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Why inflation will last decades longer than you think

Central bankers are hoping to subdue the inflation beast by the end of the calendar year. But it will likely be around for decades to come. The sharp rise in inflation in the world’s developed economies has investors and central bankers running scared. It’s an old enemy, and the playbook for beating it has not…

Lachlan Maddock | 6th Jul 2022 | More
Why taming the inflation tiger will be harder than the 1970s

Inflation is making a latter day comeback, and a financial system “sanitized by 15 years of free money” is totally unprepared. It’s time, once again, for tough medicine. Inflation hasn’t been this high in 40 years, but investors have become convinced that central banks can still tamp it down it with relative ease – a…

Lachlan Maddock | 27th May 2022 | More
‘Genuine heretics’: how ‘safety first’ pays off for Ruffer

All fund managers like to talk about protecting capital. At Ruffer Investment Management, it is a more embedded philosophy than most. The firm was founded by Jonathan Ruffer on the principle that “investors like making money, but they hate losing money more.” Ruffer is built to preserve capital for the long-term:  centred on “absolute-return investing with a…

James Dunn | 6th May 2022 | More
  • Beware the power of a good story

    Everybody loves a good story – investors particularly so. But sometimes a good story can lead to a crowded trade, or one that defies reality. “In finance, behaviour is driven by expectations of future returns, and expectations are often driven by stories, particularly during times of heightened uncertainty,” Charalee Hoelzl, investment manager at Ruffer, wrote…

    Lachlan Maddock | 16th Mar 2022 | More
    The art of bubble spotting

    From Tulip Mania to the Tech Wreck, the history of bubbles shows that they’re harder to spot than investors might think. As Ruffer investment director Lauren French notes in the latest Ruffer Review, even the smartest can fall prey to a market bubble. Isaac Newton, one of the most brilliant mathematicians in history, still lost…

    Lachlan Maddock | 11th Mar 2022 | More
    Crypto might never be more than a meme

    While proponents believe that cryptocurrencies will inevitably disrupt traditional finance, it’ll be harder than it seems – and less lucrative than they think. As cryptocurrencies like Bitcoin and Ethereum have shot to prominence in the last several years, it’s now being taken as a given that they will eventually disrupt traditional finance. Blockchain technology offers…

    Lachlan Maddock | 9th Mar 2022 | More
  • Avoiding the inflation volatility shipwreck

    For investors trying to figure out how to navigate inflation volatility, an infamous shipwreck might hold the answers. The question of whether inflation is transitory or structural is likely the wrong question to be asking.UK-based investment house Ruffer believes that it’s both: that the inflation tide will come in and go back out repeatedly, bringing…

    Lachlan Maddock | 3rd Feb 2022 | More
    Inflation volatility looms in ‘a dangerous time for markets’: Ruffer

    The tide is coming in for inflation – but that doesn’t mean there won’t be significant volatility along the way. Investors need to figure out which parts of the economy will catch fire first. “Views on the direction of inflation can be quite fascinating, but only ‘quite’ since no one really knows what they are…

    Lachlan Maddock | 14th Jan 2022 | More
  • Ruffer runs against the bulls

    A profound shift in the investment environment demands a revolution – not an evolution – in thinking, according to Ruffer. It might be the only way to defy gravity. The analogy that Ruffer uses for investor behaviour over the last 40 years is that of crabs. The humble crustaceans evolved to fill their niche from…

    Lachlan Maddock | 5th Nov 2021 | More
    The great crypto debate

    Bitcoin’s volatility means that institutional investors have historically steered well clear. But the times are a-changing, and even skeptics believe the cryptocurrency will have its day. Cryptocurrency is clearly here to stay. While most investors watch its massive price swings with bemused detachment, a few have begun to think seriously about the role they can…

    Lachlan Maddock | 1st Oct 2021 | More