Ruffer warns of 1999-style bubble in stockmarkets

'This looks and feels like a bubble'

There are "shades of 1999-2000 in stockmarkets", according to the managers of Ruffer Investment Company, whose current defensive positioning reflects that view.

In their latest note to clients, the management team of the £380m trust warned that the record proportion of initial public offerings (IPOs) of unprofitable companies, potential for an unexpected spike...