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Duncan MacInnes

October 27, 2021

The energy sector has fallen from 16% of the S&P 500 just 13 years ago, to below 3% as of today, as our chart shows. If you looked back to the early 1980s you would have seen it was more than 20%.

The energy sector has fallen from 16% of the S&P 500 just 13 years ago, to below 3% as of today, as our chart shows. If you looked back to the early 1980s you would have seen it was more than 20%.

If you add up all of the listed oil majors (BP, Royal Dutch Shell, ExxonMobil, Chevron etc) you get a market cap less than 40% of Apple’s $2.5 trillion (1). It looks decidedly like a one way track, reflecting an irreversible change to investor sentiment, indicative of a future no longer powered by fossil fuels.

December 2, 2020

The unique shape of the Covid-19 crisis and accompanying recession has meant some industries have thrived while others have dived. In caricature, everyone now uses Zoom and Peloton, while offices and gyms were forced to close.

The unique shape of the Covid-19 crisis and accompanying recession has meant some industries have thrived while others have dived. In caricature, everyone now uses Zoom and Peloton, while offices and gyms were forced to close.

What does the K mean? Online shopping wins, traditional retailing loses. Commercial property such as offices and shops lose, but logistics warehouses thrive. City apartments struggle, suburbs with gardens boom. The digital economy beats everything.

April 29, 2020

Duncan MacInnes, investment director, discusses Covid-19: how it has changed the investment landscape, the impact on the Ruffer portfolio and what could happen next.

Duncan MacInnes, investment director, discusses Covid-19: how it has changed the investment landscape, the impact on the Ruffer portfolio and what could happen next.

This is the first episode of a new series of podcasts, where Ruffer will be exploring the investment universe and sharing their interpretation of what’s going on.

“It’s our view that we are moving through an economic regime change,” MacInnes (pictured) said.

February 12, 2020

Ronald Reagan ran in 1984 with a famous TV commercial which started with the line ‘It’s morning in America’. This was to signify that the best was yet to come. We think there is a chance, just a chance, that the UK could also be at the start of an exciting period.

Ronald Reagan ran in 1984 with a famous TV commercial which started with the line ‘It’s morning in America’. This was to signify that the best was yet to come. We think there is a chance, just a chance, that the UK could also be at the start of an exciting period.

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