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Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
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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.
Scrabbling around for income
July 2020: Coronavirus shutdowns have triggered the worst recession since the Great Depression. Like a depth charge dropped against a submarine, we’ve felt the shockwave but have yet to see how much debris floats to the surface. Ratings agencies suggest the damage is serious and that default rates will soar.
Covid-19 and the dawn of a new market era
April 2020: The era of monetary dominance is over. Helicopter money signals investment regime changes ahead.
Cold War II
World order has never been so complex for investors. The US and China have entered a new phase of long-term strategic global competition.
Gravity: suspended until further notice
February 2020: What on earth is going on? Gravity is a universal constant. But it turns out that zero interest rates can suspend it – in financial markets, at least.
Has We killed the unicorns?
October 2019: WeWork’s ill-fated IPO is the tip of an iceberg
Playing chicken with a crocodile
July 2019: Low rates and quantitative easing (QE) have created another asset bubble
Infini-QE: helicopter money
April 2019: Central bank policies have favoured the ‘haves’ and the ‘have yachts’. Quantitative easing in the next crisis might look very different
A new world disorder?
World order encompasses everything: it is a neglected driver of long-term returns. What might today’s tectonic shifts mean for investors?
Triple B or not triple B? That is the question…
January 2019: Growing risks in corporate debt markets spell big trouble – and big opportunities
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France