Why this Market “Melt-Up” is Making Me Nervous | The Weekly Wrap

**Steve Eisman** (0:00)
Hi, Steve Eisman here. On my Weekly Market Wrap, I try to both teach and convey information as objectively as possible. I try to make clear what are the facts and what are my opinions. But in today's media, it's increasingly hard to figure out what are the facts and where the facts are being shaded by opinion. That's why when I look into news events, I first go to ground news. Ground news is my solution for getting to the facts of important stories, but also to see how left, right and center are seeking to convey the same exact story. Take, for example, the recent headline, Nearly 12 million expected to lose health coverage under Trump budget bill. Now that's a pretty provocative headline, ripe for reporters and commentators to shade the truth. So I went to groundnews.com and clicked on that story headline. There, I immediately saw four tabs, left, center, right and bias comparison. When I clicked on left, a series of headlines appeared, all from left-leaning media sources. When I clicked on the right tab, I saw headlines with an entirely different tone. The bias comparison tab showed Ground News' own analysis of how all three political leanings, left, right and center, conveyed the same exact story. I find the Ground News system enormously helpful because it allows me to easily separate the facts from opinions. I use Ground News and I recommend you try it out for yourself. Go to groundnews.com/real for a better way to stay in form. Subscribe through my link for 40% off their unlimited access to worldwide coverage. That's groundnews.com/real, groundnews.com/real, and if you don't mind, use this link to get the discount so they know I sent you.

**SPEAKER_2** (1:49)
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**Steve Eisman** (2:18)
Ebay rejected the takeover offer from GameStop. This was not a surprise. Toast, Bill and Block reported and showed that investing in the space is like rolling dice. The market is now up 9% and Nasdaq is up 15%.
It's feeling frothy. Part of the rally is an assumption by the market that the war is over. And I'm just not sure that is right. I have to admit, I am nervous about the sustainability of this meltdown because this market is feeling bubbly and that makes me nervous.
Hi, this is Steve Eisman, and this is another edition of The Weekly Wrap. This is for the week ending Friday, May 15th, but recorded Thursday night, May 14th. I am excited to share that today, The Real Eisman Playbook Premium goes live. I have been working behind the scenes for a while, and I want to spend a few minutes telling you exactly what it is, who's it for, and what you're going to get. Let's start with what's not changing. The free podcasts stay exactly the same. If you've been listening for a while, nothing about that changes. Same episodes on Monday and Friday, same format, same conversations at no charge, and that's not going to change. This is something new, something additional. This is for the listeners and viewers who want more. So what is premium? It's digging deeper. First, a weekly bonus episode, something different and new, dropping each week on the premium site at premium.realismanplaybook.com.
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Starting right now, the first two parts of our three-part masterclass called A Conspiracy of Credit are ready and available. In this masterclass, we took a deep dive into the world of fixed income. In part one, we look at the world of private credit and the beginnings of a new credit cycle. In part two, we provide a fixed income primer of the basics of the fixed income world so that all of the premium subscribers can be on the same page. And in part three, which drops Wednesday, May 20th, we discuss the toxic mortgage bonds that Wall Street created in the years before the financial crisis, how they were built, who bought them, why the people building them thought they could get away with it, and exactly how and why it all collapsed. And we then draw parallels to what's going on in private credit and what lessons can be learned from the GFC that provide insight into the world of private credit. Here are the first two minutes of A Conspiracy of Credit.