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As the US stock market smashes records, some investors fear it’s overpriced
The US stock market has been performing exceptionally well, many investors assuming it is overpriced.
The benchmark S&, P 500 has increased by more than 60% since early 2023, surpassing all previous highs, despite concerns about US President Donald Trump’s tariffs and concerns about artificial intelligence (AI) overhype.
The explosive growth has a price for investors: according to some, US stocks are now more expensive than ever.
According to GuruFocus, the highest price-to-sales ratio on record, an investor buying into the S&, P 500 last week had to pay over $3.25 for every $1 in revenue generated by its 500 constituent firms.
The benchmark index is still trading at more than 22 times forward earnings, which is significantly higher than the historical average, even though US stocks appear less expensive in relation to company profits forecasts.
Nine out of ten fund managers surveyed by Bank of America said they thought US stocks were overvalued in a poll conducted last month.
Some analysts have drawn comparisons to the late 1990s dotcom bubble due to the market’s sky-high market value.
Shares of the tech-heavy Nasdaq rose by about 80% before losing almost all of their gains between 2000 and 2022 as a result of the excitement surrounding the growth of the Internet.
No one is certain what a stock really is worth, according to James Angel, a McDonough School of Business expert on financial markets at Georgetown University.
Only God is able to predict the future. Stock prices have always been and will always be very volatile as a result of this uncertainty. A small change in the market’s general consensus forecast of future performance can cause a significant and unexpected decline in value.
Investors are not renouncing their reservations about the value of US stocks, despite the fact that they are becoming more and more concerned about the price of the stocks.
The S&, P 500, which is on track to comfortably surpass its average annual return in 2025, reached five all-time highs in August alone and is now up about 10% this year.
Analysts have provided a number of explanations for the market’s untamed ascent, including the remarkable profitability of the “Magnificent Seven”: Apple, Microsoft, Tesla, Meta, Amazon, Nvidia, Meta, and Alphabet, as well as the still untapped potential of AI.
Aswath Damodaran, a professor of finance at New York University’s Stern School of Business, noted that “earnings at US companies have held up surprisingly well and continue to grow.”
“AI may have increased the value of a few of the major tech companies and those who create AI architecture,” Damodaran continued, but it cannot explain the market’s overall rise.
Some investors have been concerned about the “Magnificent Seven,” who make up about one-third of the S&, P 500, but such concentration is not unprecedented.
The market dynamics of a few companies can be traced back to the late 18th century, according to Robert E. Wright, a lecturer in the Department of Economics at Central Michigan University.
According to Wright, “property insurers were the most important technology at the time,” followed by banks.
“Later, textile mills and other companies were established, railroads and, inevitably, automobiles. The measurement of capitalization is different, so we can’t be too precise, but the pattern seems to be the same: innovations lead to success, investment, and more success until commodification. The cycle then starts over in a different field.
Herd behavior
The market’s stellar performance, as well as the recent shift away from actively managed mutual funds to passive index funds, have prosaic explanations been provided.
More people are buying stocks now than ever thanks to the increased popularity of funds that monitor the , S&, P500, and other broad market measures.
Human psychology, however, could be a bigger factor than any other economic indicator.
Herd behavior, according to Stephen Thomas, a professor at the UK’s Bayes Business School, is more accurate for explaining stock market movements than business performance or the state of the economy.
The only proven investment strategy with both historical support and cross-account support is “momentum,” which means that what goes up continues to rise until it doesn’t, according to Thomas.
According to Thomas, “Fund managers can’t afford to fall behind their competitors.”
“And these are using momentum either secretly or deliberately. They behave therefore in a rational manner in terms of firm behavior and, in fact, in terms of our understanding of investment strategies.
Steep falls
A stock market crash cannot be accurately predicted.
However, the market frequently exhibits steep falls.
The market has fallen 20 percent or more from its peak 15 times since World War II’s end.
In the majority of those cases, the market recovered to its peak within a few years, but the worst crashes kept investors in the red for a long time.
For nearly 13 years, investors who were hit by the dot-com bust and the global financial crisis of 2008-2009 struggled to fully recover their losses.
However, if there is one thing that practically everyone agrees on, it is that trying to time the market.
According to Angel, “waiting to see a trend is so dangerous is the result of some of the best uptrends occurring soon after the worst downtrends occur.”
1933, when the Great Depression was at the height of the stock market, was the “best year in US stock market history.” When it became clear that a recovery was in progress, the market quickly rallied because the market had already fallen so much.
Investors who feel they are within their risk tolerance, according to Burton Malkiel, a professor of economics at Princeton University, should shift the balance of their portfolios towards lower-risk assets, such as bonds, and hold onto more cash rather than attempt to time the market.
Downton Abbey cast reveal secrets and memories ahead of final film release
The end of the ITV period drama will be truly felt in the third film, Downton Abbey: The Grand Finale.
It really is the end of an era this time for ITV’s most popular ever period drama. Downton Abbey: The Grand Finale sees the cinematic return of the global phenomenon, for one last time on the big screen, fifteen years after it launched in September 2010.
The new third film follows the much-loved Crawley family and their staff as they enter the 1930s. Lady Mary finds herself at the centre of a public scandal going through divorce, the family faces financial trouble, and the entire household grapples with the threat of social disgrace. The Crawleys must embrace change as the staff prepares for a new chapter with the next generation leading Downton Abbey into the future and off into the sunset.
As the film enjoyed its premiere ahead of being released in cinemas on September 12, here the creator and cast discuss the film, behind the scenes secrets and what Downton means to them…
Julian Fellowes, the creator and writer of Downton Abbey,
On why he brought the cast and crew again for a third film: “At the end of the second film, we said goodbye to the beloved Violet. We wanted to make the point that this may be the end of a family member, but it wasn’t the end of the family. I also wanted to show that families like the Crawleys who survived into the modern world, had to redefine themselves, get used to the new way of things and see if they could live with it. Some rather spectacularly could not, but I would like to feel that the Crawleys are one of the surviving families who have come to terms with the modern world.”
On the enduring love for the show around the world and for so long: “We were making a show at a time when most people thought period drama was dead and there was no real audience for it anymore.
We assembled the cast, and looking back, I believe that the fact that we had our first picks among the cast members should have indicated that we were onto something because it was extraordinary. Maggie Smith had never been in an ongoing series, but once we got Maggie, Hugh Bonneville and Jim Carter, it was clear that we were going to attract a great cast.
“That was very important to us because it assured us that our guests would also be first-class.” We had one or two early hints that we had made something special when normally the second episode dips in terms of its audience numbers, but we grew ours by a million. The numbers kept rising from that point forward, and I was confident that we had put on a fantastic show.
” The great surprise came four months later when it was shown in America in huge numbers, and they adored it. Everything changed as a result of the American audience’s sudden global distribution of our shows. Now, it feels quite complete. I’m not saying we’ll never see Downton Abbey in any other way; one should never say that in any other way, but I think it’s appropriate that the original cast and concept were involved, which is a plus.
Lord Grantham starHugh Bonneville
On the film synopsis and magic of Downton: “The third film is set in 1930, so time has inched on in its glacial way from the second film. At the end of Downton Abbey: A New Era, we had the sense there was a shifting in the sands and that Robert was going to hand over the estate to Lady Mary to run. He has, however, been a little slow in doing that. He’s reluctant to hand things on because even though he knows it’s the right thing to do, he realises that his principal function in life has been maintaining the status quo at Downton Abbey. It begs the question what will his purpose be thereafter? That’s something that anyone facing retirement might contemplate – what his new chapter is going to look like, and he’s slightly reluctant to take that step.”
On Downing’s “magic,” I believe, “everything in Downton Abbey is rooted in a sense of compassion and determination to do the right thing even when things go wrong.” That is its great legacy. We’ve all heard a lot of positive things about the show over the years, including comments from viewers who said it had a big impact on them and their families, and that it resonated with viewers because of the dynamics it fosters and how they feel about it. That all comes from Julian and the writing. “
Lady Mary starMichelle Dockery
On the legacy of her part in the drama:” I don’t think I will ever say goodbye to Mary or Downton. Both Mary and Downton Abbey as a whole will always be associated with me. We are such a family that, for us, it never really ends. “
She almost stops being Lady Mary Talbot at the start of the movie, according to the storyline. She is separated and about to officially divorce. Despite that, we think she’s doing well. In the last film, you could see the beginnings of a changing of the guard. It was essentially the end of an era with Violet’s passing. The reality of that for Robert is setting in. There has been much discussion about Mary taking the reins, but she didn’t actually do it. They’re all still grieving Violet, so for Robert, there’s a reluctance for him to really pass the baton on. Although the transition was very soft, the movie really deals with change.
On the costumes:” Anna Robbins, our extraordinary costume designer, has been given a little bit more license to push into the 1930s just so that we see a bit of change. The shapes have slight variations. The waists are higher with a slightly more risqué length and a little bit more ankle. I appreciate how little Mary’s color palette has changed this time around. In fact, she and Edith have swapped. Pinker, slightly more vulnerable shades of Mary. Every series or film, Anna Robbins goes above and beyond, and this year is the best, particularly Ascot. The hats are incredible, and everyone looks amazing. It was like looking at a painting, seeing all the costumes together. “
Working with Laura Carmichael for what might be the final time: “We spend a lot of time together in our regular lives,” it doesn’t feel like a goodbye. We’ve just had the best time. We’ve been together for 14 years. Both of us were in our twenties when we started this. We have all benefited tremendously from it. We are like family, we’ve all been there for each other, and it was so important in this film, particularly because we know it’s the last one, to relish every second. At work, I was conscious of that every day and wanted to soak up everything.
Lady Hexham star Laura Carmichael
On Julian Fellowes’ talent: “We all wish we knew the magic in these stories. He’s an incredible man, so articulate and so thoughtful. These unexpected passages in the script always catch our attention. I love reading them, and I’m always excited to see what he comes up with. Although there are always these undiscovered gems, he knows how to quickly bring a character to life, which is a real gift.
“We thought we were saying goodbye with the series and then to have the films has been such a gift and a real bonus for us. I don’t believe I can handle it because this is the last one. It’ll probably be something that hits me in years to come, but we all want it to be the best that it can be in a fitting way to say goodbye”.
Regarding the film’s changing 1930s outfits, “The costumes are always so much fun and a huge part of the process. Working with Anna]Robbins] is the earliest interaction when you come back to film, and planning the fun looks that she’s designing is always so exciting. This movie is no exception to the designers’ constant quest to up their game and surpasses the previous one. Now that we’re in 1930 we get to change the silhouette. They are more daring and slinkier. Ascot was spectacular to see everyone dress so beautifully all at once”.
Ascot was a lot of fun, according to the actor during the filming of the racecourse. We shot at Ripon Racecourse where the world of Ascot was recreated. For our entertainment, there were numerous supporting artists, incredible set designers, and horses racing. It was very exciting. It’s a real thrill to see everyone come together in that way. We completely understood why that was going to be such a key part of the film when we saw it all come together like that. It was truly unique.
Anna Bates star Joanna Froggatt
What made her a global star during her time on Downton: “We do so with great affection and many memories,” she said. You don’t always get to do that as an actor, it’s very rare. We have a fantastic group of people to turn to again, which shows how much we have all enjoyed the experience. It’s been amazing and incredibly special”.
According to Julian himself, “I think what makes Julian’s scripts so special is what the show’s scripts are. He is the only person that can write these scripts in the way that he does. The audience receives the best of both worlds when they are told in a modern, period-style story. He has the freedom to do whatever he wants with these characters because it’s an original story and not an adaptation. That has really caught the fans’ attention. Add to that you can watch Downton with generations of your family all together. He has this unique ability to bring families together, which appeals to teenagers, parents, grandparents, and great-grandparents.
On Anna’s concern for Lady Mary with her divorce: “In the 1930s, divorce wasn’t socially acceptable and Anna was really concerned for her as she would be for any friend. Anna really feels for Lady Mary because of the impact that this situation has had on her in society, not just because of the heartache of the situation.
Divorce was big news in 1930, and this news has affected the rest of the household too. In this day and age, it seems crazy to think that, but in those days, divorce was outlawed and a woman was not permitted to be in polite company. This news has understandably brought with it a dark cloud over the entire household. Although the servants don’t typically guage gossip, this is significant news.
Mr Bates star Brendan Coyle
Regarding the movie’s final goodbye, it seems as though “Life is good, but again, it seems as though these characters are gradually saying goodbye. We are saying goodbye to Downton Abbey but at least moving on to the Dower House, so we’ll be together”.
“You never know when you start filming anything, whether it will find an audience or not.” We knew it was a solid script with great characters. We all hoped that people would enjoy it as much as we did because Maggie Smith was there, but we never learned.
Where do we find Anna and Bates in the film? They expect their second child, and they are doing just fine. Life is good, but again, there is a real sense that incrementally these characters are saying goodbye to something. We’re leaving Downton Abbey and moving on to the Dower House, so we’ll be together.
They’ve had their fair share of ups and downs over the years, but they are definitely an audience favourite, and we would want them to have a happy ending. We hope the couple’s bad times are over, because audiences have always had a positive vibe toward them and wanted the best for them.
On his fondest memories: “The most significant and best storyline for me was the development of the romance between Bates and Anna. It was written with restraint, was romantic, and had a good time, and was written in a hurry. It was a very delicate process that audiences responded to. I had a wonderful friendship and working relationship with Joanne Froggatt (Anna). We were just totally simpatico as actors and knew what we wanted to achieve and create. Little things were my favorite. We had a storyline early on in the series when their romance was just beginning. Bates gave Anna a tray filled with flowers and a cup of tea, and access to the women’s sleeping quarters was forbidden. All very clandestine in the name of love and a lot of jeopardy in that scene”.
Carson starJim Carter
On it being the end of Downton and the end of Carson’s career: “Carson has come to the end of his time at Downton Abbey and he’s settling into gentle retirement. Carson has some similarities to Downton Abbey. He’s worked there for fifty-odd years, and he’s the embodiment of the old-fashioned spirit of the place. Being a butler is a good job with status, and he’s good at it because it’s been his home for the majority of that time.
On his favourite memory:” My fondest memory of working on the show is going paddling with Phyllis Logan in the sea, holding her hand. First of all, because it settled a good story that had been brewing for four seasons, and also because it preserved that moment’s private memory. For me, that was a really lovely scene.
The crew was forced to retreat into the sea with their pants rolled up around their knees as we approached them with the tide coming in, splashing around their waists, and keeping a straight face, which was the best part of filming that scene.
Tom Branson starAllen Leech
At the beginning of the movie, Tom is spotted returning to the family home at Edith’s request, who is very concerned for Mary and what she’s going through. He’s also keen to cast his discerning eye over a certain Mr. Sambrook and see what he’s up to”.
“In the first episode of the first series, my first scene was in the library with Robert,” he said during his first day of filming at Highclere Castle. It was a beautiful sunny day in May and I remember coming around the corner of the drive to see the Castle for the first time – it was pretty impressive. Michelle and Laura treated me to lunch on the lawn, and it was absolutely fantastic. I’ll never forget how lovely they were. It was just a sign of how wonderful everyone on this show has been and the fact that there were no egos. It is a family. It’s a true ensemble, and everyone has everyone else’s back”.
Continue reading the article.
On why people should go watch on the big screen: “Ultimately the big screen is what all the films have been made for. We’ve already put a lot of effort into this final scene. Our director, Simon, and producers have made sure that it is going to be a big, bold screen farewell. Nothing compares to a cinematic experience, especially with 57 Downton Abbey. You know that when you go to see this film you’re going to be sitting there with people who love Downton, so you’re going to get to say goodbye as a big group of fans, and you can’t beat that experience”.
* Downton Abbey: The Grand Finale is a PG-rated movie starting September 12.
England midfielders Clinton and Park set for Man Utd-Man City swap
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Manchester United and England midfielder Grace Clinton is closing in on a move to Manchester City before Thursday’s transfer deadline.
The 22-year-old had attracted interest from several clubs this summer with just a year remaining on her contract and no renewal agreed.
Local rivals City are hopeful of reaching a deal with United before 23:00 BST on Thursday, while England midfielder Jess Park is set to move the other way.
Park, 23, who was also part of England’s Euro 2025-winning squad, is set for a medical at Carrington on Wednesday evening.
United see Park as a high-quality addition and while the deals are separate, she is considered a strong replacement for Clinton.
United were keen to keep Clinton, but they would rather cash in on the England international and avoid losing her for free next year.
Why United are willing to do business with City
Clinton is widely regarded as one of England’s most promising players having made an instant impression on the international stage.
She scored on her debut in February 2024 – a 7-2 thrashing of Austria – and made Sarina Wiegman’s squad for Euro 2025, where she came on as a substitute in five of England’s six matches.
The Everton academy graduate joined United in 2022 but spent two successful seasons on loan at Bristol City and Tottenham respectively before breaking into Marc Skinner’s team on a consistent basis last year.
It was clear Clinton was unlikely to sign an extension to her United deal, but the club triggered a clause in her contract this summer to add on a further year.
That allowed United to consider financial offers, even if they came from rivals Manchester City, as they were keen to avoid another high-profile name leaving the club on a free transfer, as happened previously with Russo and Earps.
Park’s imminent arrival, in a separate deal, means United will have a ready-made replacement, allowing Clinton to move in the other direction.
While Clinton’s departure would no doubt be a blow, United can take confidence from their ability to attract Park, who has made an equally strong impression in recent years.
The Manchester City midfielder burst on to the scene during a loan spell at Everton two seasons ago and scored within two minutes of her England debut against Japan in November 2022.
Despite competition for places at Manchester City, Park has been still used regularly but has the potential to become a key figure at United alongside England team-mate Ella Toone.
She is set to end an eight-year stay at City, in which she has helped them win the FA Cup and two League Cups.
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Great Britain end 12-year wait for EuroBasket victory
With a shock 89-83 victory over Montenegro in Finland, Great Britain finally won the EuroBasket championship.
Myles Hesson and Akwasi Yeboah led Britain in scoring with 25 and 23 points, respectively, in their final Group B game.
In the world rankings from Fiba, GB is 48th, 32nd, and 32nd.
However, both teams will leave EuroBasket at the group stage due to Sweden’s superior point differential, with the top four of each group making their way to the last 16.
In their most recent EuroBasket appearances, Britain has lost all five of its matches, winning only once in 2022 and 2017, against Germany, respectively.
The British squad is the only one of the 24 EuroBasket countries in their group to not have at least one NBA player active.
Instead, the British team includes players from Hungary, Turkey, Italy, and Greece who also play domestically across the Super League.
Nikola Vucevic, a center for the Chicago Bulls, led Montenegro, who added 11 rebounds and seven assists. He also contributed 31 points.
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£3bn v £10m – Premier League outlay ‘difficult to comprehend’ says Clough
Former England striker Nigel Clough claims that Premier League transfer spending has become incomprehensible and that it poses the risk of “pricing fans out” of watching the teams they support.
The 59-year-old lists his former clubs as record spenders, including Manchester City, Nottingham Forest, and Liverpool.
In the summer, those three top-flight clubs collectively spent £772 million, with Liverpool paying out just £415 million.
More than £3 billion was spent across the Premier League during the most recent transfer window.
The total expenditure in England’s third tier, where Clough is in charge of Mansfield Town, was about £10 million.
Clough told BBC Radio Nottingham, “It’s hard to understand when you’re talking about billions.”
“Millions were discussed many, many years ago, then hundreds of millions, and now it’s billions,” the statement reads.
Clough’s transfer record link
The first British manager to sign a player for £1 million was Clough’s father, Brian, when he signed Trevor Francis for what was then the record fee in 1979.
Alexander Isak became the most expensive player in the history of the British game after signing from Newcastle United for £125m on Monday, making record soared in the decades that followed.
The Isak transfer is more than 25 times the size of the £1 million fee from 46 years ago, which is the equivalent of £4.95 million in 2025 terms.
When asked about the outrageous salaries that Premier League players receive, the former manager of Sheffield United, Derby County, and Burton Albion expressed concern that Clough hasn’t spent any money on transfers to strengthen his side this summer.
He said, “I know one thing that’s not going down is the prices for supporters to go watch football.”
You have to be careful not to force regular people to watch football, at the highest level, because that is going up too much.
Big money is “the way football is going,” even in League One.
Attendance at the One Call Stadium increased as a result of Mansfield’s rise to League One, which club had not played in the third tier for more than 20 years prior to their return to that level last year.
He insists there is no policy against spending, despite the fact that Clough and the Stags resisted charging recruits during the most recent transfer window.
Will Evans was brought in only a year ago when they paid one of the highest fees in the club’s history, paying them £200, 000.
Clough responded, “We don’t have any issues with paying transfer fees.”
“We paid a year ago for Will Evans, and it has turned out to be a very good value for us.”
We put in plenty of bids [this summer], but we won’t do that when people start talking about how much money is being spent. We won’t go over the top with a person we don’t believe will be worthwhile. That is the club’s exclusive policy.
Clough defends that position despite the fact that Birmingham City and Wrexham spent significant money on the division last season and earned promotion.
He continued, “Last season, Birmingham and Wrexham were out on their own.” And Charlton was promoted as well, which increased the three highest wage bills. That probably indicates something or what it means.
With those two out of the way, spending is much more even in the league. However, Huddersfield has already made significant investments, and others have already made more than £1 million in strikers.
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