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Brilliant Investment Thinking by Advisers for Advisers.
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‘Something new under the sun’: Ruffer releases its 2024 review

‘Something new under the sun’: Ruffer releases its 2024 review
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The 2024 Ruffer Review explores what the rise of artificial intelligence means for investors, the murky realities of cricket, and the “thankless endeavour” of forecasting. Also discussed are the technological developments that have shaped markets, and the political-economic ecosystem.

“Novelties have emerged in the financial system which heighten the risk of a crisis and could amplify market moves in the event,” writes Ruffer co-chief investment officer Henry Maxey in the 2024 Ruffer Review.

“These emergent features – the new things under the sun – are yet to be tested. When they are, investors will once again blame it on the weatherman.”

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Reflexivity and the risk of market feedback loops

In periods of expansion, reflexivity supports rising valuations and expanding credit availability; but like leverage, it operates in both directions

Mean reversion: powerful until the regime shifts

Markets often reward patience. Mean reversion has humbled many predictions of a new era. Yet regime shifts do occur. When the base conditions change, the old...

Finding value when momentum runs hot

As AI enthusiasm and speculative behaviour reshape equity markets, John Goetz and Dan Babkes from Pzena Investment Management say advisers should look beyond...

Your brain on red: why the wealth management industry’s crisis playbook is making things worse

The wealth management industry believes market panic is an education problem. In reality, it’s a biology problem.