All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France

The Green Line

A monthly chart, plus a short commentary
Going, going, gone!
September 2021: What can they see that we can’t? Private equity bids for UK companies are soaring, while at the same time the UK stock market languishes at valuations well below US peers.
Inflation protection – what’s the right recipe?
April 2021: As we emerge from lockdowns and pent-up demand meets ongoing supply constraints, we consider how different asset classes might fare if inflation does return.
What could possibly go wrong?
January 2021: We all know that 2020 was an incredible, and terrible, year. The pandemic caused the worst recession for centuries, along with an appalling death toll and suffering. Meanwhile financial assets pushed ever upwards, surfing a wave of liquidity meant to counteract the impact of the pandemic.
You can’t tax your way out of this
October 2020: The coronavirus pandemic has hit public finances like a war. Across the world governments have scrambled to offset the economic and social impact of the virus. Huge, and necessary, rises in public spending have pushed government deficits to levels not seen since the two world wars of the twentieth century.
This time really is different
June 2020: The sheer scale of the economic heart attack caused by COVID-19 can be difficult to grasp, especially when the sun is shining and lockdowns are starting to ease. But this month’s chart of job losses and recoveries in US recessions since the Second World War brings home the enormity of the damage.
Will covid-19 cause a recession?
March 2020: February saw concerns over coronavirus truly go global. Whilst public safety and containment of the outbreak must clearly be the primary concern, for financial markets the key question is will the virus cause a recession?
Wise men from the East
December 2019: Japanese companies' balance sheets bear gifts western investors can only dream of...
Mad for growth
September 2019: Investors chasing growth stocks creates both danger and opportunities
Heads you win… tails you win?
May 2019: Can you have your cake and eat it with index-linked bonds?
TINA turning?
February 2019: Rising returns on cash may cause investors to withdraw from riskier assets such as equities and corporate bonds
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France