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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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Turbulence ahead
February 2022: Volatility (turbulence for the sake of this metaphor) will be the key challenge for investors in 2022. Loose financial conditions have added an extra hundred knots to markets over the past two years and autopilot has worked just fine. But not all turbulence is the same.
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Ruffer round up – Q4 2021
January 2022: Investment Director Matt Smith looks ahead to what investors can expect in 2022. We briefly review the investments which worked well in Ruffer portfolios last year (and those that didn’t) and assess the opportunities and challenges arising from the return of economic, market and inflation volatility.
What tightening? You’ve never had it so easy
January 2022: Money has never been so easy. As central banks step up their efforts to tame inflation, conditions could be about to get significantly trickier for investors and their portfolios.
Responsible Investment Report
In our latest quarterly report, Research Associate Alexander Jones explores the framework we have designed to help us achieve a holistic understanding of fixed income risk. Elsewhere we present Ruffer's participation in the CDP Non-Disclosure Campaign, as well as stewardship activities from the fourth quarter of 2021.
Fixing the framework for fixed income
Earlier this year, a Ryanair passenger flight heading from Athens to Vilnius was alerted to an onboard bomb threat whilst flying over Belarusian airspace. It was subsequently ordered to make an emergency landing in Minsk, escorted by a fighter jet. However, the true motive behind the forced grounding soon became clear, as political activist Roman Protasevich was swiftly removed from the plane and detained by the Belarusian government.
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Investment Review
January 2022: In his latest Investment Review, Jonathan Ruffer warns of the tide coming in for inflation, “brought about in a series of waves of increasing severity”. It is important to remember what happens on the shoreline as the tide comes in – hour on hour it advances along the coastline, but there are moments, between the waves, when the sea appears to retreat. So it will be with inflation: not a straight line, but plenty of volatility headed our way.
A Ruffer Christmas Scrooge?
December 2021: At Ruffer we’re used to being accused of seeing the glass ‘half empty’ rather than ‘half full’. It’s not that we’re inherently pessimistic, but our job is to protect our investors’ capital against whatever might go wrong in markets. So naturally we tend to focus more on the risks than the opportunities. Or as Jonathan Ruffer might put it – to see the mousetrap clearer than the cheese.
Book review – Into Thin Air
Thinking beyond the summit. There are plenty of excellent books about investing. But sometimes the best advice can be found in unlikely places.
Not all inflationistas wear flares
November 2021: Investors have divided into two camps. Those who believe inflation will subside and the rise in prices will prove temporary. And others who fear we are entering a period of high sustained inflation reminiscent of the 1970s. We consider both scenarios unlikely.
Demise of the deflation machine
The global economy has been inherently disinflationary since at least the early 1990s. The result: a generation of investors who have never had to take inflation risk seriously.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France