Ruffer no image

Michael Biggs

Head of Macro Strategy
Joined Ruffer in April 2025 from GAM, where he served as a macro strategist and portfolio manager on the emerging market debt team. Prior to this, he worked in a variety of economist and strategist roles at Deutsche Bank. He holds a PhD in Economics from the University of Cambridge.
Articles by Michael
Ruffer Review
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
Read
Ruffer Review
The road to prosperity is paved with debt
While many investors are focused on high public-sector debt levels, few appreciate how increased new borrowing by the private sector could spur GDP growth and support asset prices.
18 mins | Michael Biggs
Read
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
Read
Green Line
The great British bull case
Oct 2025: With the UK Budget approaching, all eyes are on the deteriorating public finances. But private sector balance sheets are in good shape – and could drive GDP growth.
6 mins | Michael Biggs
Read
1