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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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

Investment Review

A quarterly newsletter written by our founder Jonathan Ruffer
Investment Review
January 2026: Jonathan Ruffer reflects on over 30 years in investment management and warns that today’s speculative market exuberance will eventually face a reckoning.
Investment Review
October 2025: After fifty years of almost uninterrupted bull markets, Jonathan Ruffer examines whether we’re approaching a turning point.
Investment Review
July 2025: Markets hit record highs despite wars, tariffs, and towering debt. Jonathan Ruffer explores why today’s ‘Looney Tune’ valuations persist, examines generational investment divides, and explains how Ruffer’s all-weather approach is well placed to navigate this new era.
Investment Review
April 2025: Equities are at maximum valuations, investors are at peak investedness, and now a regime change which markets have not yet digested. Jonathan Ruffer asks if this is one of the rare occasions when a market crisis not only foretells but contributes to the economic hardship to come.
Investment Review
January 2025: In his latest Investment Review, Jonathan Ruffer sees parallels between today’s Magnificent Seven and the Nifty Fifty stocks of 1970s America. Pay too much for quality, and you’ve made a bad investment.
Investment Review
October 2024: For 30 years, Ruffer’s chief concern has been the preservation of clients’ money. In this quarter’s review, Jonathan Ruffer revisits the merits, and measures, of this aspiration in the context of today’s market environment.
Investment Review
July 2024: Recent portfolio performance has, understandably, provoked questions from our clients and investors. These are broadly the same questions we have been asking ourselves, chief among which is: why are we comfortable owning a portfolio that feels so uncomfortable to hold? Jonathan Ruffer’s quarterly investment review seeks to answer that question, laying out the reasons for our conviction in a portfolio which can protect and grow capital as the market turns.
Investment Review
April 2024: Jonathan Ruffer discusses the stock market’s seemingly invincible summer. This has created distortions in both debt and equity markets, and with them, opportunities to benefit from a change in the season.
Investment Review
January 2024: After a difficult year for portfolio performance, Jonathan Ruffer looks ahead to a world which is curiously unfit for investment purpose, given the current condition of the equity market and the end of the decades-long bull market in bonds.
Investment Review
October 2023: With our cautious positioning proving costly so far this year, Jonathan Ruffer considers why some offsetting assets have not performed as expected. He also explains why we remain confident that our portfolio is well positioned for the current tricky market environment.
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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