Steve Eisman made his name betting against the housing market
before the Global Financial Crisis—a trade immortalized in The
Big Short. So when he sees risk building in the market, investors
pay attention. But this time, Eisman isn’t predicting another
crash. In fact, he’s net long.
In this episode of In the Money with Amber Kanwar, Eisman
explains why he remains cautiously bullish, even as he warns that
the market has become dangerously dependent on one story: AI. He
argues the S&P 500 is far less diversified than investors
think, with much of the market now directly or indirectly tied to
the AI buildout. He breaks down the extraordinary concentration
he sees from NVIDIA (NVDA) to the hyperscalers to OpenAI and
Anthropic—and what could cause that chain to unravel.
Eisman also weighs in on rising interest rates, why he believes
U.S. banks are safer than they’ve been in decades, and why he
isn’t worried about America’s massive government debt. And he
revisits one of his more infamous calls on Canada: his bet
against Canadian banks. Eisman admits he was wrong, explains why
his bearish housing thesis never played out as expected, and says
Canada’s oligopolistic banking system has helped keep its banks
safe—even as Canadian housing now faces a significant pullback.
Plus, in Pro Picks, Eisman shares his high-conviction ideas:
NVIDIA (NVDA), which he continues to own as long as the AI story
holds together, and Eli Lilly (LLY), which he believes has won
the weight-loss drug war. He also reveals why he closed his
hugely successful short position in FICO (FICO) after the stock
plunged roughly 60%—and teases another short he isn’t ready to
reveal just yet.
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Timestamps
0:00 Trailer
02:07 Introducing Steve Eisman
03:32 “The Big Short” guy
04:57 Is the market headed for trouble?
05:42 The S&P 500’s hidden concentration risk
07:32 What could derail the AI boom?
08:24 The AI investment chain: Nvidia to OpenAI
11:34 AI competition, government, and China
12:48 Can AI spending earn a return?
14:11 Why Eisman owns Nvidia despite the risks
15:19 AI’s compelling story—and its cash burn
18:00 What the bond market is signaling
19:18 Why the market is so narrow
20:12 Housing stocks and interest rates
21:44 Are U.S. banks safe?
22:22 Private credit: waiting for loan defaults
23:06 Eisman admits he was wrong about Canadian banks
24:19 Commodities, oil, and inflation
25:47 Short positions and lessons from the 2008 crisis
28:16 U.S. debt, Treasuries, and the dollar’s role
30:52 Pro Picks: Eisman’s high-conviction stock ideas (NVDA, LLY)
31:53 Why Eisman closed his FICO short
32:41 Eisman’s “Iceman Playbook”
33:04 What Steve Eisman does for fun
Sponsors
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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