The Art of Capital Preservation

This chapter explores Ruffer's investment philosophy, focusing on the critical importance of avoiding losses and preserving capital for long-term stability and satisfaction. It discusses the strategies employed to create an 'all-weather portfolio' that balances risk and reward, emphasizing the significance of risk management over traditional return-generating tactics. The speakers also highlight common investor pitfalls and the necessity of true diversification, stressing that a deeper understanding of market history can lead to more informed investment decisions.