[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-47572-en":3,"doc-seo-47572-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},47572,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Moneyweek 19 June 2026 Issue 1317","Moneyweek Issue 1317 (19 June 2026) brings a finance-focused roundup that weighs headline market narratives against macroeconomic risks. It examines SpaceX’s IPO-driven wealth surge and the dangers of extreme price-to-sales valuations, then shifts to renewed inflation pressures, higher energy costs, supply-chain disruption, and the likelihood central banks must act. The analysis connects inflation to falling real stock returns, bond-yield headwinds, and relative performance expectations for value, commodities, and gold, alongside industry and public-policy developments such as student loan non-repayment.","MARKETS P5 SpaceX shoots for the moon  \nCOMPANIES P18 Is Alphabet’s stock still worth buying?  \nPLUS  \nMr Uniqlo expands his empire PROFILE P27  \nMAKE IT, KEEP IT, SPEND IT 19 JUNE 2026 | ISSUE 1317  \nThe real winners of the World Cup Page 12  \nBRITAIN’S BEST-SELLING FINANCIAL MAGAZINE MONEYWEEK.COM  \n19 June 2026 | Issue 1317  \nBritain’s best-selling financial magazine  \nFrom the editor-in-chief...  \n“If Germany were a person, it would be in severe danger of burnout,”  \nWirtschaftsWoche cheerfully informed me this week. Looking for something atad more positive, I turned to the US financial press, which was positively manic. On Monday alone, as one tweet on X pointed out, Elon Musk’s net worth rose by $165bn thanks to SpaceX’s initial public offering (IPO); Warren Buffett’s is around $147bn. All that careful value investing and compounding over 95 years, and along comes Musk with a rocket and shoots past  \nSlow and steady wins the race  \n“The US Federal Reserve has missedits inflation target for 63 months in a row”  \ncentres and semiconductors, is also inflationary).  \nhim in a day.  \nInvestors boldly going where no investors have gone before were apparently not bold enough to look closely at the fundamentals (see pages 5 and 6). SpaceX is unprofitable, faces plenty of potential competition, and soared to a valuation of around 100 times sales. Since 1980, companies coming to market with a priceto-sales ratio of above 40 have seen an average share-price decline over three years of 45% from the first day’s close, says Nate Wolf in Barron’s.  \nThe real danger  \nThe fuss over the enduring AI bubble has obscured an important development that could give stockmarkets a nasty case of vertigo. Inflation is back, and central banks may soon have to do something about it. The average inflation rate in the economies  \nof the OECD, a club of developed countries, reached 4.4% in April. It was 4.2% in the US, where prices have already risen by 30% this decade (there has been a similar jump since 2020 in the UK). Michael Hartnettof Bank of America Merrill Lynch notes that 46 out of 68 global central banks are overshooting their inflation target. The US Federal Reserve has done so for 63 months in a row.  \nThe outlook is not especially encouraging. Higher energy prices are working their way through the global system, so this week’s peace deal (if it holds) is hardly a miracle cure (see page 8), while disruption to supply chains will linger. The “super” El Niño weather system in the south Pacific, which is expected to emerge soon, is associated with widespread crop failure and higher prices for agricultural commodities.  \nJoachim Klement of Panmure Liberum points out that stocks in the US and UK have historically coped well with inflation of up to 3%, but above that threshold real returns start to fall, and above 5%, they head towards zero. Rising bond yields fuelled by worries over inflation, moreover, are both competition for equities and a sign of danger for the developed world’s massive debt loads, threatening a further loss of economic momentum. This kind of stagflationary backdrop, of course, is one in which commodities and gold (see page 5) do well, while value reverts to historical type and outperforms growth. Or as Warren Buffett would remind you, rockets return to Earth and the tortoise beats the hare.  \nAndrewVan Sickle  \n[editor@moneyweek.com](editor@moneyweek.com)  \nCover I llustration: ©Adam Stower. Photos: ©Alamy; Getty Images  \nA hard lesson on student loans  \nThousands of students from European countries, who had taken out loans to fund degrees at UK universities, have vanished without repaying any of the money, say Matt Davis and Lydia Veljanovski in The Mail on Sunday. The  \nstate-owned Student Loans Company (SLC) is trying to track down roughly 42,000 former undergraduates, who collectively owe it £893m. Officials have been forced to establish links with authorities across the EU in an effort to find the missing students and ","cbCailVboiHeFa4E","https://ap.wps.com/l/cbCailVboiHeFa4E","pdf",16652103,5,1,36,"English","en",105,"# From the editor-in-chief...\n## Market valuations and SpaceX’s IPO\n## Inflation outlook and central bank pressure\n# A hard lesson on student loans\n# Good week for / Bad week for","[{\"question\":\"What concerns does Moneyweek raise about SpaceX and similar high-valuation IPOs?\",\"answer\":\"It highlights that SpaceX is unprofitable, faces potential competition, and has surged to a valuation around 100 times sales. It also cites historical evidence that very high price-to-sales launches tend to see significant share-price declines over the following years.\"},{\"question\":\"Why does the issue focus on inflation as a market risk?\",\"answer\":\"It argues inflation has returned and central banks may soon need to respond. The article points to overshooting inflation targets across many central banks, higher energy prices, lingering supply-chain disruption, and weather-driven commodity pressures.\"},{\"question\":\"How does the document expect markets to behave under persistent inflation?\",\"answer\":\"It notes that stocks have historically handled inflation up to certain levels, but real returns weaken beyond those thresholds. It links rising bond yields to both competition for equities and heightened risk given major debt burdens, while expecting commodities and gold to do better as value can outperform growth.\"}]",1783563689,91,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":28},"moneyweek-19-june-2026-issue-1317","",{"@graph":36,"@context":86},[37,54,69],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/moneyweek-19-june-2026-issue-1317/47572/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":41,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-18","2026-07-09",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What concerns does Moneyweek raise about SpaceX and similar high-valuation IPOs?","Question",{"text":76,"@type":77},"It highlights that SpaceX is unprofitable, faces potential competition, and has surged to a valuation around 100 times sales. It also cites historical evidence that very high price-to-sales launches tend to see significant share-price declines over the following years.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why does the issue focus on inflation as a market risk?",{"text":81,"@type":77},"It argues inflation has returned and central banks may soon need to respond. The article points to overshooting inflation targets across many central banks, higher energy prices, lingering supply-chain disruption, and weather-driven commodity pressures.",{"name":83,"@type":74,"acceptedAnswer":84},"How does the document expect markets to behave under persistent inflation?",{"text":85,"@type":77},"It notes that stocks have historically handled inflation up to certain levels, but real returns weaken beyond those thresholds. It links rising bond yields to both competition for equities and heightened risk given major debt burdens, while expecting commodities and gold to do better as value can outperform growth.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":46,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":20,"slug":138},19,"General","general"]