The BEAT with Ben featuring Andrew Slimmon

Summary

Andrew Slimmon explains his behavioral-finance approach, arguing equities are in a late-cycle phase but not yet euphoric, with pullbacks and volatility serving to reset optimism. He sees the opportunity set shifting outside the US, particularly in Japan and Europe, while still not writing off US equities. He also discusses how active management can complement passive strategies when it is genuinely active.

• Markets are late cycle but not yet at euphoria; the biggest risk would be a euphoric melt-up led by speculative stocks.
• Recent 9% declines and negative narratives are seen as healthy ways to reduce excessive optimism.
• He is shifting global portfolios toward ex-US equities as more non-US companies beat expectations.
• Japan is highlighted for improving shareholder value and buybacks.
• Europe is briefly mentioned as a non-US opportunity but without a specific edge.
• Active management is framed as a complement to passive, especially when concentrated and truly active.