WELCOME TO RUFFER

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.
Location
Select your Location
Visitor Type
Select investor type
Select investor type
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET

The Green Line

A monthly chart, plus a short commentary
Against the odds
Dec 2025: Prediction markets are entering the financial mainstream, offering crowd-sourced forecasts on real world events. But could they end up adding yet more risk to the system?
Made in China – AI too?
Nov 2025: After years of underperformance compared to US rivals, China’s tech shares are showing signs of life. This month’s chart tracks their comeback, and looks at the themes behind the move
The great British bull case
Oct 2025: With the UK Budget approaching, all eyes are on the deteriorating public finances. But private sector balance sheets are in good shape – and could drive GDP growth.
Taking credit for protection
Sep 2025: This month’s Green Line explores why investments that gain exposure to credit spreads can be a useful complement to equity market protections.
A wobbly tariff fence?
Jul 2025: US tariffs cut Chinese exports to America by a third, but a large proportion seems to have been rerouted through Southeast Asia, suggesting China's economy may prove stronger than expected.
Dollar disparities
Jun 2025: The Taiwan dollar’s surge in early May highlighted the risk for global investors from an unwinding of the massive unhedged exposures to US assets built up over recent years in many countries.
Trump’s not orange – he’s gold!
May 2025: Gold miners are enjoying record profit margins as prices soar. Could they outshine bullion in portfolios as Trump’s policies continue to drive gold higher?
Follow the fiscal
April 2025: Long-awaited shifts in Germany and China are likely to reinforce the equity market rotation away from the US.
Blowing hot and hotter?
March 2025: Even before any impact from Trump’s tariffs, US CPI inflation surged in January, taking it further away from the 2% target it hasn’t hit for four years.
The stock market barometer
February 2025: Strong gains in equity markets are bolstering US consumer optimism. Yet, with asset valuations close to historical highs and return expectations looking unrealistic, this virtuous cycle could rapidly turn vicious.
Read
London
Ruffer LLP
80 Victoria Street
London SW1E 5JL
Paris
Ruffer S.A.
103 boulevard Haussmann
75008 Paris, France
New York
Ruffer LLC
300 Park Avenue
New York NY 10022
Edinburgh
Ruffer LLP
31 Charlotte Square
Edinburgh EH2 4ET