Jonathan Ruffer is out with his Ruffer Investment Company Q2 letter. This time, the commentary is written by Henry Maxey. Maxey joined Ruffer in 1998 and became Chief Executive in April 2012. Entitled "Three Arrows of Deflation," the Q2 letter addresses what they think will control the direction of markets over the coming year.
Maxey lays out the situations in Japan, US and China and labels them "a three-way disinflationary impulse in an otherwise powerfully reflationary world."
Embedded below is Ruffer Investment Company's Q2 letter:
As we've noted a few months ago, Ruffer was reducing equity exposure and adding interest rate hedges.
Tuesday, July 16, 2013
Ruffer Investment Company on the 3 Arrows of Deflation: Q2 Letter
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