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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
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?
Ruffer Review 2023
The 2023 Ruffer Review explores why liquidity concerns may spoil the market’s hopes for a Goldilocks scenario, why the monetary cavalry may arrive too late to save Wall Street and why understanding our divided brains may be the key to navigating this new regime of inflation volatility and geopolitical conflict. And much, much more.
Deserting discs
“I don’t even know why I would want to be on a label in a few years, because I don’t think it’s going to work by labels and by the distribution systems in the same way... music itself is going to become like running water or electricity” David Bowie, 2002
The art of bubble spotting
Anyone can be taken in by financial bubbles; that's why they're so dangerous.
Thinking in narratives
Stories have always influenced human behaviour: our decision-making is often driven more by a good tale than objective facts and data. But stories can defy reality only for so long.
The Great Restoration
Humanity has the capacity to cure climate change – the question is not so much “can we?” as “will we?” Guest author Tim Kruger may have an answer.
The game that goes on
President Theodore Roosevelt was hailed for dismantling the powerful monopolies which emerged from America’s industrial revolution. Does his trustbusting provide a blueprint for what investors can expect from a revitalised antitrust movement on Capitol Hill?
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?
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