Steve Eisman: ”It’s very hard to short a stock that’s a cult”
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- เผยแพร่เมื่อ 21 ม.ค. 2019
- Portfolio manager Steve Eisman predicted the financial crisis of 2008 and was one of few that made money when the stock market crashed. The process inspired Michael Lewis’ book ”The Big Short”, which later became a successful Hollywood film.
Swedish journalist Katrine Marçal meets up with Steve Eisman in London to discuss worldwide issues and how they affect his current investments. The conversation revolves around politics, company analyses and the emotions of investing.
Among the controversial shorts in Eisman’s portfolio are a few British banks that could be hurt by a recession caused by Brexit. He is also shorting Tesla, a move that is offending owners of the American car.
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I though I had a stroke when the interviewer start speaking in Swedish.
😂😂
That happens to me on a daily basis
why is that?
i met a swedish girl once, thought she was a brit. their english skills seem amazing, it must be taught well in school there
Tyler Sin 🤣😂🤣😂
The only respectable, unbiased journalist i've seen in a long time. Good interview.
LOL no
She’s very good and informed, but not really unbiased. She rose to fame for her opinion pieces in Social Democratic publications.
However, I respect and commend her professionalism, even if I don’t share her political views
yes cause its not american corporate media
Nah. She's a swedish journalist. There's nothing more biased than a swedish journalist.
@@rovhalt6650 You watch the video. She sat there, interviewing him. Being unbiased. Yet, somehow, you claim she can't. Because she is Swedish? That is perhaps, one of the most moronic comment i have seen on youtube.
That journalist would never get a job on the BBC. There is no room for unbiased interviewers asking unbiased questions who then actually allow their guests to answer questions in that government outfit.
Same in USA, joke
humans, in general, underestimate low probability negative outcomes (eg financial crises, natural disasters); and overestimate low probability posivitive outcomes (eg gambles, lottery wins)
Greed n complacency
Onur Somebody watched The Big Short
I don't. That's why I never fly.
Because no one wants to die and everybody wants to win.
Is more about the desire, than the prediction or estimation.
This interviewer is amazing, it is so bizarre compared to the trash you usaully get
Steve Eisman appears to be enjoying himself too, which is not obviously apparent in other interviews of his. She doesn't interrupt him either, which I love.
hell of a british accent there from a Swedish journalist :o
She really is fantastic. A great well-rounded interview and all the right questions
@@ricochetVendetta You even hear her speaking swedish and her speech changed so much instantly it was jarring
I watched it and part way through realized she was as interesting as Eisman is. She is obviously well read. Know's her current world and financial events and is not a talking head. She knew enough to lead Eisman down roads he otherwise would not have talked about. We need more journalist like her.
She's a great interviewer
I love listening to Steve. He’s such a rational straight shooter
I just discovered Steve he is a real gem. People talk about Burry more but Steve's thinking and analysis is a lot more current I think
It is so nice to have an interviewer who wants to listen and an interviewee who is genuinely interesting.
That has got to be the nicest interviewer I’ve ever seen. She tries her hardest to make him feel comfortable even when English is her second language it seems.
It might technically be her second language, but she speaks it absolutely perfectly so it isn't really a factor. She is fantastic though.
"The For-Profit Education Industry is a Non-Ethical Industry." Well said! There are glimmers of light in the dark world that is Wall Street.
Eisman is amazingly insightful and rational as usual, however its the interviewer who made this such a valuable interview by allowing him to speak, asking smart questions and above all, also understanding deeply the matter they are discussing. More interviews like this please.
It's hard to short a stock that's a cult.
Game stonk ! To the moon ! 🚀🚀🚀
Fantastic interview. Very informative. Eisman's character in "The Big Short" was like an Old Testament prophet screaming into the abyss. I'd buy his picks.
Actually it was Michael Burry who saw it coming. He shorted stock that triggered Lippman who did more research then approached Eisman. Eisman made most money bcoz he had most funds.
So technically prophet is Burry
super Joshi yup, Burry is the real prophet. Look up his opinion on the index fund bubble, something bad is coming again.
Jeremy Corby makes Bernie Sanders look like a raging capitalist. That's way too funny.
It's weird he says that the establishment has utterly failed especially with fair wealth distribution but then when a socialist looks to reform the establishment in a more stable method he thinks it's a disaster. Seems contradictory and it's not brought up by the interviewer.
@@jimbraatz4514 i read up on Corbyn's position and the first thing I read gave me worry. Dude wants to print money for infrastructure. That's not good in any way.
@@fallout560 Yeah MMT is kinda scary, i don't agree with that aspect either.
I also, for the record, don't see how MMT is socialist.
Let’s hope it stays funny.
He’s so blunt that I can’t help but like him!
He is wrong about Tesla.
@@radbarij None but I bought 3 shares of Tesla lol
He was wrong about Tesla and his short ended badly. I really like him though. His mistake was thinking about Tesla as a car company, which it ain't. It's a technology company
@@joaosas He was wrong because he underestimated the cult
@@joaosas he's absolutely right about Tesla. What he underestimated was the irrational Tesla army. Like yourself
This is the type of interview I enjoy watching. Well done
came for Steve Eisman, stayed for the remarkably well conducted interview
She’s a great interviewer. Hope she has a happy, healthy baby by now 🙂
it is mostly the political dimensions of brexit that is analysed and hence this is a very refreshing and unique take
He enjoys talking to this girl. I watched another one of his interview with her and he is super there too. I mean he’s a great interview.
A rational conversation in an irrational world.
The interviewer is incredibly charming.
Damn it - this man is so thorough with his Research and clarity of thought
the more i listen to him, the more i wish he was a policy maker.
Everyone is talking about his Tesla short, but he also shorted Zillow in the low 30's in fall of 2019, and the stock went to $156 18 months later.
oof
Just stumbled on to the 'EFN' channel, watching two interviews with Mr. Eisman. Both Mr. Eisman and the women directing the line of questioning are excellent
Steve Eisman : next financial recession will not happen in this year or next ,
corona : hold my beer
I mean many/most stocks already bounced back quite a bit. Don't know if this actually qualifies. Maybe we'll see another drop later this year to justify calling it financial recession.
@@MrC4ctu5 you probably right , but price of stock market is effect of what happening in main street , and small business are not even near good conditions , and base on expenses and bailouts of feds and government i don't think government have any plane for printing more money this year. and eventually it will hit stock market.
i am not a Economist i know nothing probably i am wrong.
And to be fair, Steve Eisman functions strictly within the financial world. He does not have the ability to predict external forces on that realm. He could anticipate how external forces might be impactful, but not the what and when.
still didn't happen
@@nemeanlioness yea
Very smart guy. Interesting how he can be so wrong about Tesla though.
When he said that the leaders in self driving cars are Google and GM I had to laugh out loud, he shouldn't talk so much about technology if he has no clue about it.
"Do you like shorting something that you dislike?" - great question 😂
His autonomous driving statement really shocked me, who would even say some wild shit like that, even in 2019?
Nice interview. If only all journalists could emulate this.
I love to listen to Steve Eisman in these youtube interviews, and when he does presentations. Thank you, Mr. Eisman for all the interviews you do and the presentations you've done which are available to us on youtube! I also liked very much, Grant Williams' interview of Anthony Deden. I will watch it again. Lynette Zang seems to share his thoughts on the stress tests. And when GM failed, my dad's retirement investment (part of it), of $30k went, "Poof!"
All systems and entities depend on faith in them to thrive. When faith in them falters they follow.
A maintenance problem with TESLA Cars. Yup, that's a problem.
Pretty damn prophetic... pre-GME 👏👏
Both the people having the conversation were a thinking persons delight !! Good interviewer
watching this sept 2019 Mr. Eisman !
2 years later. How’s that Tesla short going for you
Anchor is awesome hats off...
very interesting interview. Thank you
That Tesla short has paid off big time since this interview in Jan 2019
Since this interview it went from $334 to $246 a share. I thin I'm going to buy some GM after listening to him.
I’m not sure what experts he’s talking to about autonomous driving leaders. All the experts I’ve heard talk about the subject have said that Tesla is in the lead.
@@TheStrengthSummit for now, Porsche just released the new EV and other companies will follow
jalalala akalalala yep, they have. But the Taycan costs significantly more than the Model S and the performance isn’t even as good.
@@TheStrengthSummit that doesn't mean that it will always continue like that. The point is that he is shorting them so that in the future when other companies produce more electric vehicles and telsa lose market share their stocks will fall and he will then get a large return on investment. Look at Tesla stocks now compared to when this video was released.
"ZERO."
Vennet: "Mark Baum really did that. Now you see what I had to deal with."
BOOM!!
Great interviewer, great interviewee. Great job.
Helt fantastiska intervjuer ni fått till!
I have a lot of time for Steve Eisman but I think he’s got it wrong on Tesla.
You'd be right too (: lol
Here after Elon Musk became the richest person on earth, yeah nah I’m on Eismans side this shit is overvalued af and most definitely a cult.
Most definitely a cult.
@@chrish267 why’s your opinion any better? Fuck up idiot hahah
Tesla to the moon
I think that Elon Musk will eventually go down as the biggest fraudster in the history of capitalism.
It has been “6 months to a year”. What do you think of credit quality now?
Wow. That Tesla short position is a bummer given the price action ytd.
Excellent interviewer and interviewee
Danny Devito's penguin was based on Steve Eisman.
Fantastic interviewer-- this woman is great
This was outstanding, following for future content!
Katrine Marcal is the best damn journalist working in the UK today. I've just ordered her book 'Who Cooked Adam Smith's Dinner?'
is she a free market girl?
When was this interview?
I think it was Oct 2018 (that was when GM was trading at the price mentioned of $30.00.....
Great interview , but credit card and student loan delinquencies are at record levels in the US , so certain areas of the credit market are not rosey
Corporate debt levels at record high as well...
That's already priced into the loans. That's why the interest rates are so high for student loans.
Have no fear congress can bail out any bunch of unworthy shitheads it chooses.
Good interview.
What a great interview.
Great fluidity with the followup questions. I felt like I was being taken on a guided tour down white water rapids.
I need to follow this guy.
This is an interesting talk. 😀
Great interview
@5:51 Epic quote
Eisman is not worried anymore!
I don't know if that should calm me down or scare the shit out of me! Maybe he just don't want particular instruments to be priced in correctly :)
Hard to be worried with a couple hundred million
I hope he retracted that Tesla short... 2020 didn't look favorably upon that move.
“How that happens? I don’t know. But then again, it’s Italy.”
This is spot on in more ways than one lol
thank you
Yes! I've been saying that with Tesla for years! Plus their quality is spotty.
Everyone with more than 3 brain cells has been saying that for years. Tesla is not priced according to its success, but according to its religious following of cretins
"Which 3 banks are not important"
Watch me short any 3 UK banks and lose LOL!!
that's pretty much what has just happened! Stonking great big conservative majority and a no-deal brexit looks unlikely.
GM and Google are leaders in autonomous driving? That aged well -.-
Great interview!
Hello Steve, what abouts SLABS? would you predict a 2021 Crash? (maybe he reads comments who knows)
Joe T develop?
Joe T ok
GM Market cap $51.6B, Net debt $92.4B, Enterprise Value/Revenue: 1, EV/EBITDA 10.55. End of economic cycle. Is that pristine?
What an interview!
Both compliment each other...well done..
Yes doesn't seem angry any more after his big short
Great interview 💯✅
great first 40 seconds
2 years ahead of its time
Man epic call on the housing bubble, but those Tesla shorts really did not age well
As always, top content
9:11 and... he was right once again
About Tesla or the banks?
Don't believe in Tesla but do believe in General Motors......Well it's a year on and is Steve's assessment the same?
Well Spoken...
2:15 Italy has a dual party-government ... how it happened I don't know. I'm Italian, I do not know it either. :-)
I know. People are sick and tired of their elites. they dont choose wisely, but that’s their reason.
@@jorgegomez524 In Italy is more that we are tired in general. Red tape everywhere, hypocracy. Young people would like to shake things up but the power lies still in the hands of cronies and baby boomers. We feel left out.
@@minkyone same here in the USA. Both parties work for the same globalist elite.
No, $35k is average for cars and suv. But the Tesla Model 3 is a car, not a suv; the average ICE car
(Toyota Camry) is $18k-$25k so that makes the Tesla Model 3 at $35k + $1500 non black color + $ home
charger
Besides, this is stripped down:
- manual seats
- manual steering adjustments
- cloth seats (for a $35k car?). Really?
- basic audio
@@MrSpiritmonger Adding one from the main line from the house for a duel car plug in cost me about 1200$ for a permanent improvement, that also gives me better out side of the house access to many electrical devices, lighting, and such. for 180$ more I could have had it made into a six car charge port outlet, rather then just a dual one I installed (I could still easily expand on to it cheaply if i need to.)
This allowed me to also add an electrical lawn tractor to do my lawn work, mowing, garden tilling, snow blowing, and plowing. I love the improvement electric lawn tractors are way better then any ice lawn tractors i have had. Just from the maintenance, and utility stand point alone. It is also more powerful then any ice lawn tractor i have owned. The electrical powered lawn tractors are much cheaper to run then gas powered ones. The last year I had a gas tractor between fuel and maintenance it cost me $1,434 to run it for the whole year, not counting the specialty tools that were required to service it. It was both lawn mower and snow blower, and I also had a plow attachment to make snow management even easier. The electric tractor I currently have came with a 10 year warranty that covers every thing one the machine. It never needs any routine servicing other then replacement blades ever year or two (not sure, I have not had to replace the blades on it yet, and i'm on year two. I also have the mower built in and the plow and snow blower attachments (and a few others) to go with it. It cost me about $250 more then the ice lawn tractor to buy but the electricity cost to use it is negligible.
All in all i'm glad I switched to electric.
Now do cost of maintenance
SR+ does not have any of the 4 things you list. Clearly you have never sat in one. You should. Ignorance, plain and simple
How is his gm bet panning out now?
clarity of thought.
So income inequality caused the financial crash, but the one political leader who really wants to redress that balance in the UK (Corbyn) would be disastrous for the country? What am I missing?
Sounds like he saying having Corbyn come in and then Brexit going through at the same time would be a bad mix.
Great interviewer.
I am long GM and bought today...Yeaa!!!!
20:24 had me lol 😆
I love this interviewer.
Most likely Citi, HSBC and Barclays.
Citi? That's not a UK bank. And although HSBC is technically a UK bank, I'd guess it's much more diversified in assets (Hong Kong and Shanghai Banking Corp?). I'm 95% sure one of them is RBS, the other likely Lloyds and I'd agree with Barclays.
Wonder how many weeks or days before the recent crash it was when he abandoned his short position in Tesla. :(
he short Tesla? how much did he loose?
Would have loved a follow up to hear his take on the current UK situation and outlook. She's a gem of an interviewer but I believe she no longer works for EFN :(
Has Steve covered his TSLA short now?
He is still short Tesla....
Jeremy Corbyn becoming PM hasn't aged well, but no-one knew how the election would go till the exit polls were released
It was pretty obvious he never would. The working class was never going to support pointless American identity politics.
@@Splozy you think the only thing jeremy corbyn could have potentially offered to the working class is american identity politics ????? hilarious
@@Rubiecat Why are you trying to put words in my mouth? I don't think that and my post doesn't say that.
Tesla at 860 dollars a share after the split... Ouch
You’d better look again. All cults fail, it’s in their DNA.
It seems a bit desperate to bet that a guy who spent his formative years in the heart of the sillicon valley e-commerce boom won't understand how to scale up his company.
Scaling up a car manufacturing company is completely different from scaling up a software or cloud company.
@@andrewdussault2315 Which is why it has taken longer than Musk originally thought. Yet they are doing just that.
@@andrewdussault2315 aged like milk in the summer heat. Bravo
15:44
I'm not sure what the mechanics of spinning off the autonomous driving division of GM would be for investors, but I do see it as happening in the near future. Right now the only 2 GM vehicles of high quality relative to the competition are the Equinox/Terrain and Acadia. It's hard to imagine the core of the business holding much value, especially as Chrysler/Dodge/Jeep continue to increase their lead in initial quality, VW is finally taking crossovers seriously, Toyota is finally building cars that are matching industry average for initial quality, and Ford completely revamps their SUV lineup.
Right Wing Safety Squad Jeep and quality? My goodness, not here
i shorted GM and bought TSLA in december 2019 and made $2500
His GM valuation now puts their stock at a 3.35 P/E
But the autonomous driving sector valuation has been slashed too. It doesn´t seem that easy after all.