ruffer

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.