The Real Eisman Playbook

Latest Episodes:

Why this Market “Melt-Up” is Making Me Nervous | The Weekly Wrap May 15, 2026

Show notes

On this episode of The Weekly Wrap, Steve Eisman explains why the market’s recent “melt-up” is starting to feel frothy as AI stocks surge and defensive sectors continue to shrink inside the S&P 500. Steve breaks down rising inflation concerns, the growing risks in private credit, and key earnings reactions from companies including Cisco, Coinbase, Toast, Block, Expedia, Trade Desk and CoreWeave.

00:00 - Intro

00:50 - Sign Up For The Real Eisman Playbook Premium

05:50 - Trump Rejects Iran's Peace Proposal

06:10 - Signs of Frothiness in the Market

08:07 - More Inflation Signs

08:42 - Ebay Rejects GameStop

09:00 - More Bad News in Private Equity

12:17 - Payments: PayPal, Fiserv, Toast, Bill, & Block

14:14 - Expedia

14:45 - The Trade Desk

15:20 - CoreWeave

15:56 - CoinBase

16:24 - Constellation

17:10 - Cisco

18:06 - Aevex

18:28 - Mailbag: FICO's Scoring Monopoly

20:00 - Outro

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FICO’s Monopoly is Fading & Consumers Are the Winners w/ Kelsey Zhu | The Real Eisman Playbook Ep 59 May 11, 2026

Show notes

On episode 59 of The Real Eisman Playbook, Steve Eisman sits down with Kelsey Zhu of Autonomous to discuss the collapse of FICO's decades-long monopoly on credit scores and what it means for homebuyers, lenders, and investors. Kelsey breaks down how FICO raised its mortgage score pricing from 60 cents to $10 per pull and why that aggressive pricing opened the door for Vantage. They also explore the broader financial data sector and discuss how AI is reshaping the competitive landscape for every company in the group.

00:00 - The Real Eisman Playbook Premium

02:20 - Intro

04:35 - An Overview of the FICO Situation

13:40 - Destroying a Monopoly

20:05 - FICO vs Vantage Pricing

27:42 - The Credit Bureaus

30:39 - Kelsey's Call with a Private Mortgage Lender

35:09 - Outside the Mortgage Industry

37:00 - Going Back to the Price Increase

38:06 - Monopolies vs Duopolies

40:11 - Good & Bad Business Models

45:15 - Businesses of the Credit Bureaus

49:23 - How AI Factors In

51:20 - Verisk's Business Model

54:10 - MSCI

59:03 - FactSet

1:03:25 - Summarizing the FICO Situation & Lessons Learned

1:03:32 - Outro

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Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman

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S&P Hits New Highs as Tech Earnings Crush Recession Fears | The Weekly Wrap May 08, 2026

Show notes

On this episode of The Weekly Wrap, Steve Eisman breaks down why strong earnings, surging AI investment, and dominant tech leadership continue to push the market higher despite ongoing concerns about consumer weakness, war in Iran, and elevated valuations. Steve analyzes the latest results from companies including Palantir, AMD, Disney, Shopify, PayPal, Apollo, KKR, and Arista Networks, while also explaining why semiconductors, industrial power plays, and financials remain the market’s biggest drivers. Plus, Steve discusses Amazon’s expansion into logistics, GameStop’s surprise bid for eBay, private credit risks, and why traditional recession indicators still aren’t flashing red.

00:00 - Intro

00:53 - The Real Eisman Playbook Premium

03:42 - Iran War Updates

04:17 - Amazon vs FedEx & UPS

04:54 - GameStop vs eBay, Why Michael Burry Just Sold Everything

05:28 - Quarter Overview & Revenue/Earnings Growth,

08:34 - The S&P 500 Hits a 20% Operating Margin

10:21 - Palantir

12:16 - Transdigm

12:53 - KKR

13:19 - Apollo & Private Credit Fears Fade

15:19 - Eaton

15:52 - Rockwell Automation

16:22 - Diamondback Energy

16:53 - PayPal

17:43 - Fiserv

18:59 - Shopify

19:50 - Arista

20:30 - AMD

21:07 - Disney

22:25 - McDonald's & Shake Shack

22:55 - Whirlpool & Zillow

23:35 - Mailbag: Is a Shiller PE of 40 a Death Sentence for the Market?

25:36 - Outro

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Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I

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Is a Market Melt-Up Coming? Why Tech & Semis Are Dominating Again | The Real Eisman Playbook Ep 58 May 04, 2026

Show notes

On episode 58 of The Real Eisman Playbook, Steve Eisman sits down with Chris Verrone and Todd Sohn of Strategas to break down what the charts are really saying about this market in the aftermath of the Iran war swoon and rapid recovery. They discuss why semis, AI, banks, and power have come roaring back, why gold has struggled, and whether or not we're heading for a market melt-up.

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00:00 - Intro

01:08 - What Has Happened in Recent Weeks?

08:37 - Tech: Semis, Equipment, & Software

21:30 - Financials: Banks & Private Equity

26:38 - Which Sectors Are Not Working: Healthcare & Defense Stocks

29:51 - Industrials: GE Vernova, Vertiv, & More

34:30 - The Energy Sector

35:35 - Last Words: Are We in a Melt-Up?

36:35 - Outro

Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1

Connect with Steve Eisman and access all things The Eisman Playbook:

🌐 https://linktr.ee/realeismanplaybook

→ Follow on socials, watch episodes, and get the latest updates — all in one place.

Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

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Earnings Keep the Market Strong Despite Signs of Consumer Weakness | The Weekly Wrap May 01, 2026

Show notes

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On this episode of The Weekly Wrap, Steve Eisman breaks down a massive week of earnings and why strong results continue to push markets higher despite signs of weakness in the consumer. He explores the growing impact of AI-driven capex from Big Tech and how it’s shaping the broader economy and market leadership. Steve also dives into the UAE’s exit from OPEC, rising oil prices, and ongoing uncertainty around the war in Iran.

00:00 - Intro

02:04 - Charter

06:20 - Iran War Updates

07:50 - The Post-March Rally

10:36 - Private Credit

12:18 - Blue Owl

13:36 - Domino's Pizza

14:51 - GM

15:45 - Starbucks

16:44 - Visa

17:38 - FICO

20:13 - Bookings

20:37 - Enphase

21:30 - Google, Microsoft, Meta, Amazon

24:22 - Lilly

24:52 - Industrials: Quanta & Caterpillar

26:19 - Apple

26:44 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I

Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

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Apollo's Private Credit Exposure: Chris Edson Weighs In | The Real Eisman Playbook Ep 57 Apr 27, 2026

Show notes

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On episode 57 of The Real Eisman Playbook, Steve Eisman sits down with Chris Edson, partner and global head of origination at Apollo, to get a firsthand look at what's going on inside one of the world's largest private credit operations. Chris breaks down why Apollo's exposure to software is among the lowest in the industry and why the private credit panic in the press tells only a small part of a much larger story.

00:00 - Sign Up For Our Mailing List!

00:41 - Intro

02:18 - What is Going On with Private Credit?

09:25 - Apollo's Exposure to Software

11:41 - Apollo's Origination Platform

20:38 - The Top 3 Platforms

25:30 - Apollo's Competitors

28:35 - Is the Industry Getting Sloppy?

31:02 - Apollo's Biggest Criticism

33:53 - Potential Credit Cycle

37:34 - Credit Funds

40:05 - Transparency & Disclosure

41:35 - Closing Thoughts

42:45 - Outro

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Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

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Is a Recession Coming? What 100+ Companies Are Telling Us | The Weekly Wrap Apr 24, 2026

Show notes

On this episode of The Weekly Wrap, Steve Eisman digs into one of the biggest earnings weeks of the year, covering over a hundred companies across industrials, software, healthcare, and homebuilders to answer the question everyone is asking: is a recession on the horizon? He also flags a major development in private credit, covers the battered health insurance sector, and shares why FICO's decades-long monopoly may finally be coming to an end. He also responds to two questions from viewers.

00:00 - Intro

01:57 - War in Iran Remains Opaque

02:25 - Private Credit Updates

03:30 - Airlines

03:55 - A Huge Week in Earnings

04:35 - Blackstone

05:58 - FICO

07:24 - Health Insurance

11:39 - Industrials

16:52 - Software

18:55 - Homebuilders

21:03 - Mailbag: A Government Debt Crisis

24:38 - Mailbag: The Recent AI/Software Selloff

29:55 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I

Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

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Market Patterns Work and Jeffrey Hirsch Explains Why | The Real Eisman Playbook Ep 56 Apr 20, 2026

Show notes

On episode 56 of The Real Eisman Playbook, Steve Eisman sits down with Jeffrey Hirsch, author of the annual Stock Trader's Almanac. The two walk through the most important recurring patterns in the market while also discussing which patterns have stopped working, why Bitcoin has been a seasonal disappointment, and how human psychology ultimately drives market rhythms.

00:00 - Intro

01:35 - Story Behind The Stock Trader's Almanac

05:52 - Mid-Term Election Patterns

10:10 - Recurring Patterns

14:35 - Why Patterns Occur

23:45 - Sector Seasonality

27:02 - The January Effect

30:32 - Bitcoin

35:07 - Super Boom Pattern

40:18 - When the War Ends

43:04 - Private Credit

45:16 - Outro

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Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

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Bank Earnings Are In: Here’s What They’re REALLY Saying About the U.S. Economy | The Weekly Wrap Apr 17, 2026

Show notes

On this episode of The Weekly Wrap, Steve Eisman breaks down what the latest bank earnings reveal about the true state of the U.S. economy. He also covers rising geopolitical tensions with Iran, market reactions, and what it all means for investors. Plus, he answers viewer questions on private credit, regional banks, and the evolving risks tied to AI and software.

00:00 - Intro

01:27 - Why I Don't Provide Trading Ideas

02:30 - Iran Updates

03:37 - Banks Reporting

17:26 - Mailbag: Private Credit & Regional Banks

20:17 - Mailbag: High Yield, Current Spreads, & Credit Quality

22:30 - Mailbag: AI & Software

24:16 - Outro

Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I

Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

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John Spencer on What the Headlines Get Wrong About the Iran War | The Real Eisman Playbook Ep 55 Apr 14, 2026

Show notes

On episode 55 of The Real Eisman Playbook, Steve Eisman sits down with retired U.S. Army officer John Spencer to discuss what is actually happening in the Iran war. John breaks down the four official objectives of the United States and also explores the broader geopolitical implications of the war. They also discuss the Iranian strategy, the Strait of Hormuz, NATO, and much more.

0:00:00 - Intro

0:02:50 - What's True and What's Not True?

0:10:00 - Where We're At Right Now

0:17:14 - Iran's Strategy

0:19:14 - The Strait of Hormuz

0:23:51 - The Official Objectives of the United States

0:37:45 - Israel's Objectives

0:41:16 - NATO

0:44:38 - Implications Beyond the Middle East

0:51:09 - Uranium

0:56:29 - Implications Within the Middle East

1:01:22 - The Final Word