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Goodbye Mr Bond

A Ruffer webinar
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Alex_Lennard
Alex Lennard
Investment Director
Kathryn Forsyth
Kathryn Forsyth
Investment Manager
Rory McIvor
Rory McIvor
Investment Communications Specialist

Lending money to a company or government – in exchange for small, fixed return, payable at a fixed future date – sounds like a sensible, if slightly dull, investment proposition.

Yet for over 40 years, bond investors have been handsomely rewarded. Inflation was exiled after the 1970s and interest rates have marched down the hill ever since. Barring the occasional hiccup along the way, bond prices have risen and delivered exceptional returns to their holders – especially during bouts of stress in equity markets.

Turning the pages of the history books reveals countless examples of similarly lucrative bull markets in bonds. What do they all have in common? An ending.

In this seminar chaired by Rory McIvor, Alex Lennard and Kate Forsyth look at what has put an end to rising bond prices throughout history, the factors that might signal the death of the bull market in bonds this time around and what the consequences may be for investors.

DOWNLOAD SLIDES

Turbulence warning
The return of inflation has jolted markets. But investing for higher inflation is not the same as investing for inflation volatility – this presents and unique and complex problem for investors.
Read
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.
Read
Jurassic risk
The death of inflation has been greatly exaggerated. Its return will ruin the traditional balanced 60/40 portfolios. Investors need to prepare for a world of greater inflation volatility and with it the possibility that bonds and equities fall in tandem.
Read
This webinar is issued by Ruffer LLP (Ruffer) and is intended for circulation in the UK or EEA, residents of the United States, Hong Kong, Singapore, Israel, UAE and Kuwait, Wholesale Clients in Australia and their UK based advisers and should not be shared with any other person. The views expressed in this webinar do not constitute an offer or invitation to provide separate account, discretionary management or other fund management services and Ruffer is not licensed to provide such services in the United States, Hong Kong, Singapore or Kuwait and relies on an exemption from the licensing requirement in Australia. Neither are the views expressed intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, and no such offer or solicitation will be made until the time a qualified offeree receives a prospectus containing important information, and only in those states or jurisdictions where permitted by law. The information contained in this webinar does not constitute investment advice and should not be used as the basis of any investment decision. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France