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London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
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Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
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103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54

The Green Line

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So you want stock TIPS?
November 2023: After a bond market rout commensurate with the steepest and fastest rate hiking cycle in a generation, is there now a case for adding fixed income into portfolios? Perhaps - there might even be two. In this month’s green line, Fund Manager Duncan MacInnes looks at the cyclical and structural cases for inflation-linked bonds.
Duncan MacInnes
3 mins | Green Line
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It's a very, very mad world
October 2023: Some extraordinary dynamics have emerged in markets in 2023. None more startling than the breakdown of the typical relationship between bond yields and equity valuations – especially mega-cap tech stocks. So far, it’s been bond investors who have endured the pain of rising real yields. But is an equity market repricing – reflective of stickier inflation and ‘higher for longer’ rates – the shoe that’s yet to drop?
Steve Russell
3 mins | Green Line
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A starter for yen
September 2023: The Bank of Japan has been marching to a different beat to other central banks. While the Federal Reserve, ECB and Bank of England hurried to ramp up rates in a battle against inflation, a deflationary mist lingered over Japan. Until now…
Jasmine Yeo
3 mins | Green Line
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Is discretion the better part of valour?
June 2023: Whilst it’s been a tough start to the year for cautious investors, equity valuations – particularly in the US – suggest the rally could run out of steam, and cash now offers a tempting alternative. Moreover, with inflation stubbornly high, central bankers will be reluctant to intervene if markets encounter turbulence. Against this backdrop, we think caution is still justified.
Steve Russell
3 mins | Green Line
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A few bad apples?
May 2023: Markets have breathed a sigh of relief as turmoil in the US banking sector appears to have been contained. But a string of bank failures may merely be a symptom of wider, more troubling dynamics at hand in financial markets. Economist Jamie Dannhauser discusses the fragility of the current investment landscape and explains why our conviction of an impending liquidation event in markets is growing stronger.
Jamie Dannhauser
3 mins | Green Line
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Blood on the tracks
April 2023: Today's policymakers face an impossible but unavoidable choice – they must send the train down one track or the other. Either they let inflation gather steam or they pull the proverbial lever and risk a financial system calamity. There is no third way.
Duncan MacInnes
3 mins | Green Line
A Hemingway moment for markets?
March 2023: As the sun now sets on 2023’s first earnings season, we fear equity markets are heading for a Hemingway moment. Jasmine Yeo explores why in our latest Green Line.
Jasmine Yeo
3 mins | Green Line
Having your cake and eating it?
February 2023: Markets have rallied in expectation of a soft landing for the US economy and interest rate cuts from the Fed. As Steve Russell explains, markets can have one or the other, but both seems implausible. And any disappointment could leave investors feeling distinctly nauseous.  
Steve Russell
3 mins | Green Line
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Re-enter the dragon
January 2023: Jamie Dannhauser looks at the effects of China’s reopening on the global economy. If chaos does emerge in China’s labour market, it’s unlikely to be good news for asset markets. Optimists look forward to a powerful rebound in growth, but could it relight the inflationary flames?
Jamie Dannhauser
3 mins | Green Line
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The bull market in belief
December 2022: With equity valuations having fallen from their highs, investors are eyeing up stocks once again. Here, Duncan MacInnes discusses why another market rally will rely more on fantasy and belief than on healthy corporate earnings.
Duncan MacInnes
3 mins | Green Line
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contact

ruffer@ruffer.co.uk

Ruffer LinkedIn
London
80 Victoria Street
London SW1E 5JL
Directions | Map +44 (0)20 7963 8100
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Directions | Map +44 (0)131 202 1602
Paris
103 boulevard Haussmann
75008 Paris, France
Directions | Map +33 (0)1 88 45 02 54