All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer LLP
Select Location
UK
Europe
Australia
US
Asia
Middle East
Channel Islands
Rest of world
Type of investor
Individual investors
Institutional
Charity
Family office
Financial planner
Individual investors
Institutional
Charity
Wholesale
Institutional
Institutional
Institutional
All investors
All investors
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

Market views

Equities: a false sense of security
For the current generation of investors, equity markets have been remarkably happy hunting grounds. There have been crashes, bangs and wallops in recent years but, so far, central banks have ensured any pain was short-lived. As interest rates have fallen, investors have chased stocks up the page and global equity markets are now more highly valued than ever.
Many options, little choice
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving. We look at how the risk of inflation might be mispriced, and why it may pay to be prudent.
Worried about inflation?
The return of inflation poses a critical threat to balanced portfolios – severing the relationship between bonds and equites which has held steady for nearly half a century. And yet investors, so far, have stuck to what they know – trusting a portfolio built for the world which we are leaving.
The 60/40 portfolio
This has been the allocation of choice for traditional balanced portfolios and has served investors well for the past 50 years. Is this all about to change and should investors be looking for something different?
The Barber Boom
The story of an economic gear shift which sent post-war Britain careering around country lanes, before skidding on an oil slick and being sent ditchward. There it was left, engine smoking, entangled in the brambles of inflation. It wasn’t until 1980 that road-side recovery eventually arrived in the shape of Paul Volcker and his inflation curbing toolkit.
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.
The good, the bad and the German pension liability
The dangers of low discount rates and large pension liabilities is not unique to the UK.
Are there dangers lurking in the risk profiling process?
What risk profile is Ruffer? This is a simple question. The short answer is ‘4’. But what does a ‘4’ really mean?
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.
1