Steve Eisman

In this episode, Steve Eisman and healthcare advocate Warris Bokhari reveal that roughly 15‑17 % of the 5 billion annual U.S. insurance claims—affecting 70‑90 million Americans—are denied, driving bankruptcies, deaths and a profound moral injury across commercial, Medicare, Medicaid and ACA plans. They then outline Claimable’s AI‑powered appeal platform and broader reforms needed to curb wasteful denials and restore fairness to the broken health‑care system.

two sentences.In this first Weekly Wrap of 2026, Steve Eisman explains five long‑term structural themes reshaping the U.S. market – a tech‑heavy S&P dominated by AI‑driven giants, the waning influence of consumer‑focused stocks, the market’s growing detachment from everyday economic reality, the resulting constraints for active managers, and the amplifying effect of passive index investing. He also reviews the 2025 rally, warns that a slowdown in AI spending could spark a rapid, ugly correction, and uses PayPal’s earnings‑beat‑vs‑stock‑underperformance as a vivid case study of these new dynamics.

In this episode of The Real Eisman Playbook, Steve Eisman is joined by Dan Ives of Wedbush and Chris Verrone of Strategus to dissect the year‑end market roller‑coaster—from the 20% plunge after “Liberation Day” to the AI‑driven rally, steady banking credit, commodity surge, and persistent housing weakness—while probing when AI monetization will materialize. They then lay out their 2026 outlook, flagging derivative AI plays such as Snowflake, MongoDB, cyber‑security stocks, data‑center power firms, and a bold case that Oracle could become a key AI infrastructure beneficiary, urging investors to stay agile as narratives continue to shift.

In part two of his masterclass on the 2008 financial crisis, Steve Eisman delves into the complex interplay of subprime mortgages, systemic risk in financial institutions, and the role of credit default swaps that contributed to the inevitable collapse. He argues that the lack of regulation and accountability among Wall Street executives led to significant ethical failures, ultimately causing one of the largest frauds in history and resulting in a global economic downturn.

In this year-end wrap, Steve Eisman highlights four key themes shaping the market in 2025, including the K-shaped economy, the AI revolution, and rising concerns over private credit debt. As investors navigate the complex landscape characterized by significant market fluctuations and inflation's lingering effects, Eisman emphasizes the importance of understanding underlying economic dynamics for future decision-making.