Chiswick, West London
Wednesday, April 15
By Tom Dyson, Investment Director
The 2026 Ruffer Review is out. It’s one of my favorite publications and I look forward to reading it every year. Ruffer is an asset management business based in London. They’re extremely risk averse and place great emphasis on long-term preservation of capital. Not everyone’s cup of tea, I admit. But if you like reading long philosophical essays about markets and finance, it’s a must-read. I discovered it a few years ago after it was recommended in Grant’s Interest Rate Observer.
Also, Anthony Deden of Edelweiss Holdings, published an essay this week, his first article in six months. Deden is another of my favorite financial thinkers. He emphasizes preservation of capital over returns. This essay is about the erosion of the important principles that made the US so rich. Deden loves gold. In this great (and 2.5 hours long) interview from 2018, which we’ve linked to before, Deden says he owns three tons of gold in his fund, more than most central banks!
