5 Long-Term Themes You Need to Understand For 2026 | The Weekly Wrap

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Jan 9, 2026

Steve Eisman explores five essential market themes shaping 2026. He reveals how technology's dominance in the S&P 500 is altering investment dynamics. Consumer sectors are losing their significance, and the impact of passive investing is raising concerns about price discovery. The discussion touches on Venezuela's political landscape and its minimal effect on markets. In the mailbag, Eisman tackles PayPal's recent struggles, labeling it a potential value trap. Tune in for insights that could reshape your investment strategy!

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INSIGHT

Tech Dominance Reshapes Markets

Tech and tech-related stocks now dominate the market, driving structural change in investing.
This dominance reshapes sector weightings and investment behavior across the S&P 500.

INSIGHT

Infotech Is By Far The Largest Sector

Infotech became the largest S&P sector, reaching roughly 35% of the index by end-2025.
That concentration creates unusual market dynamics and investment constraints.

INSIGHT

Embedded Tax Gains Prevent Selling

Large unrealized tax gains in tech discourage selling and lock investors into positions.
Massive embedded gains therefore mute market turnover and amplify persistence in big tech weights.

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In this episode of The Weekly Wrap, Steve Eisman breaks down the five long-term structural themes he thinks are crucial to understanding the market in 2026. He explains how tech has come to dominate the stock market and why consumer sectors matter less than ever. He also takes a look at the impact of Index Investing and answers a mailbag question on PayPal’s collapse.

00:00 - Intro

01:15 - Venezuela & Market Ramifications

02:00 - 5 Long-Term Structural Themes To Understand the Market

05:08 - Tech & Tech Related Stocks Dominate the Market

12:18 - Consumer Stocks, Consumers' Impact on Movement & Every Day Life

15:31 - The Impact of Index Investing

18:59 - Mailbag: PayPal's Recent Performance

22:14 - Outro

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