Latest articles by John Stepek
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Gold is frustrating – but it’s still worth holding
Editor's letter It's been a frustrating time for investors in gold. But the idea that you should always have a bit of physical gold in your portfolio and just hope that it doesn’t go up remains a sound one.
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This growth scare will pass – but it might make the Fed stay its hand
Analysis As the world continues to grapple with Covid-19, markets are starting to worry that "normal" might not return as soon as everyone hoped. John Stepek looks at what that might mean for you.
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Sentiment matters to markets – but how can you tell what investors are thinking?
Analysis Markets are driven to a large extent by “feelings” – investors getting overly excited or gloomy about a particular sector. But how do you measure that? John Stepek looks at one of the best sentiment indicators there is.
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Wages are soaring and job vacancies are at record levels – is inflation next?
Analysis Wages in the UK are rising fast as the economy rebounds from the Covid recession. Will that drive inflation? John Stepek looks at what’s driving wages higher, and how long it might last.
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Why now is a good time to take a break and review your investment portfolio
Advice Reviewing your investment portfolio can be a bit of a chore, but you should do it at least once a year. And now is the ideal time to be doing it, says John Stepek. Here’s why.
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Three key lessons on the 50th anniversary of the gold standard's demise
Analysis Since 1973, the global monetary system has been backed by the dollar, not by gold. John Stepek looks at whether that will last and what may be next.
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Record-low mortgage rates mean house prices are likely to keep rising
Analysis House prices have been booming across the globe. John Stepek explains why house prices may continue to rise even after the Stamp Duty Holiday ends.
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What the "climate emergency" means for investors
Analysis The United Nations issued a report dubbed which said we are in a "Code Red" situation, listing the urgency for countries to phase out coal production. John Stepek explains what this means for investors.
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The US jobs market is booming – but what does that mean for markets?
Analysis The US economy added almost one million jobs in July. John Stepek explains what the spectacular report means for markets and the future of US monetary policy.
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Inflation is here to stay: it’s time to protect your portfolio
Cover Story Unlike in 2008, widespread money printing and government spending are pushing up prices. Central banks can’t raise interest rates because the world can’t afford it, says John Stepek. Here’s what happens next
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Quantitative easing: too much of a good thing
Analysis The Bank of England is addicted to quantitative easing (QE), the House of Lords has warned. What does that mean for investors?
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Why the European Central Bank’s new regime matters more than you think
Analysis The ECB has said it will tolerate higher inflation and it won’t be raising interest rates for quite some time. It’s another big clue for markets – but they remain unconvinced. That’s a mistake, says John Stepek. Here’s why.
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Playing pass the parcel with toxic assets won’t save the environment
Opinion Wanting to do the right thing, big oil companies are divesting themselves of toxic fossil-fuel assets. But we still need oil, says John Stepek – and they're the best people to produce it.
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Next shares soar as sales smash expectations – is the stock a buy?
News High street and online retailer Next has reported a big rise in sales and profits. John Stepek looks at its performance and asks if it's worth buying Next shares.
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Here’s what it’ll take for markets to stop worrying about Covid-19
Analysis The biggest driver of markets over the past 18 months has been fear of Covid-19. And right now it's back in the ascendancy, says John Stepek.
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Lockdown Day saw the market hit rock bottom – could Freedom Day mark a top?
Analysis When the UK locked down against Covid, markets plunged, but recovered quickly. Could England’s removal of restrictions mark the market top, asks John Stepek, or is there further to go?
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How to build your own ultimate tracker fund
Advice Efforts to build the “ultimate” tracker fund reveal how easy it is to over-complicate your asset allocation.
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The Bank of Japan is getting into industrial policy
Opinion The Bank of Japan has shrugged off its fig leaf of independence and is getting involved in fiscal policy. And won't be the only central bank to do so, says John Stepek. It's another step down the slippery slope we started on decades ago.
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It might be time for the reflation trade to spark back into life
Analysis Many investors have taken the view that inflation will be “transitory”. But with both UK and US figures higher than expected, it might be time to reconsider, says John Stepek, The "reflation" trade could be back on.
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Demand for equities is high right now – but supply is rising to meet it
Analysis Investors can’t get enough of equities. And with 2021 set to be a record year for stockmarket listings, there will be plenty available. But not everything is worth buying, says John Stepek. Here’s what you need to look out for.
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Why is China easing monetary policy?
Analysis The world’s central banks are starting to talk about pumping a little less money into their economies. All except one: the People’s Bank of China is now loosening monetary policy again. John Stepek explains why.
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US stocks are ticking all the boxes of a bubble
Analysis There are five key characteristics to every bubble, says analyst Richard Bernstein. This market meets them all
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The real value to investors of cycle theories
Opinion There are countless theories claiming that society and markets move in a cyclical way. They can’t actually help you time the market with any precision, but they are still very valuable tools, says John Stepek.
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It’s a tug of war between reflation and deflation – who will win?
Analysis Markets are conflicted – half believe inflation won't take off, and half think we’re in for some serious inflation. One of these views is wrong, says John Stepek. But which one?
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