Not many investment trusts made a positive return last year. The Ruffer Investment Company did -- partly by using strategies not open to the retail investor but also using ones that are. In this week’s Merryn Talks Money, the firm’s Investment Director Alexander Chartres talks host Merryn Somerset Webb through what worked for Ruffer in 2022 and what might work in 2023. Chartres’s key point is the world has changed. He says the global economy is in the process of being “fully rewired,” which means investors must reconsider the fundamentals behind all of their investments. He also says China is changing; there are hot and cold wars on the go all over the world: big BIG government is back; and there is financial repression ahead — so maybe buy some gold.

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