Ruffer October Letter: Financial market's roulette is spinning

It is natural that people who run service industries tend to think that they provide a unique service, with the enthusiasts amongst the ranks opting for ‘truly unique’, and, every now and again, ‘extremely unique’. I asked myself that question – are we unique? The question is, of course, absurd – of course we’re not! But I have come to the nonplussing answer that we are considerably different from most of our peers.

This review takes a step back from the world’s travails and opportunities, and addresses how we set about investing clients’ money. There is some virtue in simply . . .


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