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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

All articles

Reality cheques
We explore the intersection of natural risk with geopolitics and financial markets. Natural risk comes in many guises, from pandemic at the acute end of the spectrum to long-term challenges from a changing climate at the other. All matter for investors.
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.
A few bad apples?
May 2023: Markets have breathed a sigh of relief as turmoil in the US banking sector appears to have been contained. But a string of bank failures may merely be a symptom of wider, more troubling dynamics at hand in financial markets. Economist Jamie Dannhauser discusses the fragility of the current investment landscape and explains why our conviction of an impending liquidation event in markets is growing stronger.
The Hemingway recession
In every market cycle comes a moment when investors, en masse, face a shocking revelation – when the improbable becomes unwelcome reality. Our fear is that we are fast approaching such a moment. Here, Economist Jamie Dannhauser discusses the fragility of today’s financial system, the likelihood of recession and the inability of central banks to remedy the inflation problem without significant cost for investors.
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?
Annual Stewardship Report
Our 2022 report highlights the depth and breadth of our global stewardship activities. Our focus on direct engagement with company management has given us a fuller understanding of the companies our clients are invested in.
Blood on the tracks
April 2023: Today's policymakers face an impossible but unavoidable choice – they must send the train down one track or the other. Either they let inflation gather steam or they pull the proverbial lever and risk a financial system calamity. There is no third way.
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.
Hemispheres of Influence
An epic bull market in magical thinking has dominated the world in recent years. Now, real world tectonic shifts are driving us into a more inflation-prone and volatile regime. But it’s our divided brains and their relationship with technology which may hold the key to navigating the risks and opportunities of this new era.
Something always breaks
April 2023: After a strong start to the year, markets were destabilised by a shift in liquidity dynamics in March. Central banks now face a reckoning. Their choice is simple – inflation stability or financial stability – but it isn’t easy.
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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