Today’s guest is Duncan MacInnes from Ruffer. Duncan is manager of the Ruffer Diversified Return Fund.

Duncan and Adam discuss the following:

• What it is like to manage Cautious funds in the present market conditions.

• How Ruffer made profits in all of the recent crises – the Dot.com bust, GFC in 2008 and Covid crash in March 2020.

• How standard retail advice and risk profiling is pushing clients towards the “killing pen of fixed income”.

• And finally, Ruffer’s famous (or infamous) Bitcoin trade and what they/ he thinks of crypto.