Transcript: Steve Eisman on the ‘Paradigm Shift’ Happening in the Stock Market
The famed fund manager sees a regime change happening in stocks.
Steve Eisman, senior portfolio manager of the FrontPoint Financial Services Fund, speaks during the Ira Sohn Investment Research Conference in New York, U.S., on Wednesday, May 26, 2010.
Photographer: Daniel AckerTech stocks have gotten off to a blistering start this year, after getting pummeled in 2022. But Steve Eisman, a portfolio manager at Neuberger Berman, is skeptical that it can last. Eisman, who famously bet against the housing market before the Great Financial Crisis, in a trade that was immortalized in The Big Short, says we're in the midst of a messy “paradigm shift" in markets, whereby the old leadership (tech, growth, etc.) gives way to something new. We spoke to Eisman on this episode about what's next, the housing market, financial system stability and more. The transcript has been lightly edited for clarity.