market folly

Jonathan Ruffer of UK's Ruffer Investment Company is out with his latest investment commentary. In it, he notes that 2012 is off to a good start but "government reflation, combating a deflationary economy - makes for uncertainty in investment strategies."

We've noted in the past how Ruffer has been concerned about inflation. The manager's latest missive is full of potent quotes. Regarding the economy, Ruffer writes,

"The conclusion: a battle on the one hand between the forces of deleverage and uncertainty, which keep the risk of recession (or worse) one misstep away, and, on the other, the response of governments and central banks to combat this force with virtually nil interest rates, and massive injections of cash."

He then ends his letter with a prudent observation on market timing:

"The moral of this is that we view the 'timing' element in the investment mix in an almost diametrically opposite way to the consensus view, that market timing is everything ... so the moral is to make timing as irrelevant as one possibly can."

Embedded below is Jonathan Ruffer's latest market commentary:



For more investment manager letters, be sure to head to:

- Oaktree Capital's Howard Marks on Contrarian Signals

- Trian Fund Management on its positions

- Bridgewater's Ray Dalio on deleveragings