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.

July 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. Jonathan reflects on the genesis of the firm, making mistakes, the character traits that shape his investment style, and the challenges and opportunities facing investors today. And crucially, how these are reflected in the Ruffer portfolio.

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: Investment Director Steve Russell reviews the downtrend in performance this year in the context of a global equity market rally. Steve explains why we retain high conviction in a strongly defensive position in portfolios despite investor sentiment having turned more positive. He also discusses the assets we expect to generate returns in worsening financial conditions.

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. Investment Director Jos North joins Rory McIvor to discuss how recent developments fit into Ruffer’s investment thinking and what is needed to protect investors’ capital at this critical juncture in markets.

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.

January 2023: To get a sense of where we’re going in the inflationary journey, it helps to understand where we came from. Jonathan Ruffer’s quarterly review explores the root causes of this new economic landscape. He discusses why, in a regime of inflation volatility, no one investment allocation will be enough to steer portfolios through treacherous market waters.

January 2023: Of the many storylines to unfold in 2022, only one really mattered to investors – rising interest rates and falling asset prices. The chief protagonist in this tale – the Federal Reserve - conducted one of the fastest and steepest rate hiking cycles in financial history. But how much further do they need to go? Investment Manager, Fiona Ker discusses the unenviable choices facing central bankers and explains why monetary policy will continue to dominate the narrative in the next...

October 2022: Investment Manager Jasmine Yeo joins Rory McIvor to review a quarter of dizzying market activity. They discuss the volatility of UK gilts over recent weeks, consider the potential for a liquidation event in asset markets and provide an update on how the portfolio is positioned.

October 2022: In his latest quarterly review, Jonathan Ruffer reflects on the possibility of an imminent liquidity crisis in markets and looks at why even the safest assets might not prove very safe at all.

June 2022: Avoiding major drawdowns in markets is key to outperforming over the long-term. It may sound obvious, but in a world of near universal asset vulnerability, it has seldom been more important to stand resolute against falling markets. In this episode, Lauren French and Andrew van Biljon discuss Ruffer's approach to protecting against tail risks in the market and they lift the lid on some of the more creative strategies in the portfolio today.

April 2022: We reflect on the events that have dominated markets over the past three months - including the major developments we’re all talking about. We also discuss one or two aspects which have received less attention, but may well be crucial for investors in the months ahead.

March 2022: Tim Kruger is the guest author in this year’s Ruffer Review. In this episode, we discuss his article which draws on his work in the field of carbon extraction and its role in the energy transition.

January 2022: Investment Director Matt Smith looks ahead to what investors can expect in 2022. We briefly review the investments which worked well in Ruffer portfolios last year (and those that didn’t) and assess the opportunities and challenges arising from the return of economic, market and inflation volatility.

October 2021: A brief round up where we look at how recent events impacted markets and Ruffer portfolios, and what investors have learned as we move into the fourth quarter.

July 2021: Inflation is back, but for how long? Bertie Dannatt joins Ruffer Radio to discuss how markets are digesting the return of inflation, and what rising prices mean for consumers and investors alike.

What do these theories say about us as decision makers? What are their shortcomings? Can behavioural science make us better investors? Andrew van Biljon and Lauren French offer their insights into the world of behavioural economics.

April 2021: Andrew van Biljon and Lauren French offer their insights into the world of behavioural economics. What do these theories say about us as decision makers? What are their shortcomings? Can behavioural science make us better investors?

Bethany McLean specialises in casting light on the shadier corners of the financial world, renowned for her exposé of the Enron scandal in the early 2000s. She joins us to discuss the tension between rational markets and emotional investors, what separates the visionary leader from the fraudster and how a bias to belief affects our decision-making.