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Ruffer round up Q1 22

Episode 12

Ruffer Radio
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Lauren French
Deputy Head of Private Wealth
Rory McIvor
Director – Markets & Communications
 

Investment Director, Lauren French joins Rory McIvor for a brief overview of the quarter. We reflect on the events that have dominated markets over the past three months – including the major developments we’re all talking about.

We also discuss one or two aspects which have received less attention, but may well be crucial for investors in the months ahead.

Lauren French
Deputy Head of Private Wealth
Rory McIvor
Director – Markets & Communications
2022 Q1 Investment Review
April 2022: In his latest investment review, Jonathan Ruffer reflects upon how forty years of a bull market, where for decades ‘buying the dip’ has been a sure-fire idea, is clashing against circumstances and events which may break this benign and predictable investment pattern.
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The perils of yesterday’s logic
Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.
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Sources: US Bureau of Labor Statistics, Bloomberg

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 podcast 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 podcast does not take account of any potential investor’s investment objectives, particular needs or financial situation. This podcast 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.

‘Washington, we have a problem’
July 2024: The cost of servicing US national debt is set to swallow an ever-greater share of the public purse over the coming years. To tackle the debt burden, governments are faced with an array of unpalatable choices – with higher inflation an increasingly likely side effect.
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Investment Review
July 2024: Recent portfolio performance has, understandably, provoked questions from our clients and investors. These are broadly the same questions we have been asking ourselves, chief among which is: why are we comfortable owning a portfolio that feels so uncomfortable to hold? Jonathan Ruffer’s quarterly investment review seeks to answer that question, laying out the reasons for our conviction in a portfolio which can protect and grow capital as the market turns.
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Getting to the bottom of the dollar
Today, the dollar reigns supreme as the world’s principal reserve currency. But how did it reach this position? And how long can it stay there?
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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