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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
Minds over matter
Whilst technology has transformed stock markets over the centuries, they are underpinned by human traits like fear and greed, which remain unaltered. But one key recent change has been to markets’ purpose, and this risks severe instability.
Gravity always wins
Whilst machines are clearly superior at short-term investing, their systematic strategies may create opportunities human investors can exploit over the long term.
Something new under the sun
Several new features of the global financial system have increased both the risk of a market crisis and its likely severity.
Ruffer Review 2024
The Ruffer Review 2024 presents a wide-ranging collection of articles on financial markets, their participants, geopolitics and much more.
Happy, clever people
Advanced economies face low and falling productivity. To solve this problem, companies need to innovate, and many have turned to technological solutions. But the best companies understand that an engaged, creative and knowledgeable workforce is the key.
The disorder of the phoenix
Clarence Hatry was a company promoter whose bankruptcy rattled markets just before the Great Crash of 1929. His punishment was swift and severe, but Hatry was resilient and ultimately found redemption – as a bookseller with a royal warrant.
Always a puzzle never a game
Tony Dye was CIO of one of the UK’s largest pension fund managers in the 1990s. Most people knew him for his value-driven investment approach and his warnings on the dot.com bubble. But I knew him as Dad. His experience taught me some key lessons which are every bit as valuable today – arguably more so.
The great wealth illusion
Harry Houdini was a master of deception who traded on the illusion of immortality – until his death in 1926. Today, financial markets are just as beguiled by the power of illusions. And there is one investors should pay particular attention to – the bezzle.
Whatever it breaks
Central bankers once again face their old foe – inflation. Investors expect inflation to drop sharply in 2023 and the monetary cavalry to arrive by the second half of the year. But might those hopes be misguided?
The sequence counts
Underestimate sequencing risk at your peril. For portfolios with similar annualised returns but with cash flows in or out, the sequence of returns – when the gains and losses occur – can make a massive difference to final portfolio values.
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