All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer provides investment management services for institutions, pension funds, charities, financial planners and individual investors.
Ruffer LLP
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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

Regime change

Articles on ‘regime change’
What tightening? You’ve never had it so easy
January 2021: 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.
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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.
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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.
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.
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Ruffer round up - Q3 2021
October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.
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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.
Easy money comes, easy money can go
May 2021: Over the past five months investors put more money into equity funds than in the previous twelve years combined. At Ruffer we believe we are entering a new regime, which will be disastrous for conventional bonds. But what will this new regime – with the global economy poised for a growth spurt – mean for equities?
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.
Schrodinger’s bonds
March 2021: Corporate bonds had a near death experience in 2020. After a decade where credit markets grew to $10 trillion, borrowing costs spiked as we stared into the abyss of a global economic shutdown. We had been warning of this for several years and were positioned accordingly. But since the US Federal Reserve drenched the market with its money hosepipe, credit is alive again.
Inflation gets real – time to adjust
February 2021: Our view is that rising prices in some traditional industries are signalling that the recovery, when it comes, will look very different and be much more inflationary than anything we have seen for 30 years.
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France