Liquidity rules everything around me It’s the landing”
The abrupt liquidity crisis that befell some UK pension plans this week and forced the Bank of England’s intervention may be a harbinger of things to come, according to Ruffer’s chief investment officer Henry Maxey.
The posh UK investment manager became briefly known as “50 Cent” due to its idiosyncratic Vix trading pattern, and showed its contrarian stripes with a $600mn bet on bitcoin in 2020.
Maxey doesn’t explicitly mention the recent gilt-market calamity in an internal memo FT Alphaville got its hands on — it seems to have been written earlier in September — but after the recent mayhem it’s hard not to read it with that in mind, given the memo’s dominant theme.
This story originally appeared on: Financial Times - Author:Robin Wigglesworth
