Ruffer: Making predictions is a treacherous game this year

Making investment predictions will be 'treacherous' in 2015 given the risks in the geopolitical environment, according to Ruffer investment directors Hamish Baillie and Steve Russell.

In their monthly investment report, the pair said there are considerable deflationary pressures in the global economy but avoided making hard and fast predictions for the year ahead. Nonetheless, they continue to hold a significant position in index-linked bonds, and said US and UK equities - as well as Japanese stocks - would be 'obvious beneficiaries' of any resurgence in global growth. "Many a wise commentator has been tempted into January predictions which are quickly overturned and 2015 looks particularly treacherous in this respect given some of the potentially huge geopolitical...