WELCOME TO RUFFER

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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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
A market miscellany
China’s investment in higher education and STEM subjects has caused patent applications to skyrocket. It’s all part of Beijing’s plan to overtake the West in innovation.
The Ruffer Review 2025
The Ruffer Review 2025 offers evaluations of current market and economic conditions, assessments of possible futures and some pertinent lessons from history.
The anti-singularity machine
Optimism about superintelligence is fuelling market behaviour which looks far from intelligent, driving valuations far from the fundamentals. When the correction comes, we expect significant market fallout – and opportunities.
Alpha@Omega
We are living through revolutions in geopolitics and economics (think tech). To exploit the resulting opportunities, a further revolution will be needed: in portfolio management. It’s all to play for.
Back to the future (but which one?)
Whilst the impact of AI is likely to be deflationary in the very long term, existing economic imbalances and political realities suggest we will first suffer an era of higher inflation and volatility.
Lessons of a contrarian
Our Chairman reflects on his six decades of investing and shares some of the main lessons he’s learnt.
Cultivating food security
Global food security is under increasing threat from climate change and geopolitical tensions. We assess some of the potential solutions, from emerging technologies and sustainable farming practices.
The road to hell is paved with gold intentions
Winston Churchill's 1925 decision to rejoin the gold standard led to a spectacular boom and bust – and arguably the Second World War. The real question it poses for us: is sound money simply incompatible with full franchise democracy?
The poetical science of programming
Ada Lovelace was the Countess who counted – a visionary computing pioneer who transcended the gender norms of the Victorian era.
Europe’s power predicament
Caught between US protectionism and Chinese mercantilism and now bereft of cheap Russian energy, the EU faces an existential question: how to secure its strategic autonomy and future competitiveness.
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