“The rationale for adding crypto: we felt there were characteristics similar to gold and at that moment in time, you had the potential for rising institutional adoption, we felt that crypto would come into the mainstream […] and you also had a strong liquidity tailwind. However, when Elon Musk was on Twitter pumping cryptocurrencies, that made us think this is not necessarily going to behave the way that gold would in a risk off event - it all seemed quite speculative.”

Ruffer is well known for taking slightly differentiated positions in the market, so this week, Jock Glover sat down with Ian Rees, Investment Director and Co-Manager of the A-Rated Ruffer Diversified Return fund to find out more about how they view the world.

This episode meanders through ‘Trussonomics’, the impact it had on the gilts and bonds held in their portfolio, as well as the unexpected opportunities that came along with it, before debating the value in technology, cryptocurrencies and whether AI is the good, the bad, or the ugly.

Listen to the Behind the Screens on your favourite platform here, or listen below.

This podcast was recorded on Wednesday 24th May 2023. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.