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Seeking consistent positive returns.

Come rain or shine.

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

Our annual publication, sharing some investment thinking
The Ruffer Review 2025
The Ruffer Review 2025 offers evaluations of current market and economic conditions, assessments of possible futures and some pertinent lessons from history.
The anti-singularity machine
Optimism about superintelligence is fuelling market behaviour which looks far from intelligent, driving valuations far from the fundamentals. When the correction comes, we expect significant market fallout – and opportunities.
Time up for traditional asset allocation?
We believe the global economy has entered a new era of higher and more volatile inflation. To navigate it, investors will need to allocate to a broader range of assets. And then manage them actively.
A Thousand Year Project
Merlin Hanbury-Tenison is on a mission to restore Britain's temperate rainforests, for the health of mankind and the planet.
The Red Bull market in US exceptionalism
The macro and market starting points for Donald Trump’s second presidency are very different from his first. Yet he is pursuing the same objectives with greater vigour. The upshot is likely to be destabilising for markets and the global economy.
The spectres of protectionism
Economists use the 1930 Smoot-Hawley Tariff Act as a case study for protectionism’s adverse impacts. Yet the geopolitical consequences were far more profound, damaging America’s allies and provoking its enemies.
Europe’s power predicament
Caught between US protectionism and Chinese mercantilism and now bereft of cheap Russian energy, the EU faces an existential question: how to secure its strategic autonomy and future competitiveness.
The poetical science of programming
Ada Lovelace was the Countess who counted – a visionary computing pioneer who transcended the gender norms of the Victorian era.
The road to hell is paved with gold intentions
Winston Churchill's 1925 decision to rejoin the gold standard led to a spectacular boom and bust – and arguably the Second World War. The real question it poses for us: is sound money simply incompatible with full franchise democracy?
Cultivating food security
Global food security is under increasing threat from climate change and geopolitical tensions. We assess some of the potential solutions, from emerging technologies and sustainable farming practices.
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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