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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The Ruffer Review

Our annual publication, sharing some investment thinking
Happy, clever people
Advanced economies face low and falling productivity. To solve this problem, companies need to innovate, and many have turned to technological solutions. But the best companies understand that an engaged, creative and knowledgeable workforce is the key.
The disorder of the phoenix
Clarence Hatry was a company promoter whose bankruptcy rattled markets just before the Great Crash of 1929. His punishment was swift and severe, but Hatry was resilient and ultimately found redemption – as a bookseller with a royal warrant.
Always a puzzle never a game
Tony Dye was CIO of one of the UK’s largest pension fund managers in the 1990s. Most people knew him for his value-driven investment approach and his warnings on the dot.com bubble. But I knew him as Dad. His experience taught me some key lessons which are every bit as valuable today – arguably more so.
The great wealth illusion
Harry Houdini was a master of deception who traded on the illusion of immortality – until his death in 1926. Today, financial markets are just as beguiled by the power of illusions. And there is one investors should pay particular attention to – the bezzle.
Whatever it breaks
Central bankers once again face their old foe – inflation. Investors expect inflation to drop sharply in 2023 and the monetary cavalry to arrive by the second half of the year. But might those hopes be misguided?
The sequence counts
Underestimate sequencing risk at your peril. For portfolios with similar annualised returns but with cash flows in or out, the sequence of returns – when the gains and losses occur – can make a massive difference to final portfolio values.
Hemispheres of Influence
An epic bull market in magical thinking has dominated the world in recent years. Now, real world tectonic shifts are driving us into a more inflation-prone and volatile regime. But it’s our divided brains and their relationship with technology which may hold the key to navigating the risks and opportunities of this new era.
Fifty shades of beige
How can we translate the unstructured data of the Federal Reserve’s Beige Book economic updates into a tool with predictive power? Use an eighteenth century statistical theorem, of course – a theorem which also prevented the early internet being buried under a mountain of spam.
Gone with the win-win?
A massive change in perceptions is needed to take into account the true environmental and social costs of businesses' operations. Guest contributor Duncan Austin suggests that perhaps sustainability is less a market opportunity and much more a moral challenge.
American Pie
The ancien régime of low inflation and free money is over. The painful adjustment process has further to run, with scope for mishaps as liquidity drains from the system. The market dreams of a Goldilocks scenario, just right for risky assets. But will the bears be kept at bay?
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France