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Ruffer round up - Q4 2021

Episode 10

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Matt_Smith
Matt Smith
Investment Director
Rory McIvor
Senior Associate
 

In this episode of Ruffer Radio, Investment Director, Matt Smith looks ahead at what investors can expect in 2022.

We briefly review the investments which worked well in Ruffer portfolios last year (and those that didn’t) and assess the opportunities and challenges arising from the return of economic, market and inflation volatility. 

2021 Q4 Investment Review
January 2022: In his latest Investment Review, Jonathan Ruffer warns of the tide coming in for inflation, “brought about in a series of waves of increasing severity”. It is important to remember what happens on the shoreline as the tide comes in – hour on hour it advances along the coastline, but there are moments, between the waves, when the sea appears to retreat. So it will be with inflation: not a straight line, but plenty of volatility headed our way.
Read
Demise of the deflation machine
The global economy has been inherently disinflationary since at least the early 1990s. The result: a generation of investors who have never had to take inflation risk seriously.
Read

Ruffer performance to 30 Dec %
2017: 0.5 | 2018: -5.8 | 2019: 7.0 | 2020: 16.7 | 2021: 8.2

Sources:

US CPI - US Bureau of Labor Statistics

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