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This week we review the Ruffer Investment Company (RICA). But before we do, I was very satisfied with last week’s review of the Capital Gearing Trust (CGT), which ended with a discussion with the co-manager, Chris Clothier. He answered your questions clearly and confirmed that they have a resilient

Trade in Whisky; There is disquiet as our two long-standing, multi-asset investment trusts have come under pressure. The Capital Gearing Trust (CGT) and the Ruffer Investment Company (RICA) have excellent long-term track records and would both be considered diversified and defensive. Yet things have gone wrong for these strategies in

I have had several emails about dealing in Tenaris (TEN IT), where IT means Italy. Some have asked if Tenaris SA is the same thing. SA is similar to Ltd or Plc. So yes, SA is fine. Others have seen MI on their platform, which is Millan. That is fine.

Trade in Whisky; US equities think it’s a bull market, European equities are scratching their head, while Asian equities see a crisis. In contrast, surging interest rates fight stagflation, commodities see a recession, and the long bond a depression. Gold softness reflects relief in global tensions, while Bitcoin advances

Trade in Whisky; The challenge in 2023 has been the divergence between the economy and the markets. In normal dark times, you’d just buy bonds and be patient, but this cycle has its quirks. It has coincided with the sharpest interest rate hikes in living memory, making bonds extremely

Trade in Whisky; In 2023, equities are up while bonds are down. The big tech stocks have been in the lead, driven by artificial intelligence, animal spirits, and short covering. With bonds selling off again, risk is rising again. I also look at the strength in sterling and the weakness