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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

Ruffer Radio

A series of podcasts exploring the investment universe and sharing our interpretation of what’s going on.

In conversation with Alexander Chartres
Fund Manager Alexander Chartres sits down with Investment Specialist Gemma Cairns-Smith to discuss the challenges facing investors in a more fractured global landscape. They cover the journey to this more multipolar and harder‑edged world order, its new power dynamics, and the renewed importance of real assets. They also discuss the skills investors need to survive in this hard new world. Read Alexander’s article in The Ruffer Review 2026 ruffer.co.uk/rufferreview
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.
In conversation with Chris Bacon
In this thought‑provoking conversation, Ruffer Chief Executive Chris Bacon discusses the idea of Risk backwards: that comfort, conformity and ‘blanding’ can create the illusion of safety while increasing vulnerability.
Could 2025 challenge market optimism?
January 2025: Fund Manager, Steve Russell discusses the investment risks we see in 2025 – overvalued US markets, Trumps return to office, rising bond yields.
Election 2024
September 2024: As the US presidential race enters its final straight, Dr Tim Smith and Alexander Chartres join Rory McIvor to discuss how investors are weighing up the prospects of a new administration.
Leaving the pack
July 2024: Investors are herding into a narrow market and propelling stocks to new highs. Fund Manager Jasmine Yeo joins Rory McIvor to explain why this is a market well worth insuring against.
Ugly ducklings
April 2024: Duncan MacInnes joins Rory McIvor to reflect on Q1 performance and discuss some of the portfolio’s key positions including gold and silver, derivative protections and the yen.
Survival at 5?
January 2024: Can the economy and markets survive interest rates at 5%? Not for long, suggests fund manager Matt Smith – either interest rates must come down or asset prices do.
From the Chairman
October 2023: In this quarter’s episode of Ruffer Radio, Chairman Jonathan Ruffer shares his perspectives on the evolution of Ruffer’s all-weather investment approach since founding the firm in 1994.
Early and ready
July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally.
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