ruffer

It isn’t 2008 all over again, but dismissing the broader risks of SVB’s demise would be a mistake for investors, writes Ruffer CIO Henry Maxey.

Fiona Ker from Ruffer speaks to James Dunn from The Inside Network for our IN60 series.

It is perfectly possible that some inflationary measures fall back through zero, and prices actually deflate in an odd month, says Ruffer chair Jonathan Ruffer. If that happens, the complaisant assumption that inflation will go back to sleep again might look justified – but it will be a false dawn.

Sir Isaac Newton was one of the greatest scientists in history; he founded classical mechanics and the law of universal gravitation. For all that, he lost his life savings in the South Sea Bubble of 1720.

The British investment firm’s current cash weightings have hit historic levels after perceived risks in the global economy moved it to help preserve rather than accumulate capital.

After benefitting from climate calm for 8,000 years the foundations are being shaken. But with over 90 per cent of the global economies committed to net-zero we have a path to crack ‘both sides of the walnut’, according to Ruffer.

Alex Lennard from Ruffer speaks with James Dunn at The Inside Network’s Asset Allocation & Portfolio Construction Symposium on ‘inverting the telescope’ and what clients hate the most.

As a forty-year long bull run fuelled by cheap money screams to a stop, markets are at an inflection point. This time really could be different.

Stories help investors deal with uncertainty and imperfect knowledge. But contagious narratives which come to dominate can over-inflate expectations – and therefore prices – until a new one challenges and eventually replaces it.

The analysis required to distinguishing the hot from the irrationally over-heated is about more than numbers, according to Ruffer’s Lauren French.