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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

The Green Line

A monthly chart, plus a short commentary
Where will the chips fall?
Sep 2026: The AI boom is creating winners beyond technology. We explore where AI-driven wealth and spending may flow next.
The golden rule returns
Jul 2026: Gold’s rally has reversed as rising real yields, cooling retail demand and shifting investor sentiment have outweighed central bank buying. While retaining long-term value, gold currently behaves more like a risk asset than a hedge.
Grain expectations
Jun 2026: Relative to oil, agricultural commodities are underpricing geopolitical risk, and we think they offer an asymmetric hedge as fertiliser constraints could put upward pressure on crop prices.
Fear over fundamentals
May 2026: Earnings growth contrasts with low valuations for the software sector as AI uncertainty rises. We see selective opportunities among established firms with strong balance sheets and recurring revenues.
Strait lines, narrow choices
Apr 2026: With oil prices soaring, what will the impact on the global economy be? And how will policymakers react? We make the case for a stagflationary shock, but not all economies will be affected equally.
Takaichi – Japan’s Thatcher, or its Truss?
Mar 2026: Japan’s markets are gaining momentum thanks to political stability, pro-growth fiscal policy and corporate reforms, strengthening investors’ confidence and signalling renewed potential for sustained economic growth.
The price of popularity
Feb 2026: Ahead of the mid-terms, can President Trump raise households’ morale without rocking markets?
Bargain barrels
Jan 2026: Oil prices have hit multi-decade lows against gold. Could current weakness present a compelling contrarian opportunity?
Against the odds
Dec 2025: Prediction markets are entering the financial mainstream, offering crowd-sourced forecasts on real world events. But could they end up adding yet more risk to the system?
Made in China – AI too?
Nov 2025: After years of underperformance compared to US rivals, China’s tech shares are showing signs of life. This month’s chart tracks their comeback, and looks at the themes behind the move
Read
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