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October 14, 2021

In the 26 years that Ruffer LLP has been in existence, a clear pattern has emerged. When the market mood is either complacent or ebullient, equity indices tend to rise strongly, and we lag behind them. An ‘unexpected’ crisis then hits, and Ruffer quickly recovers lost ground.

In the 26 years that Ruffer LLP has been in existence, a clear pattern has emerged. When the market mood is either complacent or ebullient, equity indices tend to rise strongly, and we lag behind them. An ‘unexpected’ crisis then hits, and Ruffer quickly recovers lost ground.

July 12, 2021

We have been talking of inflation for well over a decade—which is not the same thing as calling its timing. An impasse was created by the failure of the economy to grow after the 2008 crisis—all the risks (as we patiently explained) were deflationary, and in vain did the central banks and governments try to force an inflationary impulse into a sluggish world. Their primary weapon? An invention, deployed on a grand scale—quantitative easing (QE to its friends).

I am writing this just before a US inflation report which, to quote Bloomberg, “May provide clues on the monetary-policy outlook; S&P futures were little changed, as were European stocks [awaiting] the next policy statement from the European Central Bank…”

June 16, 2021

“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom,” Jamie Dimon, chief executive of JPMorgan Chase, said in May 2021.

The number of companies raising prices in the United States is at a 35-year high.

“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom,” Jamie Dimon, chief executive of JPMorgan Chase, said in May 2021.

“This boom could easily run into 2023 because all the spending could extend well into 2023.”

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