Signs of a turn in tech stocks and value

If the next phase of the internet revolution is at hand, it could mark a return for value investing.

CCTV camera overlooking the Houses of Parliament © Mark Kerrison/Alamy Live News

The surveillance era: a turning point for tech?
(Image credit: CCTV camera overlooking the Houses of Parliament © Mark Kerrison/Alamy Live News)

In mid-2016, just after Britain voted to leave the European Union, yields on government bonds plumbed unprecedented depths. Now, as we head for another Brexit panic, bond yields are again near record lows. Germany has just issued a bund (a German government IOU) that promises to pay the lender absolutely nothing for an entire decade. Demand was so high that it now trades on a negative yield (in other words, investors are buying it at more than its face value).

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.