Ruffer: All conventional bonds are poisonous

Steve Russell, investment director and manager of the £2.9bn CF Ruffer Total Return fund, tells Ruth Gillbe why he has been 'desperately' selling stocks and why all conventional bonds are 'poisonous'.

Global markets have had a relatively strong start to the year, particularly Japan – how do you expect the macro picture to pan out over the coming months? Since the financial crisis we have been of the view that the debt from that crisis is un-repayable and will therefore need to be inflated away. Our overall macro view is coloured by this fear that at some point there could be a sharp rise in inflation, not accompanied by a rise in interest rates, and that is likely to be bad news both for equity markets, and most obviously for conventional bond markets. On that basis, we hold in ...