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Seeking good 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 SW1E 5JL
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The Ruffer Review

Our annual publication, sharing some investment thinking
A grand plan for the land
After almost four decades working in financial markets, Harry Buscall retired from Ruffer in 2020 to embark on a new adventure with his son Dominic at his family farm, Ken Hill in Norfolk. Using a combination of rewilding, regenerative farming and traditional conservation practices, the team at Ken Hill have devised an innovative approach to sustainable land management. Rory McIvor caught up with Harry, to find out more about his approach to the UK’s land use conundrum.
Taking back control?
In the late 1970s, the world was on the cusp of radical change. The ‘Deflation Machine’ was being born. Deng Xiaoping began reforming China’s moribund economy. In the West, liberal, free-market ideals were gaining traction, ideals that underpinned the subsequent regime of rapid, disinflationary global growth.
The risk addiction
In the depths of addiction nothing else matters. The pursuit is focused, relentless and uncompromising – dismissive of any potential consequences. So what happens when the addiction is to risk?
The gathering storm
China’s bid for global power, climate change and the transition away from fossil fuels are three of the defining megatrends of our time. Collectively, they promise generational upheaval. But decades of peace and stability have left markets, politics, economies and societies complacent and vulnerable. It’s going to get bumpy.
The perils of yesterday’s logic
Increasing inflation volatility represents the greatest challenge to investors for a generation. A new regime and the collapse of the financial market status quo requires us to reimagine portfolios. No longer can we rely on yesterday’s logic.
Ruffer Review 2022
Download our 2022 edition of the Ruffer Review. We explore how turbulence lies ahead for investors as inflation volatility sets up to be the biggest challenge for investors in a generation. We also discuss risk and its repercussions, shifts in global politics and Great Power relations, a warming planet and shifting energy mix as well as financial disruption and regime changes.
Navigating information
It’s easy to be overwhelmed by the volume of information aimed at us. Inundated by a daily torrent of headlines, images, messages and data, we can be left feeling unable to process it to a satisfying degree. For investors, navigating information is central to being effective. Insights from information theory and gauge theory can help.
Water scarcity
Disruption to weather patterns and an increase in extreme events have played havoc with the water cycle. The freshwater crisis is alarming not only because of our dependence on water, but also because of the speed at which the crisis is approaching.
The Cazique. The conman
General Sir Gregor MacGregor orchestrated one of the most audacious scams in history – marvellous in its ambition and catastrophic in its consequences.
The Great Acceleration
The coronavirus crisis has accelerated pre-existing tectonic shifts that are changing world order. Four interlinked areas deserve the attention of long-term investors: greater geopolitical instability; the digital revolution; domestic political changes in the advanced economies; and the rise of environmental, social and governance (ESG) considerations.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France