How will markets cope when the cheap money is taken away?

The markets have had a good run since the credit crunch. But it's all been on the back of masses of cheap money from central banks. Soon that will all end. John Stepek looks at what will happen to the markets once the quantitative easing stops.

Billionaire investor Carl Icahn is returning his investors' money.

The activist shareholder has said that he's going to give back the money that outside investors have in his $7bn hedge funds because he doesn't want the responsibility of looking after it through another downturn.

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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.