Ruffer’s investment approach is a slow-burner. However, as most portfolios should be, it’s built to preserve capital for the long-term. As Investment Director Alex Lennard notes, their focus is fixed on “absolute return investing with a focus on downside protection.” But what does this strategy look like under the hood? And how has it managed to protect clients’ wealth through some of the biggest crashes in recent market history? Lennard describes the importance of asymmetric trades, monetizing protection effectively, and why this traditionally risk averse group of investors eventually went into Bitcoin. Filmed on January 25, 2022