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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
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.
‘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.
Things can only get better?
June 2024: A recovery in the relative fortunes of the UK stock market has been predicted many times before, but almost always based solely on valuation grounds. But are there additional catalysts that could take the UK market from laggard to leader?
Material world
May 2024: Compared to equities, commodities are trading as cheaply as they have done for the past 50 years. But if history is any guide, exposure to real assets may be exactly what investors need to defend against higher and more volatile inflation.
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?
Digital gold or physical bitcoin?
March 2024: With bitcoin and equity markets breaking through all-time highs, there can be no mistaking investors bullishness so far this year. But it isn’t only typical ‘risk assets’ climbing higher.
St Jay and the inflation dragon
February 2024: With markets pricing in multiple rate cuts for 2024, investors appear content that inflation is yesterday’s problem. But if inflation proves stickier than forecast and central banks are unable to grant the market the rate cuts it’s expecting, risk assets could be vulnerable.
A golden ticket?
January 2024: 2022 showed how crucial asset correlations are for portfolio resilience, as equities and bonds fell together. While markets celebrated falling inflation last year, this month’s Green Line examines inflation volatility’s importance in the new regime and potential opportunities for investors.
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.
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.
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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