What follows is the edited transcript of my interview with Jonathan Ruffer, the founder of Ruffer Investment Management (now Ruffer LLP). It forms the basis of my recent article in The Spectator. The firm’s flagship Total Return fund, which aims to provide consistent positive returns in all market conditions, has trebled in value (dividends reinvested) since its launch in 2000.
Sebastian Lyon, the CEO of Troy Asset Management, is one of the coming talents in investment management. The firm he runs was recently given the mandate to run the Personal Assets Trust in Edinburgh, following the untimely death of Ian Rushbrook in October last year. Troy Asset Management started life with the task of running the family money of the late Lord Weinstock and other senior managers at GEC, from whom he inherited his conservative investment style and a focus on capital preservation. This Q and A describes his current positioning.