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Ruffer Radio: Markets now and next

Episode 1

Ruffer Radio
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Duncan MacInnes
Investment Director
Rory McIvor
Senior Associate

Duncan MacInnes discusses covid-19: how it has changed the investment landscape, the impact on the Ruffer portfolio and what could happen next.

This is the first episode of a new series of podcasts, where Ruffer will be exploring the investment universe and sharing their interpretation of what’s going on.

“It’s our view that we are moving through an economic regime change. Coronavirus is not the end of something, in fact it has accelerated a lot of trends that were already in motion—inequality, populism, deglobalisation and perhaps environmentalism and government involvement in our daily lives.

The conclusion is we think this will result in a wholly different economic and market landscape going forwards, so it will be essential to focus on keeping client’s capital safe.

Before this event we were worried about avalanche risk and valuation risk. Today we are still facing valuation risk—perhaps to a slightly lesser extent but we are now facing inflation risk and the fact that shareholder capitalism is likely to be under threat. 

Because we have managed to preserve capital through this crisis so far and deliver a positive return, we are in a position to be able to be opportunistic and pick up bargains as and when they emerge as I think it’s too much to hope that it will be plain sailing from here.”


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COVID-19 and the dawn of a new market era
April 2020: The era of monetary dominance is over. Helicopter money signals investment regime changes ahead.
Read
2020 Q1 Investment Review
April 2020: When the elements speak, elemental forces are unleashed, and it is important, in the middle of this storm, to capture the right tone of voice.
Read
Ruffer Review 2020
Download our 2020 edition of the Ruffer Review. It covers everything from a new Cold War to the likely impact of the post-crisis surge in government spending.
Read

Past performance is not a guide to future performance. The value of investments and the income derived therefrom can decrease as well as increase and you may not get back the full amount originally invested. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested. The value of overseas investments will be influenced by the rate of exchange.

The views expressed in this podcast are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the article is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. This document does not take account of any potential investor’s investment objectives, particular needs or financial situation. This document reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered. Read the full disclaimer.

London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France