Ruffer pair warn of 'depressing roadmap' to zero equity returns

Japan has 'tested our resolve'

The managers of the £316m Ruffer Investment Company fear equities are on a "depressing roadmap" that could lead to zero returns for 2016, despite central bank efforts.

Hamish Baillie and Steve Russell (pictured) said although it might be too early to predict the outcome for the rest of the year, equities have only managed to reverse the sharp falls seen at the start of the year and may not move much higher from here. "We have previously remarked, only partly in jest, that in a world where zero interest rates (or even lower) are the norm, eventually the return on other financial assets might turn out to be zero too," the pair said. "It is of course too early to pass judgement on what might happen through the remainder of this year, but so far stockma...