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‘A lot has changed since I joined Ruffer in 2001, but luckily the heart of what we do hasn’t,’ says Emma Rutter, the widely well-regarded investment director at the boutique founded by the great Jonathan Ruffer.
She tells Spear’s: ‘I have never been any good at telling fibs – so working somewhere where I believe in those I work with and in what we do is essential. I wouldn’t be able to look clients in the eye if I didn’t – and in years like 2005, 2006 and 2017 when our performance was deadly dull, you have to have that belief to carry clients through with you.’
These ‘dull times’ in 2017 might have something to do with the firm’s predictions that the world is set for a sea change brought about by overvaluation of the stock market. That hasn’t quite materialised – yet. ‘We are of course apologetic to our clients in the dull times, but fortunately almost all are forgiving,’ says Rutter.
So where is the risk? It’s still where the firm considered it to be last year: ‘After nearly ten years with interest rates near zero, inflation low and volatility close to its lows, both asset prices and investors’ perception of risk appear distorted. This worries us a lot, but our fundamental aim is for our clients not to worry about their investments with us.’