

The world is treacherous, my darlings, and if some ambitious person were to interview everyone who ever knew you for 10 minutes or more and offered them anonymity, he could paint a bleak picture of you that you wouldn’t recognise. There’s a lot of gossip and envy and...
Forget about nut cases, let’s talk about what’s real

Bonds behaving badly
Do conventional bonds still deserve a place in portfolios? Total return on 10-year US Treasuries, adjusted for US CPI inflation % Global Financial Data, Refinitiv, US Bureau of Labor Statistics, Ruffer calculations, 24 month rolling total return, data to March 2022....
Bonds behaving badly

The battle for 1.5° of warming is already lost, so what’s Plan B?
Climate activists’ current stated goal is to limit global warming to 1.5° Celsius compared to pre-industrial levels. To achieve this goal, according to the latest IPCC report, atmospheric CO2 levels must peak by 2025. But this battle is already lost, so what’s...
The battle for 1.5° of warming is already lost, so what’s Plan B?

Tony Soprano’s critique of identity politics
Tony Soprano, the eponymous fictional antihero of HBO’s iconic series about organised crime syndicates in northern New Jersey, tends to evoke images of cigars, strip clubs and guys getting their teeth bashed in or even ‘whacked’, because they disrespected...
Tony Soprano’s critique of identity politics

Is bitcoin simply unlicensed gambling?
Promoters claim that bitcoin is a new type of money, reduces transaction costs by abandoning intermediaries and will become a safe asset that they call ‘digital gold’. The bitcoin network, in fact, is a game of chance subject to existing gambling...
Is bitcoin simply unlicensed gambling?