WELCOME TO RUFFER

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
Stuck in the middle with EU
October 2024: Declining car production reveals just how exposed German industry is to the new Cold War. The political and economic consequences for the EU will be profound.
Trump, tariffs and election trade-offs
September 2024: As markets try to weigh the outcome of the upcoming US election, Economist Jamie Dannhauser looks at the possible inflationary effects of the candidates’ policy platforms.
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?
A paper tiger after all?
December 2023: Fed Chairman Powell aims to control inflation like his predecessor Volcker did. While markets approve his progress so far, Economist Jamie Dannhauser notes that unlike Volcker, Powell may lack the political support to maintain tight policy. The Fed’s greatest test may lie ahead.
A few bad apples?
May 2023: Markets have calmed following US banking sector turmoil, but recent bank failures may signal deeper problems in financial markets. Economist Jamie Dannhauser warns of growing market fragility and an increasing likelihood of a major liquidation event.
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?
The last domino to fall?
September 2022: So far in 2022, the Bank of Japan (BoJ) has resolutely stuck to its policy of negative interest rates and yield curve control (YCC), despite the dramatic hawkish shift from the US Federal Reserve (the Fed) and, more recently, the yen’s nosedive. Might the BoJ be about to change course?
Swimming naked
July 2022: It is hard to overstate how far free and unlimited central bank liquidity has rewired the financial system. As central bankers extract themselves from the monetary rabbit hole they have burrowed their way into, the damage to traditional portfolios is likely to be considerable. This tightening of monetary policy is happening because inflation has returned – with a vengeance.
Staying power versus paying power
March 2022: Central bankers tell us the current burst of inflation will be transitory and workers will not mind the temporary squeeze on their living standards. In today’s full employment economy, this is not convincing. The implied policy response is flawed, potentially even reckless.
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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