Investors have grown concerned that the stock market is overvalued. But the market may have less risk than feared, a ProShares analyst told Bloomberg TV. There is much less leverage in stocks than 20 years ago, he said. While mega-cap tech stocks have led the S&P 500 to record highs, the market now hovers at valuations some consider to be extremely over-priced. That might be a pointless worry, a ProShares Advisors strategist said. "It comes down to the following surprise: there is a lot less leverage in the stock market than there was just 20 years ago," Simeon Hyman told Bloomberg TV on Friday. In a note published last week, the global investment strategist acknowledged that stocks were expensive. Typically, a stock's trailing price-to-earnings multiple would trade between 18x to 20x amid current Treasury yield levels — instead, the ratio hovers at around 25X. Other indicators further highlight that market valuations have reached historical extremes . Despite these conditions, Hyman outlined that low market debt levels can diminish risks associated with an elevated P/E multiple. Compared to 20 years ago, the S&P 500 net debt/EBITDA has fallen from 5x to 1x. The note also found that today's equities are raking in high returns from assets, and not from debt-fueled growth. This indicates underlying profitability, Hyman said. "The significant decline in leverage of the S&P 500 and the robustness of today's profitability (due in part to the technology sector) suggests that at least some of the exuberance that drove expanding multiples may, in fact, be rational," Hyman wrote. Still, overstretched market conditions have increasingly unsettled investors this year, catching the attention of Wall Street heavy-hitters such as David Einhorn. In October, the billionaire hedge fund manager warned that traders were fueling the most expensive market in decades . That's not to say the market is in a bubble, he wrote, and analysts largely agree that investors should stay exposed to the US market. However, calls for a correction have amplified this month, especially if the top "Magnificent Seven" tech stocks surrender recent gains . Given the heavy concentration in these mega-cap names, a 2025 earnings miss could "turn the market," Matt Powers, managing partner at Powers Advisory Group, told CNBC . Therefore, investors should emphasize diversification next year, even if tech growth remains strong. Even without a correction, traders may need to brace for weaker returns if Mag 7 momentum turns flat. Generally, Wall Street institutions expect the S&P 500 to keep climbing, with an average year-end price target of about 6,539 .The surging Orlando Magic seek their eighth win in the last nine games on Saturday when they host the visiting Detroit Pistons. Orlando is returning home from a three-game Western swing in which it went 2-1, rebounding from a 104-93 loss to the Los Angeles Clippers on Wednesday with a 119-118 defeat of the Lakers on Thursday. The Magic weathered a combined 70 points from Lakers stars LeBron James and Anthony Davis, thanks to Franz Wagner's 37 points and 11 assists. Orlando also got 23 points from Jalen Suggs and 19 off the bench courtesy of Moritz Wagner. Franz Wagner notched 15 of his team-high in the fourth quarter, the final three of which came on a step-back jumper from beyond the arc with 3.3 seconds remaining. The game-winner put an emphatic cap on his fourth 30-plus-point performance in the last six outings. He is averaging a career-best 23.2 points per game through the initial stretch of this season and shooting 35 percent on a career-high 6.1 3-point attempts per game. The outside shooting consistency is a significant improvement from 2023-24 when Franz Wagner shot just 28.1 percent from beyond the arc. "A lot of this stuff is mental for us players," Franz Wagner said. "So for me to get over that hump a little bit over the summer and carry that over into the season means a lot." After the two games in Los Angeles and a 109-99 win in Phoenix on Monday, Orlando returns home where it is undefeated this season. The Magic held opponents to 94 points or fewer in all five games of a homestand from Nov. 8-15, buoying the NBA's lowest scoring yield of 103.2 points per game. Detroit comes in on a run scoring 120 points or more in four of its last six games, though three of those went to overtime. The most recent of the Pistons' trio of extra-frame contests came on Thursday in a 123-121 loss at the Charlotte Hornets. Cade Cunningham scored 27 points and dished 10 assists for his ninth double-double of the season and fifth in a row. Over the ongoing stretch, Cunningham also produced a 21-point, 10-rebound, 10-assist triple-double in a 124-104 win over Washington on Sunday. Cunningham is averaging 23.5 points and 7.2 rebounds per game heading into Saturday's matchup, and his 8.9 assists per game are fourth-most in the NBA. Against Charlotte, however, the Pistons could not withstand a barrage of 38 points from Brandon Miller and 35 from LaMelo Ball -- or a 20-point deficit in the third quarter. "We can't have those type of starts, especially on the road, giving teams confidence," Tobias Harris said of Detroit digging a deep hole early. "Games like this are important, though. There's so many teachable moments of how every possession matters and counts coming down into the fourth quarter and overtime." In terms of team growth, the Pistons have made huge strides from a season ago when they endured the longest single-season losing streak in NBA history at 28 games. With seven wins through the initial stretch of 2024-25, this season's Pistons are halfway to matching the team's win total of a season ago. Harris, an offseason acquisition, has contributed to the turnaround with 14.2 points and 7.5 rebounds per game. This article first appeared on Field Level Media and was syndicated with permission.
NoneNigel Farage said he is weighing up what action to take if the Conservatives do not apologise for accusing Reform UK of “fakery” over its membership numbers. The Reform UK leader pushed back against reports suggesting that legal action would be the next step, saying he would make a decision in the next couple of days about his response if there is no apology for the “crazy conspiracy theory”. Mr Farage also said the party has “opened up our systems” to media outlets, including The Daily Telegraph and The Financial Times, in the interests of “full transparency to verify that our numbers are correct”. His remarks came after Conservative Party leader Kemi Badenoch accused Mr Farage of “fakery” in response to Reform claiming they had surpassed the Tories in signed-up members. Mrs Badenoch said Reform’s counter was “coded to tick up automatically”. A digital counter on the Reform website showed a membership tally before lunchtime on Boxing Day ticking past the 131,680 figure declared by the Conservative Party during its leadership election earlier this year. Mr Farage, on whether he was threatening legal action or not, told the PA news agency: “I haven’t threatened anything. I’ve just said that unless I get an apology, I will take some action. “I haven’t said whether it’s legal or anything.” He added: “All I’ve said is I want an apology. If I don’t get an apology, I will take action. “I will decide in the next couple of days what that is. So I’ve not specified what it is.” Mr Farage, on the move to make membership data available to media organisations, said: “We feel our arguments are fully validated. “She (Mrs Badenoch) has put out this crazy conspiracy theory and she needs to apologise.” On why Mrs Badenoch had reacted as she did, Mr Farage said: “I would imagine she was at home without anybody advising her and was just angry.” Mr Farage, in a statement issued on social media site X, also said: “The accusations of fraud and dishonesty made against me yesterday were disgraceful. “Today we opened up our systems to The Telegraph, Spectator, Sky News and FT in the interests of full transparency to verify that our data is correct. “I am now demanding Kemi Badenoch apologises.” A Conservative Party source claimed Mr Farage was “rattled” that his Boxing Day “publicity stunt is facing serious questions”. They added: “Like most normal people around the UK, Kemi is enjoying Christmas with her family and looking forward to taking on the challenges of renewing the Conservative Party in the New Year.” Mrs Badenoch, in a series of messages posted on X on Thursday, said: “Farage doesn’t understand the digital age. This kind of fakery gets found out pretty quickly, although not before many are fooled.” There were 131,680 Conservative members eligible to vote during the party’s leadership election to replace Rishi Sunak in the autumn. Mrs Badenoch claimed in her thread that “the Conservative Party has gained thousands of new members since the leadership election”.
ORCHARD PARK, N.Y. — In losing Sunday’s battle with the Buffalo Bills, perhaps the best team in football, Jerod Mayo won the war. Best I can tell, he’s staying put. For 2025, and maybe beyond. To his angry fan base and incredulous pockets of the New England Patriots’ media corps, remember Mayo’s future doesn’t hinge on winning this season. It’s not about what you want, or what I think. It’s about the Krafts, who hand-picked Mayo to succeed Bill Belichick four and a half years before he actually did, believing in him, and finding reasons to maintain that belief. In the eyes of someone who wants to believe, Sunday supplied enough reason. The Patriots led at halftime, then lost by three as 14-point underdogs. They became the first team since mid-October to hold the Bills under 30 points. Drake Maye outplayed the next MVP of the league for most of the game and took another step toward his destiny as a franchise quarterback, If that sounds like a low bar, that’s because it is. Such is life in Year 1 of a rebuild, a multi-year process ownership has committed to seeing through to the end with their organizational pillars now in place: Mayo, Maye and de facto GM Eliot Wolf. As frustrating as this 3-12 campaign has been, there are always nuggets of optimism amid the rubble of a losing season; particularly if you want to find them. The Krafts do, and so does Maye, who loves his head coach, by the way; calling questions about Mayo’s job security “BS.” “We’ve got his back,” Maye said post-game. Maye’s voice matters. Certainly more than any number of fans or media members. Ever since media-fueled speculation that Mayo could get canned at the end of his first season began rising, the caveat has always been the same: if, a Gillette Stadium-sized “if,” the Patriots bomb atomically down the stretch, ownership could pull the plug on Mayo. NFL Network insider Ian Rapoport became the latest to join that chorus Sunday with this pregame report: “The Krafts want to keep Jerod Mayo,” he said. “They believe he is the leader for the organization for the future, and they knew it would be a multi-year process to get this thing right. Now if things go off the rails, if they really start to struggle and he loses the locker room the last couple games of the season, we’ve seen this thing turn. “But as of now, the Patriots believe Jerod Mayo is their leader for the future.” Well, Mayo hasn’t lost the locker room. That’s a fact. To a man, both in public and from those I’ve spoken to in private, Patriots players believe in their head coach. Mayo might be a players’ coach, yes, in the best and worst senses. But the Patriots were a few plays away Sunday from pulling off their largest upset since Super Bowl XXXVI. “I think we’re building something good,” Maye said. The Patriots also played their best half of football this season against their toughest opponent yet. Another fact. Now, to the frustrated, I am with you. To the shocked, I understand. But to the trigger-happy, lay down your arms. Mayo, by all accounts, is returning in 2025. Alex Van Pelt, however, is another story. In the same vein that the Krafts could have viewed Sunday’s performance as a reason to save Mayo — despite his pathetic punt at midfield, down 10 with just eight and a half minutes left — they could have convinced themselves their offensive coordinator is the real problem. After all, team president Jonathan Kraft was visibly exasperated over Van Pelt’s play-calling during the Pats’ loss at Arizona a week earlier. Four days later, Van Pelt told reporters he had yet to hear from his boss. Well, that time may be coming. Trailing by three in the fourth quarter Sunday, Van Pelt called a pass that resulted in an unnecessary lateral and game-winning touchdown for Buffalo. His offense later operated like it was taking a Sunday drive with the game on the line, using up 3:16 of the final 4:19 en route to its final touchdown. Van Pelt, finally, weaponized Maye’s legs in critical situations, something that arguably should have been done weeks ago. Not to mention, Van Pelt’s top running back can’t stop fumbling, and the offensive line remains a hot mess. Call him Alex Van Fall Guy. Because Van Pelt’s offense, for the first time in a while, under-performed relative to Mayo’s defense. On merit, he deserves to stay; a case that’s harder to make for defensive coordinator DeMarcus Covington. But it’s not about merit this season. It’s not about what you want. It’s not about what I think. It’s about the Krafts; what they see, what they want, what they believe. 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Pete Hegseth's mother says The New York Times made 'threats' by asking her to comment on a storyWhile the rest of the Notre Dame community figures out whether it's worth paying four figures for a ticket to the College Football Playoff first-round home game against Indiana, the men's basketball team continues to figure out how to survive without Markus Burton. Notre Dame (5-5) hosts its next-to-last nonconference game Wednesday night against Dartmouth (4-4), which plays its sixth contest of a seven-game road trip. The Fighting Irish took a promising step -- and snapped a five-game losing streak -- on Saturday by edging Syracuse 69-64 in their ACC opener. "We needed to be in a close game and we needed to win a close game so our guys can build some belief back," head coach Micah Shrewsberry said. "We can't take any steps back on Wednesday." Without Burton -- the stat sheet-stuffing sophomore point guard who injured the medial collateral ligament in his knee Nov. 26 against Rutgers -- the Irish are struggling to find someone to run the offense, as evidenced by their seven assists versus 15 turnovers against Syracuse. At the same time, players are filling the scoring void. Braeden Shrewsberry poured in a career-high-tying 25 points versus the Orange while hitting 6 of 11 3-point attempts. Tae Davis averaged 12.4 points and 7.2 shots per game when Burton was healthy, but he has upped his mean production to 16.6 points and 12.2 shots in the past five games. Micah Shrewsberry, though, prefers to measure progress on a possession-by-possession basis. "Just the toughness," he said. "There have been times when we haven't gotten the key stop. We haven't gotten the bucket when we quite need it. It gets deflating sometimes." Dartmouth knows that feeling. On Sunday, the Big Green took a one-point lead with 4:03 left in overtime at UIC -- and then failed to score on their final six possessions to suffer a 69-68 loss. The Big Green, who haven't posted a winning season since 1998-99, believe whole-heartedly in launching 3-pointers as they take 48 percent of their shots from behind the arc. Senior Cade Haskins (13.6 ppg) has hit a team-high 28 of 68 3-pointers this season, though fellow senior Ryan Cornish stacks up as the team's top scorer (14.3 ppg), passer (3.0 assists per game) and defender (2.3 steals per game). In its only previous game against a power-conference opponent, Dartmouth upset Boston College 88-83 on Nov. 29. --Field Level MediaAt TOI World Desk, our dedicated team of seasoned journalists and passionate writers tirelessly sifts through the vast tapestry of global events to bring you the latest news and diverse perspectives round the clock. With an unwavering commitment to accuracy, depth, and timeliness, we strive to keep you informed about the ever-evolving world, delivering a nuanced understanding of international affairs to our readers. Join us on a journey across continents as we unravel the stories that shape our interconnected world. Read More How to make healthy Oats Palak Chilla for a kid's tiffin 10 best Fried Chicken dishes from around the world 10 ways to use turmeric in winters 10 animals not allowed as pets in India 10 types of Dosa and how they are made Animals and their favourite foods 9 nuts to eat daily for hair growth in winters How to make South Indian Podi Dosa at home From tigers to cheetahs: India’s big cats and where to find them Weekend Special: How to make Multigrain Thaalipeeth
Orlando Magic forward Franz Wagner will be sidelined indefinitely with a torn right oblique muscle, the NBA team said Saturday, a major blow for a club already missing star Paolo Banchero with the same injury. Wagner was hurt in the Magic's 102-94 loss to the Philadelphia 76ers on Friday. Jeff Weltman, Orlando president of basketball operations, said he would be re-evaluated in four weeks. Wagner has played a key role in keeping the Magic competitive since Banchero was injured on October 30. He has scored at least 20 points in nine straight games and is averaging 24.4 points, 5.7 assists and 5.6 rebounds per game for the season. At 16-9 the Magic are in third place in the Eastern Conference. However, they are still without Banchero, who said on Monday he had "finally" been able to take part in some on-court ball-handling and spot shooting practice. "Obviously (there) wasn't any sprinting or cutting or anything," Banchero said. "But hopefully in the next few weeks I can start getting into more of that and just work my way back into playing shape." bb/sevTaiwan President Lai Ching-te spoke by telephone with U.S. House Speaker Mike Johnson during Lai's visit to the Pacific, two sources familiar with the situation told Reuters on Thursday, a move likely to infuriate Beijing. Taiwan's presidential office did not immediately answer calls seeking comment. Johnson's office also did not respond to an emailed request for comment. One of the sources said the call happened Wednesday afternoon U.S. time, adding this should not be a reason for China to increase its military intimidation of Taiwan. Sources familiar with the situation have previously told Reuters that China could launch a new round of war games in response to Lai's trip to the Pacific, where he has stopped over in Hawaii and the U.S. territory of Guam. 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KNOXVILLE, Tenn. (AP) — Tennessee running back Dylan Sampson is heading to the NFL draft after leading the Southeastern Conference in rushing and setting a handful of school records. The SEC Offensive Player of the Year announced on social media his intention Friday to leave after his junior season. He helped the seventh-ranked Vols go 10-3 with a first-round loss in the College Football Playoff where Sampson was limited by an injured hamstring. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.