Bloomberg Surveillance Single Best Idea with Tom Keene: Andrew Slimmon
13 snips
Nov 26, 2025 
In this engaging discussion, Andrew Slimmon, an investment strategist at Morgan Stanley, delves into the factors shaping today's markets. He emphasizes that momentum and earnings revisions are pivotal, overshadowing traditional metrics like value. Slimmon draws an intriguing analogy between earnings revisions and market acceleration. He also highlights common investor misbehaviors, such as selling low and buying high. Finally, he connects the significant market declines of 2023 to interest rate hikes, shedding light on current investment opportunities.
AI Snips
Chapters
Transcript
Episode notes
Momentum And Revisions Drive Returns
- Momentum and earnings revisions have led style performance over the past decade more than value, growth, or dividends.
- Andrew Slimmon says momentum is number one and revisions number two in what has worked.
Revisions As The Market's Second Derivative
- Revisions are the second derivative of earnings beliefs and they meaningfully move markets.
- Tom Keene emphasizes that consecutive constructive revisions boost investor profit expectations.
People Buy High And Sell Low
- Investor behavior tends to be perverse: people sell when prices fall and buy when prices rise.
- Andrew Slimmon notes this behavioral pattern as a consistent market truth.