Steve Eisman rose to prominence in the investing world for his visionary bets on the U.S. housing market before 2008, which earned him the starring role in Michael Lewis’ book The Big Short. These days, in his role as a senior portfolio manager at Neuberger Berman, his investment approach seems to be a bit more traditional. But he still has big ideas. These days, he looks at his three main macro stories for investors: AI, infrastructure, and cryptocurrencies. The last one he radically rejects. However, he sees his first two as tailwinds that could last for a long time. He’s looking for companies that can capitalize on trends like nearshoring, anti-inflation laws and power-hungry data centers. In this episode of his show, he discusses where we are in this big cycle. He also talks about his love of comic books and the core issues of his Marvel series. This transcript has been lightly edited for clarity.
Key insights from the pod:
Financial conditions and the Fed — 2:17
Three big stories of our time — 5:45
Identifying non-key AI plays — 12:11
Due diligence on AI investments — 14:31
Infrastructure investment and Trump — 17:43
Sell-side analyst arbitrage — 19:48
Public works and greening — 23:51
Major changes in the infrastructure industry — 25:31
REIT and data center investments — 28:25
Steve Eiseman Comics Collection — 33:49
Steve’s Literary Theory of Spider-Man — 35:31
Marvel Series Issues — 37:04
Why it’s not all factored in — 43:31
