The Eisman Playbook

In this episode of The Eisman Playbook, host Steve Eisman talks with Michael Nathanson from Moffett Nathanson about the shifts in the media landscape sparked by Netflix. The discussion delves into how Netflix's international expansion upended traditional media models and how cable networks responded. They also explore the financial impact on companies like Disney and Warner Brothers, highlighting Netflix's current dominance in the streaming wars. Additional conversations cover the challenges for Google and Meta in integrating AI, the state of the cable industry, and media company consolidation. The episode concludes with recommendations on new and old streaming shows to watch.

Watch this episode on YouTube: https://youtu.be/BPHQ8GpRAts

Key Episode Moments:

00:00 Introduction to the Eisman Playbook

00:04 The Evolution of Media Markets

00:53 Welcome to the Podcast

01:45 Market Reactions and Guest Introduction

03:10 The Rise of Netflix

04:51 The Golden Age of Cable and Film

06:55 The Impact of Competition and Pricing

10:53 The Streaming Revolution

13:43 The Decline of Traditional Media

21:30 The Rise of Streaming Giants

33:45 The Global Scale of Netflix

39:56 Market Challenges for Warner Brothers and Paramount

40:55 Apple's Content Strategy and Challenges

43:54 Disney's Market Struggles and Streaming Strategy

47:26 Disney's Handling of Star Wars and Marvel

54:07 AI and Its Impact on Google and Facebook

01:07:13 Cable Companies in the Modern Media Landscape

01:12:14 TV Show Recommendations

01:15:50 Conclusion and Closing Remarks

Michael's company website: https://www.moffettnathanson.com/

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Episode Production Credits

Producer: Collier Landry

Producer & Publicity: Steven Cohen, Next Horizon Media

Post-Production Services by Don’t Touch My Radio

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.
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In this episode of the Eisman Playbook, Steve Eisman delivers a masterclass on the 2008 financial crisis, breaking down its causes, including excessive leverage in large financial institutions, the collapse of subprime mortgages, systemic ownership of the failed asset class, and the role of derivatives. Steve discusses how banks’ leverage works, the evolution of subprime lending, and Wall Street's role and response during the crisis. He also touches upon the regulatory response post-crisis, the Dodd-Frank Act, the evolution of bank regulations, and the transformation in the financial landscape over the past 17 years. Steve concludes with reflections on current market conditions, trade tariffs under the Trump administration, and forecasts on the future of banking and regulation.

00:00 Welcome to the Eisman Playbook
00:15 Introduction to the Financial Crisis
01:42 Understanding Bank Leverage
10:14 The Role of Risk-Weighted Assets
16:49 Subprime Mortgages Explained
20:32 The Rise and Fall of Subprime Mortgages
26:45 The Data Behind the Crisis
29:32 The Onset of the Financial Crisis
31:29 Wall Street's Role and Misjudgments
34:03 The Impact of Derivatives
38:16 Personal Involvement and Market Collapse
39:19 Government Interventions and Bailouts
48:50 Post-Crisis Regulations and Reforms
55:12 Current Events and Future Predictions

Follow Steve Eisman and The Eisman Playbook on social media:

X (Twitter): https://x.com/EismanPlaybook – Stay up to date with Steve’s latest insights

YouTube: https://www.youtube.com/@TheEismanPlaybook– Subscribe for exclusive video episodes and expert breakdowns

TikTok: https://www.tiktok.com/@eismanplaybook

– Get bite-sized investing wisdom and clips from the show

Instagram: https://www.instagram.com/eismanplaybook– Behind the scenes, quotes, and episode highlights

Website: https://www.eismanplaybook.com – Full episodes, articles, and more

👉 Don’t forget to follow, subscribe, and share the show with someone who needs to hear it.

Episode Production Credits
Producer: Collier Landry
Producer & Publicity: Steven Cohen, Next Horizon Media
Post-Production Services by: Don’t Touch My Radio

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.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Eisman, joined by former partners Danny Moses, Porter Collins, and Vincent Daniel, delve into recent market upheavals caused by President Trump's tariff announcements. They analyze the implications of these policies, the reaction of global markets, and the potential for a bear market. They also reminisce about their time depicted in The Big Short, discussing stories and strategies from the 2008 financial crisis. The episode offers a rich mix of market analysis, economic theory, and personal anecdotes.

Watch this episode on YouTube: https://youtu.be/3VqQ8glQSFM

00:00 Introduction to the Episode
02:01 Market Turmoil and Panic
02:39 Impact of Tariffs and Trade Wars
06:02 Bear Market Strategies and Predictions
18:21 Historical Market Crashes and Lessons
22:07 Government Response and Market Reactions
22:43 Trump's Trade Policies and Economic Impact
28:14 Debating the Future of the Market
30:49 Negotiation and Phone Calls
31:17 Understanding Credit Spreads
32:13 Financial Crisis and Market Dynamics
36:59 Reminiscing Early Careers
46:18 The Big Short and Subprime Crisis
51:14 Memorable Meetings and Interactions
59:06 Conclusion and Farewell

Follow Steve Eisman and The Eisman Playbook on social media:

X (Twitter): https://x.com/EismanPlaybook – Stay up to date with Steve’s latest insights

YouTube: https://www.youtube.com/@TheEismanPlaybook– Subscribe for exclusive video episodes and expert breakdowns

TikTok: https://www.tiktok.com/@eismanplaybook

– Get bite-sized investing wisdom and clips from the show

Instagram: https://www.instagram.com/eismanplaybook– Behind the scenes, quotes, and episode highlights

Website: https://www.eismanplaybook.com – Full episodes, articles, and more

👉 Don’t forget to follow, subscribe, and share the show with someone who needs to hear it.

Episode Production Credits
Producer: Collier Landry
Producer & Publicity: Steven Cohen, Next Horizon Media
Post-Production Services by: Don’t Touch My Radio

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.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump Announces Sweeping Tariffs, Calling It a "Declaration of Economic Independence"

Join Big Short Investor Steve Eisman and special guest Dan Clifton from Strategas as they dissect the latest market turmoil caused by President Trump's unexpected tariff announcement. Recorded on April 3, 2025, this episode dives deep into the intricate implications of the new tariff plan, covering its impact on the global economy, US policy, and the stock market. With his vast experience in policy research, Dan Clifton provides a detailed analysis of the market's reaction, potential future scenarios, and the strategic shifts in US foreign policy. This comprehensive discussion also explores the roles of domestic fiscal policy, Fed actions, and the evolving political landscape. Don't miss this detailed episode that breaks down complex economic policies into actionable insights.

Watch this episode on YouTube: https://youtu.be/9NbEyF5Q8XM

Episode Highlights:
00:00 Introduction to the Eisman Playbook
00:06 Market Reactions to Trump's Tariff Plan
00:31 Guest Introduction: Dan Clifton from Strategas
00:38 Understanding Boutique Research Firms
01:17 Dan Clifton's Background and Role
03:00 Trump's Unconventional Political Moves
03:20 Impact of NAFTA and Trump's Trade Policies
04:31 Details of Trump's New Tariff Announcements
05:47 Global Trade Implications and Country-Specific Tariffs
07:05 Strategas' Analysis of Tariff Impacts
11:18 Potential Retaliation and Global Trade Dynamics
13:48 Economic and Political Repercussions
17:47 Tax Cuts and Revenue from Tariffs
22:19 Federal Reserve's Role and Monetary Policy
26:00 Personality and Process in Trade Policy
27:27 Market Reactions and Congressional Responses
29:32 Budget Reconciliation and Economic Shifts
33:59 Democratic Party Dynamics Post-Trump
39:53 US-Europe Relations and Defense Spending
46:33 Future Economic and Political Moves

Follow Steve Eisman and The Eisman Playbook on social media:

X (Twitter): https://x.com/EismanPlaybook – Stay up to date with Steve’s latest insights

YouTube: https://www.youtube.com/@TheEismanPlaybook– Subscribe for exclusive video episodes and expert breakdowns

TikTok: https://www.tiktok.com/@eismanplaybook

– Get bite-sized investing wisdom and clips from the show

Instagram: https://www.instagram.com/eismanplaybook– Behind the scenes, quotes, and episode highlights

Website: https://www.eismanplaybook.com – Full episodes, articles, and more

👉 Don’t forget to follow, subscribe, and share the show with someone who needs to hear it.
Producer: Collier Landry
Producer & Publicity: Steven Cohen, Next Horizon Media
Post-Production Services by: Don’t Touch My Radio

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.
Learn more about your ad choices. Visit megaphone.fm/adchoices

I'm Steve Eisman and welcome to my podcast The Eisman Playbook. In my 35 years of experience of investing in markets, I've seen many ups and downs. You might know me because I was depicted in the book The Big Short, by Michael Lewis and portrayed by Steve Carell in the movie of the same name. In this podcast, we are going to explore and analyze market trends.

Companies and sub-sectors through various guests in and around the financial world. My goal here is simple to educate, so come and join me as I share with you the Eisman playbook.

Social Media and Website Links: https://www.steveeisman.com

Follow Steve Eisman and The Eisman Playbook on social media:

X (Twitter): https://x.com/EismanPlaybook – Stay up to date with Steve’s latest insights

YouTube: https://www.youtube.com/@TheEismanPlaybook– Subscribe for exclusive video episodes and expert breakdowns

TikTok: https://www.tiktok.com/@eismanplaybook

– Get bite-sized investing wisdom and clips from the show

Instagram: https://www.instagram.com/eismanplaybook– Behind the scenes, quotes, and episode highlights

Website: https://www.eismanplaybook.com – Full episodes, articles, and more

👉 Don’t forget to follow, subscribe, and share the show with someone who needs to hear it.

Episode Production Credits
Producer: Collier Landry
Producer & Publicity: Steven Cohen, Next Horizon Media
Production Company: Don’t Touch My Radio

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.
Learn more about your ad choices. Visit megaphone.fm/adchoices