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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
80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France

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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.
Trillion dollar coach
The future of information technology is beyond the comprehension of most. And competition between the companies who want to shape it is fiercer than ever.
Inflation: bad for portfolios, good for society?
As inflation has soared to its highest level for 40 years, financial markets have taken fright, with most bond and equity markets down significantly so far in 2022. In fact, the US is now officially in a bear market, and inflation pressures show few signs of fading – quite the contrary.
What if?
Our approach to building portfolios favours being roughly right, as opposed to precisely wrong. The portfolio is designed to preserve capital across a range of economic and market outcomes. But naturally, we consider some outcomes more likely than others. At this critical juncture in markets, Duncan MacInnes offers an exercise in imagination - what if we are wrong? Fast forward a year from now, what would need to happen in the world to prove our concerns or hopes, misguided or misplaced?
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?
Swimming naked
July 2022: It is hard to overstate how far free and unlimited central bank liquidity has rewired the financial system. As central bankers extract themselves from the monetary rabbit hole they have burrowed their way into, the damage to traditional portfolios is likely to be considerable. This tightening of monetary policy is happening because inflation has returned – with a vengeance.
Book review - The shock of the old
At the heart of historical enquiry are two simple questions: ‘What has changed?’ and ‘What has stayed the same?’ For investors, concerned with the future value of assets, these questions can be reframed: ‘What will change?’ and ‘What will stay the same?’
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Ruffer round up – Q2 2022
July 2022: Investment Director Duncan MacInnes joins Rory McIvor for a review of the quarter, discussing the scale of wealth destruction across markets and how they see this rippling out into real world behaviour, and looking forward to what could be on the horizon and what that means for investors.
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Investment Review
July 2022: Jonathan Ruffer explains why wage demands are the final element required to fuel the new inflationary epoch. This regime will be good for social mobility in the long run, with the workforce and innovators as the winners. But it might well be brutal for the investment community.
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.
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France