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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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

Debt

Showing articles with the 'debt' tag filter.
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. 
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Reasons to Be Fearful, Part 3*
October 2022: So far this year, we’ve seen a painful but orderly repricing of risky assets. Now, we fear something worse – a possible liquidation event. One in which owners of risky assets like equities and credit are forced into a sudden rush for the exit.
The risk addiction
In the depths of addiction nothing else matters. The pursuit is focused, relentless and uncompromising – dismissive of any potential consequences. So what happens when the addiction is to risk?
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Investment Review
October 2021: Ruffer clients have become used to a particular pattern of returns from their portfolios. The pattern hinges on pivotal moments in financial markets, and we are approaching another. In his latest Investment Review, Jonathan Ruffer considers a world trapped by indebtedness and how events have conspired to close off the escape routes for investors.
Hyperinflation and me
"I remember my father reporting this note with 11 zeros was worth 'roughly one cabbage' at the time of issue."
This time really is different
June 2020: The sheer scale of the economic heart attack caused by COVID-19 can be difficult to grasp, especially when the sun is shining and lockdowns are starting to ease. But this month’s chart of job losses and recoveries in US recessions since the Second World War brings home the enormity of the damage.
When just in time becomes just in case
May 2020: Balance sheets show the trade-off between resilience and optimisation
The good, the bad and the German pension liability
The dangers of low discount rates and large pension liabilities is not unique to the UK.
How Corporate America stole its own future
November 2019: US companies are paying shareholders more than they can afford
Has We killed the unicorns?
October 2019: WeWork’s ill-fated IPO is the tip of an iceberg
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France