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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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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
Oliver Shale

Oliver Shale

Investment Specialist, US | Ruffer LLC registered representative
Joined Ruffer in 2016, having graduated from the University of Cambridge with a BA honours degree. He is an investment specialist based in Ruffer’s New York office and is focused on building Ruffer’s US business for pension plans, endowments, foundations and family offices. He is a CFA charterholder, and also holds Series 7 and 63.
Articles by Oliver
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.
Against the odds
Dec 2025: Prediction markets are entering the financial mainstream, offering crowd-sourced forecasts on real world events. But could they end up adding yet more risk to the system?
Dollar disparities
Jun 2025: The Taiwan dollar’s surge in early May highlighted the risk for global investors from an unwinding of the massive unhedged exposures to US assets built up over recent years in many countries.
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.
R-Star Wars
Could today’s market optimism about inflation be misplaced? Oliver Shale warns we may be facing an ‘Empire Strikes Back’ moment, with a second wave of price rises on the horizon.
Would a stock, by any other name, rise just as high?
Traditional finance theory tells us that markets are rational. Investors incorporate all public and private information when making their investment decisions. This school of thought is grappling with the field of behavioural finance, which asserts that human psychology and biases also act in an irrational way to influence these same investment decisions.
Income at any price
In a world of distorted interest rates and high asset prices, protecting capital and producing strong income levels may no longer be mutually compatible.
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