John Stepek

John is the executive editor of MoneyWeek and writes our daily investment email, Money Morning. John 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. John joined MoneyWeek in 2005.

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.


This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020
UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020
Global Economy

The charts that matter: the US and China – the calm before the storm?

John Stepek looks at how the rising tension between the US and China over Hong Kong has affected the charts that matter the most to the global economy…
30 May 2020

As full lockdown ends, what are the risks for investors?

In the UK and elsewhere, people are gradually being let off the leash as the lockdown begins to end. John Stepek looks at what risks remain for invest…
29 May 2020
Buy to let

The death of buy-to-let property is a useful cautionary tale for all investors

Investing in buy-to-let property was once a perfectly valid thing to do. But the government killed the market. John Stepek explains what investors sho…
29 May 2020
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Investment strategy

Are you a permabear? Three red flags to watch out for

Contrarian investors are often seen as bearish because the market tends to go up over time. But if that bearishness goes too deep, you risk seriously …
26 May 2020
Investment strategy

How John Maynard Keynes learned the folly of market timing

In an extract from his book The Sceptical Investor, John Stepek explains how the great economist John Maynard Keynes came a cropper when he first star…
25 May 2020
Investment strategy

How you’d invest £1,000 until 2030

To celebrate our 1,000th issue, we asked you where you would invest £1,000 if you had to lock it up in a single asset or fund for the next ten years. …
25 May 2020
Global Economy

The charts that matter: oil surges, but the dollar stays flat

With the oil price up and the dollar going nowhere, John Stepek looks at how that affects the charts that matter the most to the global economy.
23 May 2020
Global Economy

The new Cold War: China’s crackdown on Hong Kong

The planned imposition of strict new laws in Hong Kong is another step in the Cold War between China and the US, says John Stepek. And things are only…
22 May 2020
Investment strategy

The biggest and best calls of MoneyWeek magazine's first 999 issues

MoneyWeek hasn't always got everything right, but we do hope that over the years we have managed to help our readers to protect and grow their wealth.…
22 May 2020
Investment strategy

This contrarian indicator suggests the market has further to rise

Sentiment among fund managers is overwhelmingly bearish – nearly 70% believe recent gains are just a bear market rally. That could be the most bullish…
21 May 2020

Is that it? Did we see the bottom for the stockmarket in March?

Despite many analysts still thinking the market is overvalued, stocks have rallied sharply in the last couple of months. John Stepek asks if we really…
19 May 2020
UK Economy

What are negative interest rates and could they happen here?

Negative interest rates – where banks pay you to borrow money – now exist in many parts of the world. John Stepek explains why they are a terrible ide…
18 May 2020
Global Economy

The charts that matter: tell us what you’d do with £1,000 right now

With our 1,000th issue coming up, tell us what you'd do with £1,000 and you could feature in it. Plus, John Stepek looks at the charts that matter mos…
16 May 2020

The oil market is showing signs of life again

The oil market has had a terrible time recently as producers pumped as much oil as possible just as demand collapsed due to the coronavirus epidemic. …
15 May 2020
UK Economy

Some good news in the housing market

That the housing market is now reopening, in England at least, is good news, says John Stepek.
14 May 2020

The English housing market is open for business again – what happens now?

With the property market re-opening, we can now view, buy and sell houses again. But what next for house prices? John Stepek looks at what the last tw…
14 May 2020

For how long can stockmarkets ignore rising unemployment?

US unemployment figures are looking terrible – up to 20 million people have lost their jobs. But markets don’t seem to care. John Stepek explains what…
11 May 2020
Global Economy

The charts that matter: your chance to contribute to our 1,000th issue

A look at how the charts that matter most to the global economy have changed this week, and what that means – plus a call for your ideas for the one-t…
9 May 2020
Global Economy

The coronavirus isn’t changing any trends – it’s accelerating existing ones

Covid-19 will bring many welcome changes – and many unwelcome ones. But it won't fundamentally alter the course of human existence, says John Stepek.…
8 May 2020

The great dividend massacre continues – now BT has cut its payout

With UK investors facing a barrage of dividend cuts – BT being the latest – John Stepek looks at some other promising areas for income investors to i…
7 May 2020
EU Economy

Germany throws a spanner in the eurozone’s works

A German court has told the ECB to beware of exceeding its mandate with its QE scheme. John Stepek explains what this means, and why it matters.
5 May 2020
Tech stocks

What could bring an end to this tech-led stockmarket rally?

The current stockmarket rally has been driven by the big tech stocks, as the lockdown drives people’s lives online. John Stepek asks how long it can l…
5 May 2020

Why hasn’t Warren Buffett bought anything yet?

Warren Buffett, the world’s most famous investor, can’t find anything worth buying. The world has changed, and he needs to make allowances in his port…
4 May 2020
Global Economy

The charts that matter: is Tesla’s share price “too high”?

With Tesla's earnings surprising to the upside, John Stepek looks at the charts that matter most to the global economy.
2 May 2020

Royal Dutch Shell slashes its dividend: what now for income investors?

Shell's dividend cut – its first since WWII – has come as a nasty surprise. And it leaves income investors wondering where to turn now. John Stepek lo…
1 May 2020
UK stockmarkets

The FTSE 100 is nearly back in a bull market – does that make sense?

UK stocks are, technically at least, almost back in a bull market. But with the economy on hold and the prospect of harder times to come, is this rall…
29 Apr 2020

Negative oil prices are just one result of banning bankruptcy

Negative oil prices are a result of low interest rates and cheap credit propping up inefficient businesses. Bankruptcy is part of the fabric of capita…
28 Apr 2020
Global Economy

Here’s why cutting interest rates hurts more than it helps

Cutting interest rates is often seen as an easy way to stimulate an economy. But it doesn't always work like that, says John Stepek. Here's why.
27 Apr 2020
Global Economy

The charts that matter: collapsing oil and soaring gold

After a week in which the oil price went negative and the gold price soared, John Stepek looks at how the charts that matter most to the global eocnom…
25 Apr 2020
EU Economy

Europe still can’t resolve its main problem – who pays for everything?

Europe is trying to agree measures to get its worst-hit members back on their feet once the coronavirus pandemic is over. But nobody wants to foot the…
24 Apr 2020

Will gold really hit $3,000 an ounce in the next 18 months?

Bank of America is predicting that the gold price will hit an all-time high of $3,000 an ounce in the next year and half. John Stepek looks at just ho…
23 Apr 2020

The UK housing market has shut down. But what happens after Covid-19?

Covid-19 has brought the UK housing market to a standstill. John Stepek looks at what could happen to house prices once the market opens up again.
22 Apr 2020

The negative oil price meant traders couldn’t give the stuff away – here’s what that means

With a lot more oil being produced than anyone can use and storage space running out, the oil price briefly turned negative. John Stepek explains what…
21 Apr 2020