The $2 Trillion Risk Investors Can’t See | Prof G Markets

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This week on Prof G Markets, Scott Galloway and Ed Elson are joined by Steve Eisman to discuss what he thinks are the two biggest long term risks to the market. He also explains why the war with Iran isn’t changing his investment strategy, whether the U.S. deficit is truly an existential threat, and what “The Big Short” got right about his story. Steve Eisman is an investment analyst and portfolio manager with decades of experience in financial markets. He is best known for his pivotal role in predicting and profiting from the 2008 subprime mortgage crisis, chronicled in “The Big Short.” Subscribe to the Prof G Markets newsletter: https://links.profgmedia.com/markets-newsletter Order Notes On Being A Man now! https://amzn.to/4nl4VKo Timestamps: 00:00 Today's number 00:20 Today's episode 03:48 Interview with Steve Eisman 04:06 Based on what you are seeing today, what are your greatest concerns? 06:15 What does this mean for certainty and stability going forward? 08:13 What are the risks you see that people aren't pricing into the markets right now? 13:04 How does the risk manifest itself as it relates to AI and valuations? 14:11 Do you think that there's going to be further erosion of value among the business development guys? 19:33 Are there ways where this could materialize and impact all of us? 21:43 Ad break 24:11 What's the trade here if you think that private credit is riskier than people perceive? 25:58 Do you think rising political risk could lead to multiple contractions for many companies? 27:47 What about stability? 28:25 Wouldn't tariffs be part of that calculation? 30:20 What’s the thesis on going long on the SaaS companies and going short on the oil companies? 37:19 How do you know which prediction is going to be the next 2008? 39:19 Do you see the deficit as an existential risk and if so, how does it play out in terms of a potential trade? 40:52 Ad break 43:02 How is it that the data was there and no one knew except for you? 47:21 Would it be fair to say that where we mess is when our careers depend on us interpreting the data incorrectly? 49:51 When you look at the markets today, who reflects those two scenes in the movie? 51:53 Break 52:02 Conclusion 01:02:39 Credits Follow Scott on Instagram: https://instagram.com/profgalloway Follow Ed on Instagram, X and Substack: https://instagram.com/ed_elson_/ https://twitter.com/edels0n https://substack.com/@edwardelson Subscribe to Prof G Markets on Spotify: https://links.profgmedia.com/markets-spotify Got a question for Prof G? Get answers on TikTok: https://links.profgmedia.com/tiktok Want more Prof G? Check out everything we're up to at: https://links.profgmedia.com/home Send us your questions or comments by emailing [email protected] Note: We may earn revenue from some of the links we provide. #business #news #tech #financemotivation #stockmarket #profg #scottgalloway #edelson #profgmarkets #ai #earnings #stocks #inflation #investmentstrategies #investment #investing #gdp #tariffs #2026