Gemma Cairns-Smith
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Ruffer Review
Reabsorbing ESG
ESG analysis should never have become a separate discipline. We believe bringing its component parts back into fundamental research should help to deliver sustainable value creation.
11 mins | Kevin Paul
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Ruffer Review
Inside the cult of equities
Equities’ popularity has grown in recent years, especially in the US. Their current status is deserved – but we need to remember some important lessons from financial history.
14 mins | Ian Rees
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