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.
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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 Green Line

A monthly chart, plus a short commentary
Scrabbling around for income
July 2020: Coronavirus shutdowns have triggered the worst recession since the Great Depression. Like a depth charge dropped against a submarine, we’ve felt the shockwave but have yet to see how much debris floats to the surface. Ratings agencies suggest the damage is serious and that default rates will soar.
Covid-19 and the dawn of a new market era
April 2020: The era of monetary dominance is over. Helicopter money signals investment regime changes ahead.
Gravity: suspended until further notice
February 2020: What on earth is going on? Gravity is a universal constant. But it turns out that zero interest rates can suspend it – in financial markets, at least.
Has We killed the unicorns?
October 2019: WeWork’s ill-fated IPO is the tip of an iceberg
Playing chicken with a crocodile
July 2019: Low rates and quantitative easing (QE) have created another asset bubble
Infini-QE: helicopter money
April 2019: Central bank policies have favoured the ‘haves’ and the ‘have yachts’. Quantitative easing in the next crisis might look very different
Triple B or not triple B? That is the question…
January 2019: Growing risks in corporate debt markets spell big trouble – and big opportunities
Brexit bargains for Christmas?
November 2018: UK stocks are attractive on a free cash flow basis compared with the rest of the world
The corporate credit canary – is US corporate debt on borrowed time?
August 2018: The risk of soaring corporate debt is being ignored
Quantitative tightening – what might it mean?
May 2018: Shrinking central bank balance sheets could undermine record asset prices
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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