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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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London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET
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
Europe’s power predicament
Caught between US protectionism and Chinese mercantilism and now bereft of cheap Russian energy, the EU faces an existential question: how to secure its strategic autonomy and future competitiveness.
The spectres of protectionism
Economists use the 1930 Smoot-Hawley Tariff Act as a case study for protectionism’s adverse impacts. Yet the geopolitical consequences were far more profound, damaging America’s allies and provoking its enemies.
The Red Bull market in US exceptionalism
The macro and market starting points for Donald Trump’s second presidency are very different from his first. Yet he is pursuing the same objectives with greater vigour. The upshot is likely to be destabilising for markets and the global economy.
A Thousand Year Project
Merlin Hanbury-Tenison is on a mission to restore Britain's temperate rainforests, for the health of mankind and the planet.
Time up for traditional asset allocation?
We believe the global economy has entered a new era of higher and more volatile inflation. To navigate it, investors will need to allocate to a broader range of assets. And then manage them actively.
A market miscellany
Is Gen Z really spendthrift and impulsive? And can you stop murders by simply locking up 2% of the population? We see how the data stacks up.
Blowing hot and hotter?
March 2025: Even before any impact from Trump’s tariffs, US CPI inflation surged in January, taking it further away from the 2% target it hasn’t hit for four years.
The stock market barometer
February 2025: Strong gains in equity markets are bolstering US consumer optimism. Yet, with asset valuations close to historical highs and return expectations looking unrealistic, this virtuous cycle could rapidly turn vicious.
Could 2025 challenge market optimism?
January 2025: Fund Manager, Steve Russell discusses the investment risks we see in 2025 – overvalued US markets, Trumps return to office, rising bond yields.
The Year of the Snake
January 2025: After US equities’ strong gains over the past two years, we think the best opportunities for 2025 may lie in overlooked assets elsewhere in the world.
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