With stockmarkets riding high, betting on disappointment has rarely seemed so tempting. Our finance correspondent spoke to three of America’s most prominent short sellers to find out where they’re placing their bets. Perhaps surprisingly, they’re not all bearish.

If picking winners and losers on the stockmarket is too nerve-racking, choosing a cultural champion is much safer. The latest Back Story column argues that two young Hollywood stars have triumphed in 2025, but their success is not without controversy.