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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

All articles

Book review – Masons, tricksters and cartographers
Masons, Tricksters and Cartographers is about the sociology of science and the ‘unplanned and messy’ nature of knowledge and knowledge systems. Turnbull explores, in rather turgid prose, differing ways of producing knowledge across cultures. From a diversity of disparate systems, he finds figures that crop up time and again.
Deserting discs
“I don’t even know why I would want to be on a label in a few years, because I don’t think it’s going to work by labels and by the distribution systems in the same way... music itself is going to become like running water or electricity” David Bowie, 2002
The return of something to lose for pension asset allocators
Investor behaviour is both instinctive and learned. Low interest rates have taught investors to allocate to ever-riskier assets in the pursuit of returns. The cost of doing so, in the form of low or negative 'risk-free' rates, was minimal. But with rising interest rates, the risk-free rate now carries value - investor behaviour may be forced to change once again.
The art of bubble spotting
Anyone can be taken in by financial bubbles; that's why they're so dangerous.
Thinking in narratives
Stories have always influenced human behaviour: our decision-making is often driven more by a good tale than objective facts and data. But stories can defy reality only for so long.
The Great Restoration
Humanity has the capacity to cure climate change – the question is not so much “can we?” as “will we?” Guest author Tim Kruger may have an answer.
Book review – Trillion Dollar Coach
The future of information technology is beyond the comprehension of most. And competition between the companies who want to shape it is fiercer than ever.
Inflation: bad for portfolios, good for society?
As inflation has soared to its highest level for 40 years, financial markets have taken fright, with most bond and equity markets down significantly so far in 2022. In fact, the US is now officially in a bear market, and inflation pressures show few signs of fading – quite the contrary.
What if?
Our approach to building portfolios favours being roughly right, as opposed to precisely wrong. The portfolio is designed to preserve capital across a range of economic and market outcomes. But naturally, we consider some outcomes more likely than others. At this critical juncture in markets, Duncan MacInnes offers an exercise in imagination - what if we are wrong? Fast forward a year from now, what would need to happen in the world to prove our concerns or hopes, misguided or misplaced?
What if we are wrong?
In the July edition of his Citywire column, Duncan MacInnes asks what would have to happen for us to look back in a year to find the post-pandemic bull market had suffered only a blip and inflation was just transitory?
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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