IN THESE PAGES, WE TAKE A STEP BACK FROM THE DAY-TO-DAY NOISE OF MARKETS AND DO SOMETHING IMPORTANT: DELVE DEEPER.

Over the past eight years, this has led us to predict – and then discuss the arrival of – a new world order: a multi-polar world where hard power rules, leading to greater political, economic and market volatility.

What may once have appeared hypothetical and distant is now sharp, noisy reality. And the market consequences are playing out before our eyes. Henry Maxey’s piece sets out the affordability paradox President Trump faces as we near the critical mid-term elections and explains why his efforts to solve the unsolvable could have adverse political and economic consequences.

Alexander Chartres uses Odysseus’ long journey home to tell the story of today’s geopolitics. Odysseus arrived to find Ithaca unrecognisable. For us, there is a clear parallel to the mid-1990s when Ruffer’s journey began: a groundbreaking technology – the internet then, AI now – promises the world, and markets are priced accordingly. But we believe the world is far more fragile today in many ways. And that requires challenging conventional approaches to risk, as Chris Bacon points out.

As ever, this Review explores a rich variety of themes, from excesses in private markets to the impact of online narratives on equities, from the shale revolution to lessons from America’s populist past.

We hope the articles will challenge your assumptions, enrich your thinking and, crucially, leave you better informed about how to navigate today’s stormy investment seas.

MIRANDA BEST

Deputy CEO