The Big Long with Steve Eisman

Steve Eisman of Neuberger Berman joins the pod this week! Dan, Danny, Guy, and Steve discuss: what’s driving the market, why Steve is no longer bearish, investing in infrastructure, the low-end consumer, why Steve thinks the election is over, what a Trump re-election means for the stock market, energy, Steve’s optimistic view on the market, what could cause a bear market, what Steve believes about managing money that most people don’t understand, “The Big Short”, and the Preakness.
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About the Show:
On The Tape is a weekly podcast with CNBC Fast Money’s Guy Adami, Dan Nathan and Danny Moses. They’re offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we’re here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market.
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[@mmm-cake]

Great show!

[@Farmwald853]

S&P 500 is Up and will do better in 2024, as indicators for profits continue to improve, making investors like me believe that “Santa has come early” to the markets. How to boost a $250k portfolio in order to achieve 7-figures would be appreciated

[@LagerthaJackson]

In fact, markets have incorrectly priced in such a pivot six times over the last two years, according to Deutsche Bank, which sounded cautious about this seventh time. Still showing us why pointers from market experts are essential

[@JohnMatthew-hq3xs]

It's true that wise asset allocation is essential. In addition, some people use hedging techniques or allocate a portion of their portfolio to defensive investments that do well in bear markets. Also aided by professional advice, That's how I've managed to survive for the past five years and accumulate about $800k ROI.

[@SteveKalfman-yv7co]

wow massive gains! my partner recently hinted on going same direction.. what did you invest in, and who is your investment adviser please, if you don’t mind me asking? in dire need of asset allocation

[@JohnMatthew-hq3xs]

Can't divulge much Vivian jean wilhelm deserves credit for my investing success as one of the finest financial planners out there, you should be able to locate her online if you are internet-savvy.

[@JohnMatthew-hq3xs]

Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@bernardallen55]

Certain equities normally rise around this time of year, but that is unlikely given the present recession and economic environment. I have a lot of stocks with the hopes of making money this month, but I'm not sure if I should retain them or sell them. I've been losing money since Q2 2022, and the outlook for investors in 2024 does not look promising.

[@mikeharry96]

If you expect a larger market downturn, I recommend evaluating the firms in your portfolio and their future prospects. Seeking expert advice from an investing consultant may assist you in reorganizing your portfolio and balancing out underperforming assets. This strategy has relieved my stress and anxiety while also saving me time.

[@danieljackson87]

I think it's great to use a portfolio advisor when investing. Before I met with a certified portfolio advisor during the pandemic crash in March 2020, I had recently started having terrible dreams. Finally, with the help of my advisor, I was able to increase my initial investment of $400k to over $2.8 million dollars.

[@dolanjordan]

@@danieljackson87 That is just amazing! Could you please tell me about your Certified Financial Planner (CFP)? This year, I'm considering some financial changes.

[@danieljackson87]

@@dolanjordan It was run by Sharon Ann Meny, whom I found about and contacted through a CNBC interview. It has since acted as a point of entry and departure for the games we have highlighted. If tracking is required, an internet search can be performed.

[@andrewlogan7737]

@@danieljackson87 Thank you very much. I just checked her out and wrote her an email. I'm hoping she responds soon. I've been thinking about doing this for a long time, and I've already procrastinated enough.

[@hamood3]

WOW they kept coming at him from every angle and he kept brushing them off like they were flies 😆 He hit them with so many "I don't care 🤷🏻‍♂" and he genuinly didn't, they got irritated. And the fun thing is that they all look up to him so much they have no comebacks. He is levels above them, it was beautiful. We need Steve to be in the corner of every episode just to shut these grumps up every few minutes.

[@georgelien]

That’s why he was the Ring Leader 😂😂😂

[@MattT157]

“Am I on this show or are they just going to keep talking?”😂😂

[@SirBenjamin-oq1wd]

My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.

[@Stephine-un5zs]

As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.

[@MablePauls]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.

[@Manselus-mn1mn]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

[@MablePauls]

Angela Lynn Shilling is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Manselus-mn1mn]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@JSS5391]

Steve says “what’s the question” after Dans rant about nothimg. 🤣

[@caseybarrington]

I laughed so hard at that! Dan just loves to hear himself talk “youknowwhatimean?”

[@civillian888]

My favorite part!

[@Ludditism]

Dan, when you bring someone on to your program to interview, we tune in to hear the person you brought in to interview. Not you. Watch Hot Ones. He asks the great question and doesn't sidetrack the great question with 10 parentheticals. He asks the question, and steps aside to let the person we came to see, answer it. I love hearing your explanations, but not during an interview. You're a great explainer, not a great interviewer. Or the not so charitable way to put it; you love hearing yourself talk, you don't want to hear what the other person has to say.

[@meyersjosh]

100% agree

[@jimbolimbo]

Yep, I stopped following as Dan talked too much off topic. Guy does it too in other interviews. Stick to the topic.

[@icucmerc]

To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game. Risk comes from not knowing what you are doing.

[@MA-KEJointVenture]

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

[@quantarrow]

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

[@IshrakHossain-rt8is]

Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.

[@nandojuace]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@LolMan-qy9cc]

Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

[@JimMcNutty]

They want him to be a bear so bad like they are stuck with because they will look like idiots if they switch to bulls. It’s funny all things they keep trying different narratives.

[@swaggitypigfig8413]

Rename this to: 3 ramblers vs Steve Eisman.

[@Contheon]

Dan ... let Steve talk. That's why we are listening. You are great at distracting guests. Enough.

[@meyersjosh]

You guys should have him on again, but let him talk this time, that would be amazing!

[@BlizzardzRS]

Kudos to Steve for fighting off Chicken Little's ideology for 50 minutes.

[@BlizzardzRS]

To the podcast hosts: if you want to pontificate on your own ideology for 50 minutes, consider saving it for a solo podcast. But if you bring a guest on-especially an esteemed guest like Steve Eisman-you might want to give your listeners insight into *their* philosophy, not yours.

[@petermitchell4523]

Always enjoy hearing the insights of Steve!

[@jacklonergan9991]

This guest has balls

[@islandgeeza]

Eisman is correct pointing out that deficit fears have been around for decades and rarely matter very much until you are edge of potential default - ie Greece. The Fiscal Dominance panic is so unfounded right now that it's almost embrassining to even spend more than 5 mins discussing it. But RR crew - ex EY- are in a NYC HF bubble convinced we should all be panicking.

[@gunarannders7797]

Dan was so distraught, he most likely suckled his Uncle Joe approved pacifier all night. Hopefully Uncle J approved pudding snacks were also available.

[@jakenovello6786]

Really Dan, let the man talk.

[@jacquesreilly1850]

Once he said that Trump was going to win the election, everybody knew that Dan's feelings would be so hurt.

[@GFY11]

Trump derangement has affected many of my family members. It makes these people unable to function like a normal human

[@watchjds5413]

OMG! You guys have a brilliant guest on and all you do is talk over him shut up and let him talk. Quit being such egomaniacs that you need to control the conversation. I’m not listening to hear you guys you’re always wrong. He’s a pretty smart guy. Let him talk.

[@meyersjosh]

100% agree

[@brianharris9320]

Phenomenal first 10 minutes. Thank god for Steve

[@teacherrussell5206]

Love the Eis-man. Always entertaining and educational. Great show, guys. Thank you.

[@MitchellVasovski]

The BIG SCHLONG! Steve Eisman 2.0 is greatness

[@TooAjit2Quit]

This was a fun show! Everyone wants to see the unhinged Eisman, but he's found inner peace now

[@watchjds5413]

You guys wasted my time I don’t want to listen to you. I wanted to listen to Steve you complete conversation hogs!

[@TrickwoodTV]

Love hearing from Steve, great pov

[@thecountofmontecristo8280]

Observe the psychology at work here. Guy Adami spends 5 minutes blowing smoke up Steve's ass and undoubtedly Danny has similarly effusive and glowing terms for his mentor. Then we get into discussing markets and they can't understand how Steve can't agree with their position on the Fed and the government debt situation. Steve isn't the problem, you are. You perceive Steve to be all knowing, yet in hindsight he made one great call. Making one great call doesn't mean you have the answer or perception to make future great calls, nor does it mean that he is right about any future crisis. So again, it's not Steve with the problem, it's you, because you choose to deify a man who as far as I can see makes no claim to that title.

[@paulb7207]

I'm perplexed on how emotionally immature these guys are. Steve is calm, collected, and uses logic and great argumentation. The other guys could definitely use some therapy to grow up a little bit.

[@gregorysmith999]

One os the fun things of Trump getting elected is to watch Dan Nathan melt down and go nuts. That would be funny.....

[@JPSinvestincts]

This was like being on the set of a Happy Days reunion episode where the Fonz (Eisman), schools the annoying student Ralph Malph (Nathan), while the sometimes cool guy Potsie (Guy), and the all-American good guy Ritchie Cunningham (Moses) realize that they indeed will never be the Fonz.

[@szx2222]

Loved the natural conversation and what it was like in detail during the subprime days. Keep it up!

[@barfly1984]

Enjoyed his prediction about the election. Might be completely wrong but bold call.

[@R-vw3uz]

Guy was a little too "on" this episode...was getting annoying. Not everything is a joke and needs an anology...Just ask the questions and have a conversation.

[@Trumpindad]

So relieved they had Steve on. This guy is talking about stuff that matters. His Trump opinion is a bullseye

[@georgelien]

The only thing Steve is wrong

[@georgelien]

Anti-abortion cost Trump and Republican Party 2024 Election

[@SamEbby]

eisman is great

[@aberhan7984]

OMG Steve Eisman may be a closet MMTer. I am already out of the colset. And he's 100% correct about the deficit. I've seen Lois Rukezer shows where they were freaking out about the deficit when it was hitting $1b in the 80's.. Wall Streeters like the two Dans here & Guy will learn the hard way.

[@douglaswood6991]

That was a f'ing great show

[@rrrfamily565]

I am sorry but Guy Adami is a financial commentator with ZERO financial knowledge and sense. I mean, absolutely ZERO.

[@civillian888]

Guy can barely speak English

[@Astrobucks2]

To be fair, his predictions probably carry as much weight as the rest of the "experts", who are almost entirely consistently just as wrong.

[@billgreenstein6414]

Steve understands this is a bull market and he's going to ride it until he can't. He's not looking for what can possibly go wrong...like Dan, he is long and is going to stay long until he no longer can. THAT's how you make big $$$. Ride 'em until you can't.

[@charhurhur]

Second time watching the other one I watched with porter and Vinny was nice because the episode basically got right into the guests

[@currierj21]

dan wants his opinion to be right when it doesn't matter. all that matters is price. these wind bags are so invested in being right I told you so. waste

[@NUWILDCAT1977]

Great show guys, thanks. Dan, get used to what’s coming in November.

[@georgelien]

It was so good to see you guys together in real live instead of in the movie.

[@georgelien]

😂😂😂 They are afraid that Steve is hiding the Greatest Short of All Time from them.

[@eric22361]

There were in fact protests and demonstrations are commencement speeches Dan.

[@kingcoconut3697]

I agree with him on this protester thing lol

[@mp13r17]

I like that Steve had his big win for his career, and has now managed to switch his mindset to relax and enjoy life and not stress about things. Being Long only looks good on him.

[@harambenolevest69]

For context, interest rates have been in decline for 40 years until a few years ago. It's been easy to add to the debt. THAT IS THE POINT.

[@wackadoodle4446]

Dan so triggered that Trump may win….😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

[@__78__79-mw2du]

Revux responsiveness to community feedback is impressive.

[@George-jm4rn]

As always, Dan talks too much. And is consumed by his bias. Always like hearing from Eisman, even when I think he's wrong.

[@user-sb1ee7xd1g]

Revux focus on user experience sets a new standard.

[@MitchellHighway]

Top 5 on the tape Episodes of all time 🔥🔥🔥🔥🔥

[@larryh9525]

Steve's view on the debt can be looked at on two fronts. 1) As the net worth of the world grows the US won't have any issue selling bonds. 2) This year the interest on the debt will exceed the defense budget. His view is that it won't be an issue until it is, indicating that when that day arrives it won't be a small issue, but a large one.

[@aberhan7984]

Interest rates are not related to the deficit is what I gathered.

[@prolific1518]

You assume countries will want the US debt

[@larryh9525]

@@prolific1518 The reason the US will get bought has to do with yields. Pay the highest yields and you'll see the most debt.

[@larryh9525]

@@aberhan7984 It's easy to make the case that interest rates impact on the size of the US debt is important. The debt is growing by $1T every 100 days, which is roughly $3.5T per year. A few hundred billion a year is being spent due to higher interest rates on the amount being rolled over. I agree with Steve that the debt wouldn't be an issue if the country was running a balanced budget as inflation will eat away at it over time.

[@aberhan7984]

@@larryh9525 yes but the biggest reason is because of our track record. We always pay.

[@HarmanReen]

I really wished they would let Steve speak and share his outlook on markets rather than keep trying to challenge him with their bearish thesis! What a wasted episode especially with Dan going on non stop with his nonsensical rant! No one is here to listen to your views Dan Nathan! Even Danny and Guy kept quiet throughout the show after a while but this Dan kept making a fool of himself!

[@MgBlazer77]

Y'all better trademark The Big Long cuz it's gonna go viral this year! MOON MOON MOOOOOON

[@TheCrjflyr]

Dan’s TDS is soooo bad. He’s been spending too much time with Steph Rhule and that crew.

[@edwardvanorden269]

Way to grill him, Dan!

[@anitadelgigante2126]

It's Steve's opinion - let him talk. I wanted to hear what he had to say.

[@shuikai272]

My understanding (may be flawed, idk), is that the debt adds to income inequality, inflation, etc. Wealth extraction. So maybe it's actually a GOOD thing for the stock market, at least temporarily (perhaps like the last 40 years, plus maybe some more). But eventually, you always run out of other people's money. How do businesses make money if nobody but them has any money? If cheeseburgers at McDonalds cost $50... Who can afford to buy them?

[@doubleclick21]

"If something cannot go on forever, it will stop." Unfortunately in the recent past it took world wars to decimate wealth at the top. Not saying that WWIII is coming but who knows what AI or shrinking population or ???? can/will do to reign in unsustainable wealth concentration. I suspect (volatile) politics will eventually play a role, but maybe scarcity of labor (and so a more bottoms up income effect) alleviates inequality so that there is no violent redistribution or awful economic regimes, etc. Or maybe extreme wealth concentration will prove to be sustainable! 🤷‍♂️

[@shuikai272]

@@doubleclick21 We will have a 2nd great depression. Might take awhile though. Roaring 20s came first.

[@Gaming18745]

Revux community-driven approach is what crypto needs.

[@user-un6wd2og1f]

Revux market entry timing couldn't be better.

[@gabec5685]

Love the podcast, but Dan can be insufferable at times. This being one of them.

[@CareyMoulton]

when the market responds to the debt and interest rate level, then those things matter. Which means those things do matter, but you are choosing to ignore them because market prices are going higher...

[@seanc846]

I enjoy Steve very much but his arguments for not being concerned with US fiscal issues - at least how he presented them here - are not very well thought out…

[@vicschauberger2737]

I agree . Deficits don't matter and the strengthening dollar going through Forex like a wrecking ball doesn't matter and middle and lower income suffering from inflation doesn't matter . I'm Steve and I'm long and I don't have to explain myself . Believe what you want , because" this time it's different ." . Granted , the strong US$ is forcing international money into US$ equities , but how long will Japan endure this beating ? The volatility in the Yen is the 800 lb . gorilla in the room . If the Japanese economy collapses completely , they'll find a way to opt out of the Dollar system . That will probably mean going to a basket of Asian currencies as an alternative . They might as well have had MMT disciple Stephanie Kelton as their guest .

[@Bglov29]

Awesome show

[@Jannikheu]

The title somehow sounds wrong...

[@jacknaneek1681]

Dan Nathan says he is one of those Most informed people in earth. What a joke.

[@udaysharma6347]

Revux commitment to transparency is refreshing in the crypto space.

[@brianlechner6163]

Can I ask the interviewer to pull the information from the guest? Let him talk.

[@top7xgamer]

Revux leadership team is stacked with industry experts.

[@ronsilva7394]

Things look good Dan ?

[@aakashsonawane2456]

Revux partnerships are a testament to its credibility.

[@serpentinite408]

Danny said that they were going to cut a year and a half ago

[@jays9870]

Danny forgot who the goat is - D. Wayne Lukas

[@williamharris7849]

There are plenty of people who haven't been making the argument for 40 years who are making it today.

[@Astrobucks2]

The difference being that debt to gdp ratios are a lot higher now vs then, but we'll see.

[@Jean-Luc-sh2pg]

It's very annoying for listeners when the hosts love the sound of their own voice so much that they hardly let the guest answer. To the hosts: the show is not about you; nobody cares about your jokes. Let the guest speak at great length without interruption. Otherwise his points are completely lost.

[@swedesam]

Aww, hell yeah!

[@Marketwizchap]

Have @ it Eisman…….nothing can disrupt the mkt until something can……..

[@valetudo1569]

I thought it was interesting when Dan said "If the S&P is at 1500 - Biden wins" and then Eisman says it doesn't matter at all. These guys are so market-minded that they think everything revolves around that for everybody. They can't possibly comprehend all the other factors that could influence politics and think everything is all about... the market. Because to them? Everything is

[@usazar]

You cannot invoke Mount Rushmore and then compare the US to a company, what company owns 640 million acres of land and can print money.

[@SamEbby]

love

[@MrDROCKINC]

THIS IS MY CAB! MY CAB

[@RichardSwales-sp6ls]

I'm flavoured, $22k every week! I can now give back to the local in my community and also support God's work and the church. God bless America.

[@Rickypages]

Interesting, I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it, you seems to be doing excellent for yourself, how do you achieve this?

[@JamesDerek-yg3pp]

Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.

[@frankAnthony-yr7np]

You're right! I have lost a lot trading all by myself without a guide, it's been an uneasy ride for me. Who is your mentor please. How can I reach her I really need help in this bear market now?

[@RichardSwales-sp6ls]

I know someone who can help you Mrs. Thompson Lucy

[@JamesDerek-yg3pp]

Please who is this Mrs Thompson Lucy

[@michaelnewman1813]

Why do hedge fund guys insist of wearing vests? LOL

[@kraz007]

Steve is a big boy now and does not indulge in bear pr0n.

[@luis_g_77]

At 10:05 Guy says that Steve abandoned them by being optimistic. I hope everyone on the show agreed to play up the aguments for entertainment, because if Guy is being serious, then he is a huge jerk and delusional. Just because someone decides to change opinions, doesnt mean it is a personal attack on you. These hosts are examples of having all the wrong mindsets of sucessful investing. Cherry picking data, discouraging open mindedness, seeing opposing views as idiotic, acting like they have all the answers and are never wrong. A crash will happen at some point, but Steve is right that at the moment, there are also legitimate reasons why the market is doing well. Its never 100% perfect, or 100% disaster, there will always be warning signs and positive data.

[@pnbmpnbm1155]

Eismqn is not worried about the bond market because of it's size... What happens when it is inflated away to zero value?

[@doubleclick21]

lol, who cares. Invest in public equities that hoover up real economic value from all over the globe. Imagine being a "bond investor" on the secondary market. 😂 What a waste of time, freaking out about your principal protection and inflation, when you could just risk your principal and own/invest in profit-seeking enterprises that, again, provide real economic value and distribute it among their owners, and who just float on top of whatever the underlying currency is doing. So maybe countries have gone through bouts of hyperinflation, and nearly all of them had functioning business before, during, and after.

[@pnbmpnbm1155]

@@doubleclick21 nope I'd rather invest in bitcoin and precious metals thanks. Stocks are ridiculously overvalued.

[@JamminJaminK]

This interview was incredibly disappointing. Another dead bear turns long only.

[@hafeld8348]

Steve is great. Danny, Guy and Dan sound like fools trying to convince Steve they are right.

[@currierj21]

rich ross had it right. why was rich ross ever kicked off fast money?

[@user-mi6qr6jh1f]

Yeah no use cases for BTC, you’re wrong on that and you’ve been wrong shorting the market the last year and a half.

[@fredcrossman5133]

Just fast forward when Dan talks. You can avoid his rambling. Josh Shapiro says Dan is his favorite fade. Poor guy.

[@R67tgk86y]

Steve Eisman, this is a man who saw the devil's reflection in a mirror, sounded scared to say the least

[@alqubes]

Bitcoin has way more Advantages

[@runningdonut]

You guys need someone to moderate the show Dan pushing his bias down every guest throat is getting old. We know where Dan stands on the market.

[@chrisdeantonio1498]

Hahaha did Dan say he thought this group was “the most informed people on earth?!” Talk about hubris…

[@rodmonasterio1568]

Dan’s meltdown on Trumps reelection is hilarious 😅 Talk about ridiculous

[@kingcoconut3697]

Why the guy on Steve right is too emotional politically motivated? Just talk about the market and industry.

[@jupitersstring2823]

🤣 Pure comedy

[@user-yq7rr9lh9c]

Eisman was a big bear till not so long ago, be careful guys when all bears turn bulls, we know what happens next - big-ass market downturn.