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It’s been a brutal week for global investors, especially those with heavy exposure to US equities. The S&P 500 index is down 8.2% in a week and 13.2% in a month, while the Nasdaq Composite has lost 8.6% in one week and 16% over a month. Meanwhile, the UK’s FTSE 100 index has been a relatively safe haven, losing 7% in a week, but only 8% over the past month.
These recent falls in the American stock market were no surprise to me. On 20 February, one day after the S&P 500 hit a fresh record high, I wrote that “US stocks look overpriced” — repeating a belief I’ve expressed repeatedly in 2025.
Having witnessed the stock-market crashes of 1987, 2000-03, 2007-09, and spring 2020, I’m not afraid of market meltdowns. I see these corrections as opportunities to buy into great companies at lower prices. That said, I see far more value in the FTSE 100 than in its American…
