{"id":57354,"date":"2025-10-03T01:27:25","date_gmt":"2025-10-03T01:27:25","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/57354\/"},"modified":"2025-10-03T01:27:25","modified_gmt":"2025-10-03T01:27:25","slug":"stock-market-priced-for-perfection-vanguard-top-exec-on-potential-downturn","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/57354\/","title":{"rendered":"Stock market \u2018priced for perfection\u2019: Vanguard top exec on potential downturn"},"content":{"rendered":"<p>The S&amp;P 500\u2019s price-to-sales ratio hit an all-time high of 3.3 in September, meaning that investors\u2019 enthusiasm for companies is outpacing that of their customers. That metric topped out around 2 during the dot-com boom, and at just over 3 during the pandemic\u2019s frothy markets and muted economy.<\/p>\n<p>It\u2019s not just AI hype: As Bloomberg columnist <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2025-08-27\/forget-nvidia-costco-and-walmart-s-valuations-are-scarier\" class=\"styles_linkEmbed__SNmaX\" rel=\"noopener nofollow\" target=\"_blank\">Jonathan Levin noted<\/a> recently, red-hot Walmart and Costco, both more richly valued than Nvidia on a profits-per-share basis, remain \u201cone of the market\u2019s great valuation mysteries.\u201d And it\u2019s not just the US: The 15 largest global stock indexes are all overvalued or expensive on 10-year lookbacks.<\/p>\n<p><img alt=\"A chart showing the price-to-earnings valuations of the largest global indexes.\" loading=\"lazy\" width=\"800\" height=\"902\" decoding=\"async\" data-nimg=\"1\" class=\"styles_imageEmbed__QsLwb styles_fullContentArea__zXct_\" style=\"color:transparent\"  src=\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/10\/20fb645b763442bc0e02533c71da7df7683bca9b-2132x2404.png\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"The S&amp;P 500\u2019s price-to-sales ratio hit an all-time high of 3.3 in September, meaning that investors\u2019 enthusiasm for&hellip;\n","protected":false},"author":2,"featured_media":57355,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[138,220,111,139,69],"class_list":["post-57354","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-markets","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/57354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=57354"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/57354\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/57355"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=57354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=57354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=57354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}