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.
All-weather investing
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80 Victoria Street
London SW1E 5JL
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31 Charlotte Square
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103 boulevard Haussmann
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Blood on the tracks
April 2023: Today's policymakers face an impossible but unavoidable choice – they must send the train down one track or the other. Either they let inflation gather steam or they pull the proverbial lever and risk a financial system calamity. There is no third way.
The sequence counts
Underestimate sequencing risk at your peril. For portfolios with similar annualised returns but with cash flows in or out, the sequence of returns – when the gains and losses occur – can make a massive difference to final portfolio values.
Hemispheres of Influence
An epic bull market in magical thinking has dominated the world in recent years. Now, real world tectonic shifts are driving us into a more inflation-prone and volatile regime. But it’s our divided brains and their relationship with technology which may hold the key to navigating the risks and opportunities of this new era.
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Ruffer Radio: Something always breaks
April 2023: After a strong start to the year, markets were destabilised by a shift in liquidity dynamics in March. Central banks now face a reckoning. Their choice is simple – inflation stability or financial stability – but it isn’t easy. Investment Director Jos North joins Rory McIvor to discuss how recent developments fit into Ruffer’s investment thinking and what is needed to protect investors’ capital at this critical juncture in markets.
Fifty shades of beige
How can we translate the unstructured data of the Federal Reserve’s Beige Book economic updates into a tool with predictive power? Use an eighteenth century statistical theorem, of course – a theorem which also prevented the early internet being buried under a mountain of spam.
Responsible Investment Report
This quarter’s Responsible Investment Report explains how companies setting high hurdle rates for projects can torpedo innovative solutions for problems such as climate change. We also detail our latest engagements with a wide assortment of companies around the world.
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Investment Review
April 2023: Portfolios have been alert to the dangers of a liquidity crisis for some time. Now that it has arrived, our task is to analyse how events are likely to play out. Certainly, it doesn’t appear to be a repeat of 2008. It isn’t quite like 1929 either. Reaching for either of those investor playbooks would be a mistake. But, as Jonathan Ruffer notes in his latest quarterly review, past circumstances can be instructive.
Gone with the win-win?
A massive change in perceptions is needed to take into account the true environmental and social costs of businesses' operations. Guest contributor Duncan Austin suggests that perhaps sustainability is less a market opportunity and much more a moral challenge.
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Winning by not losing
Investment Manager Fiona Ker and James Dunn from The Inside Network discuss Ruffer’s outlook for markets in 2023 and beyond.
Career-ing into liquidation
The rapid demise of Silicon Valley Bank – the second-largest US bank failure in history – has caught markets by surprise. While we don’t expect a repeat of the 2008 global financial crisis, dismissing the broader risks to the financial system would be a mistake. Higher interest rates are stressing the system. But it is career risk that could drive us towards a liquidation crisis. 
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France