In what was the 99th of our Tuesday morning events, of Ruffer gave a stunning presentation on why all is not right with the world, a macro view of what’s gone wrong, is going wrong and is not going to get right any time soon. I am very pleased to say that the 80 (yes eight) slide deck is here and capable of downloading from this link. It is a tour de force
Complex and dangerous geo-politics
I asked Con Keating for his reaction to the presentation. His response was that it incited his overarching concern “that this is the most complex and dangerous geo-political situation of my adult lifetime“. Con’s adult lifetime is a long one.
Over reliance on central banks rather than fiscal policy
The second concern that followed was the recognition from Alex’s talk “that markets still believe that central banks are the answer to all financial woes when the reality with respect to say inflation is that it is fiscal policy and government action that matters most”
Con’s question at the presentation was “how long does it take markets to recognise this“.
The need for a realistic view on ESG
The third area covered by Alex and highlighted by Con was concern with ESG – and climate change for that matter. Con commented to me
All too many funds are investing how they would like the world to be, not recognising that 1.5 degrees is not going to happen, not recognising that we need armaments, not recognising that we are far from having a viable substitute for oil – we should be investing to help shape the world that will emerge. Nowhere is that more true than in technology.
Many of the ESG friendly investments of today will prove to be the stranded assets of tomorrow.
The full show is now available to Pension PlayPen members on this link. or you can view it from this blog.
Thanks to Alex Chartres and Ruffer
The Pension PlayPen is a platform for organizations with views of interest to a wide membership of some 1300 pension industry professionals.
This is the second time we have given Ruffer the opportunity to speak because they promote stimulating discussion and leave us with another and maybe a better way of looking at the problems we grapple with.
Ruffer don’t pay us and we don’t pay them. This presentation genuinely helped me and it helped Con and others who I’ve spoke to on the call. This is how social media should work. Alex made me want to know more about an organisation that hereto now I knew only through a jar of honey, given me at a PLSA conference!
Great content, brilliantly delivered- thanks Alex!