In 2025, it’s MAGA versus the bond vigilantes: Ruffer
The vigilantes aren’t back – yet. But the United States’ fiscal position is worse and the spectre of inflation has returned, and this time they would have a much stronger case, according to Ruffer’s Steve Russell.
It’s a mad, mad world, where discount rates no longer apply to tech stocks: Ruffer
Technology stock valuations are rising, bucking the prevailing market conditions and further inverting the traditional bond/equities relationship. “This shouldn’t be happening”, says Ruffer’s Steve Russell.
Yield components key to understanding US bond market machinations: Ninety One
The aggressive sell off in US bonds has prompted many to speculate that interest rates have adjusted upwards on a structural basis. But Ninety One investment strategist Russell Silbertson takes a different view.
When investing with discretion is the better part of valour: Ruffer
It is striking how little little yield premium equities are offering over the official interest rate at them moment, says Ruffer’s Steve Russel. Investors may be tempted, but he warns that a cautious road may suit for the period ahead.