Jonathan Ruffer is out with his Ruffer Investment Company fourth quarter letter. In it, he highlights how there are currently two schools of thoughts when it comes to approaching the current markets:
"Those who are bearish, looking only at the fundamentals are forced to wait it out in the rising water, and it will be a matter of whether they can hold their nose and/or their nerve for long enough while the indices grind higher. Those who are bullish, whether through sunny optimism or a canny judgement of the situation, watch the Federal Reserve for some indication as to when they plan to pull away the punchbowl."
So, who flinches first?
Embedded below is Ruffer's Q4 letter:
For more from Ruffer, head to his Q3 letter on how he still anticipates eventual inflation.
Wednesday, January 8, 2014
Ruffer Q4 Letter: Bulls Vs. Bears
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