The speaker explicitly states he sees "underperformance from rest of the world, Europe and Asia," and that it's "time to scale back" on a trade that has worked for 15-16 months. He links this to Europe and Asia being more vulnerable to the oil shock than the U.S. The ongoing conflict and energy supply disruption represent a stagflationary supply shock. Europe and Asia are more dependent on imported energy than the U.S., meaning they will suffer greater economic damage (lower growth, higher inflation), leading to asset underperformance. AVOID non-U.S. equity markets (particularly Europe and Asia) as they are more exposed to the negative economic consequences of the energy shock and are therefore likely to underperform U.S. equities. A swift resolution to the conflict and reopening of the Strait of Hormuz before significant economic damage is done, allowing global growth to re-synchronize.