“Big Short” Investor Steve Eisman Isn’t Calling a Crash—But He Sees One Big Risk
In the Money
3,188 views
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
Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.
Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com (http://hamiltonetfs.com/)
All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at https://app.wealthsimple.com/74rd/83f...
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca (http://raymondjames.ca/) today to discover how you can live a life well planned.
Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/
The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail
info@haliburtonposthouse.ca for more information.
Links
https://inthemoneypod.com/
Instagram: inthemoneypod
https://facebook.com/profile.php?id=6...
Twitter: inthemoneypod
TikTok: inthemoneypod (TikTok: inthemoneypod)
questions@inthemoneypod.com (mailto:questions@inthemoneypod.com)
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 befor...
4 Comments
I'm a huge fan of In The Money - you bring the best investors and their best ideas. 821 videos, amazing!
I noticed your latest video ""Big Short" Investor Steve Eisman..." got 531 views in 4h. For a 46.1K channel, it should get 5K+ in 4h.
The problem is your thumbnail strategy. All your thumbnails look the same - your photo + "In the Money" logo + "Get ideas. Make money." Viewers scroll past because there is no story or curiosity.
Your competitors in finance (like The Plain Bagel, etc) are using high CTR thumbnails with bold hooks and
“Big Short” Investor Steve Eisman Isn’t Calling a Crash—But He Sees One Big Risk
In the Money
3,188 views
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.
Vote for us! https://vote.signalaward.com/PublicVo...
https://vote.signalaward.com/PublicVo...
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
Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.
Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com (http://hamiltonetfs.com/)
All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at https://app.wealthsimple.com/74rd/83f...
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca (http://raymondjames.ca/) today to discover how you can live a life well planned.
Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/
The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail
info@haliburtonposthouse.ca for more information.
Links
https://inthemoneypod.com/
Instagram: inthemoneypod
https://facebook.com/profile.php?id=6...
Twitter: inthemoneypod
TikTok: inthemoneypod (TikTok: inthemoneypod)
questions@inthemoneypod.com (mailto:questions@inthemoneypod.com)
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 befor...