The Meb Faber Show - Better Investing
Steve Eisman’s Playbook for the AI & Infrastructure Boom | #544
Aug 2, 2024
In this conversation, Steve Eisman, known for his pivotal role in 'The Big Short,' shares his insights as a portfolio manager at Neuberger Berman. He discusses the driving forces in today's markets, focusing on AI and infrastructure, while expressing skepticism about crypto. Eisman also examines the potential impact of the upcoming election on market dynamics. His take on financial innovation, national security regarding semiconductor dependence, and key inflection points for investment opportunities are further highlights of this engaging discussion.
37:31
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Quick takeaways
- Steve Eisman emphasizes that infrastructure investment is set to thrive under current political conditions, focusing on traditional industry sectors like construction and electrification.
- He notes that while AI holds promise for reducing costs, many companies struggle with foundational challenges, leading to hardware potentially being a more favorable investment in the near term.
Deep dives
Current Market Conditions and Consumer Behavior
The guest highlights the current market conditions, noting a moderate slowdown in consumer spending as indicated by data from Visa and American Express. Although there is a slight uptick in consumer delinquency, the overall health of the US economy remains stable, with employment and income levels still rising. The sentiment points towards cautious optimism, suggesting that while a slowdown may be on the horizon, the fundamentals of the economy are not alarming. The consumer's financial position is not overly leveraged, implying that further economic decay may not be imminent.
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