All-weather investing

Seeking good positive returns.

Come rain or shine.

Ruffer LLP
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
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103 boulevard Haussmann
75008 Paris, France

All articles

Going, going, gone!
September 2021: What can they see that we can’t? Private equity bids for UK companies are soaring, while at the same time the UK stock market languishes at valuations well below US peers.
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?
A vaccine: to v or not to v? That is the question
September 2020: The superforecasters of the Good Judgement Project believe there is a 93% probability we will have an FDA-approved vaccine in a year, and enough of it to inoculate 25m people in the US. This is up from just 20% in the dark days of April.
Buy and hold
Buy good companies. And own them forever. As investment approaches go, it is seductively simple. In a financial world that often looks confused, and in places absurd, buying and holding a portfolio of high-quality companies has evident appeal.
Time to value Value
August 2020: The US internet shares have been roaring ahead, particularly in recent months. The coronavirus crisis has accelerated the shift toward online retail and smart communications, and these are the most obvious winners. It has been a giddy ride.
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.
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Investment Review
June 2020: This review touches briefly on what has gone before, then sets out what we expect for the coming months and years.
The fog of war is lifting from the UK
January 2020: It’s morning in Great Britain – could we be at the beginning of a mini-boom?
Mad for growth
September 2019: Investors chasing growth stocks creates both danger and opportunities
Brexit bargains for Christmas?
November 2018: UK stocks are attractive on a free cash flow basis compared with the rest of the world
London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France