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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
The Adventures of a Capitalist
Mark Twain’s literary career was brilliant and lucrative. Whilst similar success eluded him in business, his literary public admired his ambition, a reflection of the age.
Blue Frontier – Taming the Wild West of the High Seas
A new UN treaty aims to protect marine habitats and oceans’ resources more equitably. But will these reforms be too little too late?
Getting to the bottom of the dollar
Today, the dollar reigns supreme as the world’s principal reserve currency. But how did it reach this position? And how long can it stay there?
Minds over matter
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
Gravity always wins
Whilst machines are clearly superior at short-term investing, their systematic strategies may create opportunities human investors can exploit over the long term.
Something new under the sun
Several new features of the global financial system have increased both the risk of a market crisis and its likely severity.
Ruffer Review 2024
The Ruffer Review 2024 presents a wide-ranging collection of articles on financial markets, their participants, geopolitics and much more.
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.
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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