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.
Ruffer LLP
Select Location
Middle East
Channel Islands
Rest of world
Type of Investor
Individual investors
Family office
Financial planner
Individual investors
All investors
All investors
80 Victoria Street
London SW1E 5JL
31 Charlotte Square
Edinburgh EH2 4ET
103 boulevard Haussmann
75008 Paris, France
  • Alex Lennard

Alex Lennard

Investment Director
Joined Ruffer in 2006 after graduating from Exeter University with an honours degree in economics and finance. He is a member of the Chartered Institute for Securities & Investment. He initially worked as associate for Jonathan Ruffer and now manages institutional investment portfolios. He sits on the senior asset allocation committee and is co–manager of two of Ruffer’s flagship funds. He is also a Non-Executive Director of the JPMorgan European Investment Trust.
Articles by Alex
The art of bubble spotting
Anyone can be taken in by financial bubbles; that's why they're so dangerous.
Thinking in narratives
Stories have always influenced human behaviour: our decision-making is often driven more by a good tale than objective facts and data. But stories can defy reality only for so long.
The Great Restoration
Humanity has the capacity to cure climate change – the question is not so much “can we?” as “will we?” Guest author Tim Kruger may have an answer.
Book review – Trillion Dollar Coach
The future of information technology is beyond the comprehension of most. And competition between the companies who want to shape it is fiercer than ever.
Inflation: bad for portfolios, good for society?
As inflation has soared to its highest level for 40 years, financial markets have taken fright, with most bond and equity markets down significantly so far in 2022. In fact, the US is now officially in a bear market, and inflation pressures show few signs of fading – quite the contrary.
What if?
Our approach to building portfolios favours being roughly right, as opposed to precisely wrong. The portfolio is designed to preserve capital across a range of economic and market outcomes. But naturally, we consider some outcomes more likely than others. At this critical juncture in markets, Duncan MacInnes offers an exercise in imagination - what if we are wrong? Fast forward a year from now, what would need to happen in the world to prove our concerns or hopes, misguided or misplaced?
The game that goes on
President Theodore Roosevelt was hailed for dismantling the powerful monopolies which emerged from America’s industrial revolution. Does his trustbusting provide a blueprint for what investors can expect from a revitalised antitrust movement on Capitol Hill?
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.
Book review – The Shock of the Old
At the heart of historical enquiry are two simple questions: ‘What has changed?’ and ‘What has stayed the same?’ For investors, concerned with the future value of assets, these questions can be reframed: ‘What will change?’ and ‘What will stay the same?’
Audio icon
Ruffer round up – Q2 2022
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon and what that means for investors.
1 2
9 10