Ruffer: Why we don't trust buoyant equity markets

Ruffer's Steve Russell and Hamish Baillie have revealed they remain cautious on equity market valuations, questioning the sustainability of recent gains.

Following a round of "lukewarm" numbers from the latest results season, the duo said while money can still be made in this environment, they are firmly focused on protecting investors on the downside. They said while equity markets are continuing to reach multi-year highs on the expectation of a continuation of quantitative easing - and other monetary easing policies - investors are overlooking the fact these policies are a diversion from the norm, and not the new normal. "Why do we not trust this buoyant equity market? As we come out of earnings season, it is reasonable to conclude t...