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A bias to belief

Episode 6

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Bethany McLean
Journalist
Rory McIvor
Investment Communications Specialist

Bethany McLean, journalist and author of several books about businesses gone wrong, is our guest in the latest episode of Ruffer Radio.

Bethany specialises in casting light on the shadier corners of the financial world, renowned for her exposé of the Enron scandal in the early 2000s. She joins us to discuss the tension between rational markets and emotional investors, what separates the visionary leader from the fraudster and how a bias to belief affects our decision-making.

Bethany is this year’s guest contributor to the Ruffer Review – our annual collection of thoughts and ideas – which we’ll be publishing in early March. You can sign up to receive a copy below.

 

More information

The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron (Blackwells)

Saudi America (Financial Times)

All the Devils Are Here: The Hidden History of the Financial Crisis (New York Times)

How private equity is winning the coronavirus crisis (Vanity Fair)

 

DOWNLOAD THE TRANSCRIPT

2020 Q4 Investment Review
January 2021: A changing of the guard is also the way of the world – and on its way. We are preparing for a time when high taxes – on capital gains, wealth, and income – effectively constrain capital accumulation.
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Inflation gets real – time to adjust
February 2021: Our view is that rising prices in some traditional industries are signalling that the recovery, when it comes, will look very different and be much more inflationary than anything we have seen for 30 years.
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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.
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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.

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Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
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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.
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Out of sight, out of mind
April 2024: Markets today are very different to the pre-2008 era. But has systemic risk been removed or relocated?
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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