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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 Ruffer Review

Our annual publication, sharing some investment thinking
The Ruffer Review 2026
At a time of increasing political, economic and market disequilibrium, the Ruffer Review 2026 assesses a broad range of risks – and unearths some underappreciated opportunities.
Let them have cake – and circuses!
President Trump faces an affordability paradox, and his attempts to solve it before the mid-terms are likely to cause severe political, economic, market and inflation volatility.
In conversation with Alexander Chartres
Fund Manager Alexander Chartres sits down with Investment Specialist Gemma Cairns-Smith to discuss the challenges facing investors in a more fractured global landscape. They cover the journey to this more multipolar and harder‑edged world order, its new power dynamics, and the renewed importance of real assets. They also discuss the skills investors need to survive in this hard new world.
Iliads and Odysseys
We have entered a new era, where hard power rules. Safely navigating this New World Disorder will require the agile intelligence of Odysseus.
In conversation with Michael Biggs
What really drives the economic cycle? It’s not the total amount of debt – it’s the rate of change of new borrowing. Investment Specialist Gemma Cairns-Smith sits down with Ruffer’s Head of Macro Strategy Michael Biggs to explore his research into the credit impulse — the change in new borrowing that drives economic activity.
The road to prosperity is paved with debt
While many investors are focused on high public-sector debt levels, few appreciate how increased new borrowing by the private sector could spur GDP growth and support asset prices.
In conversation with Chris Bacon
In this thought‑provoking conversation, Ruffer Chief Executive Chris Bacon discusses the idea of Risk backwards: that comfort, conformity and ‘blanding’ can create the illusion of safety while increasing vulnerability.
Risk backwards
Five lessons from the first five decades of life reveal how we often get risk wrong. Resisting the lure of comfort and conformity is more important than ever.
Shadow banking: the next financial crisis?
Guest contributor Ben Hunt looks at the mechanics of the current boom in private credit and explains why he thinks it may end in a major bust.
Echoes of ’87
Two crises nearly 40 years apart – the first in equities, the second in crypto – display stark similarities. Learning the lessons of these meltdowns could help to build more resilience in both markets.
Read
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