April 2024: Duncan MacInnes joins Rory McIvor to reflect on Q1 performance and discuss some of the portfolio’s key positions including gold and silver, derivative protections and the yen.

April 2024: Jonathan Ruffer discusses the stock market’s seemingly invincible summer. This has created distortions in both debt and equity markets, and with them, opportunities to benefit from a change in the season.

January 2024: Can the economy and markets survive interest rates at 5%? Not for long, suggests fund manager Matt Smith – either interest rates must come down or asset prices do.

January 2024: After a difficult year for portfolio performance, Jonathan Ruffer looks ahead to a world which is curiously unfit for investment purpose, given the current condition of the equity market and the end of the decades-long bull market in bonds.

October 2023: In this quarter’s episode of Ruffer Radio, Chairman Jonathan Ruffer shares his perspectives on the evolution of Ruffer’s all-weather investment approach since founding the firm in 1994.

October 2023: With our cautious positioning proving costly so far this year, Jonathan Ruffer considers why some offsetting assets have not performed as expected. He also explains why we remain confident that our portfolio is well positioned for the current tricky market environment.

July 2023: Our defensive positioning in anticipation of a liquidation event has hurt portfolio performance so far this year. In his latest quarterly review, Jonathan Ruffer recalls similar testing periods before past market crises and explains why we think the liquidation event has only been postponed, not cancelled.

July 2023: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally.

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.

April 2023: Portfolios have been alert to the dangers of a liquidity crisis for some time. Now that it has arrived, our task is to analyse how events are likely to play out. Certainly, it doesn’t appear to be a repeat of 2008. It isn’t quite like 1929 either. Reaching for either of those investor playbooks would be a mistake. But, as Jonathan Ruffer notes in his latest quarterly review, past circumstances can be instructive.