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
Dollar disparities
Jun 2025: The Taiwan dollar’s surge in early May highlighted the risk for global investors from an unwinding of the massive unhedged exposures to US assets built up over recent years in many countries.
Trump’s not orange – he’s gold!
May 2025: Gold miners are enjoying record profit margins as prices soar. Could they outshine bullion in portfolios as Trump’s policies continue to drive gold higher?
Follow the fiscal
April 2025: Long-awaited shifts in Germany and China are likely to reinforce the equity market rotation away from the US.
Blowing hot and hotter?
March 2025: Even before any impact from Trump’s tariffs, US CPI inflation surged in January, taking it further away from the 2% target it hasn’t hit for four years.
The stock market barometer
February 2025: Strong gains in equity markets are bolstering US consumer optimism. Yet, with asset valuations close to historical highs and return expectations looking unrealistic, this virtuous cycle could rapidly turn vicious.
The Year of the Snake
January 2025: After US equities’ strong gains over the past two years, we think the best opportunities for 2025 may lie in overlooked assets elsewhere in the world.
MAGA versus the vigilantes
December 2024: Trump’s new administration faces a high-stakes showdown with bond vigilantes, threatening to shake global financial markets, raise borrowing costs and potentially trigger the first US fiscal crisis since the Civil War.
As easy as ABC
November 2024: China’s stocks have massively underperformed the US for decades, but rock-bottom valuations, government stimulus and depressed investor sentiment are creating an opportunity. Sometimes the best investments are when things go from awful to bad.
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.
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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