The Real Eisman Playbook – Détails, épisodes et analyse

In this episode, Steve Eisman delves into the intricate and often overlooked story of Apple’s manufacturing evolution over the past two decades, focusing on its deep entanglement with China. Steve interviews Patrick McGee, author of ‘Apple in China,’ unraveling how Apple moved its production almost entirely to China by the end of 2010. The discussion explores Apple’s transition from localized production to heavily outsourcing manufacturing, the role of suppliers in driving these changes, and the geopolitical ramifications of Apple’s deep ties with China. The conversation highlights Tim Cook’s key role in this shift, the innovative prowess of Chinese manufacturers, and the operational challenges Apple faces in diversifying production away from China. The episode underscores the complex relationship between Apple and China, shedding light on the broader implications for U.S.-China relations and how the company’s reliance on China poses significant risks.

00:00 Intro

02:25 Apple's Manufacturing Journey in the 90s

05:54 Tim Cook's Impact on Apple's Manufacturing

07:18 The Long March to China

09:05 The Role of Contract Manufacturers

14:30 China's Manufacturing Ecosystem

18:32 Apple's Influence on China's Manufacturing

25:29 The Apple Squeeze and Its Implications

26:56 Apple's Talent Migration to Competitors

27:24 Xi Jinping's Impact on Apple in China

27:44 Apple's Rapid Growth in China

28:51 Apple's Struggles with Chinese Regulations

30:00 Apple's Strategy to Win Over China

33:05 The Rise of Chinese Competitors

39:51 Challenges of Manufacturing Outside China

45:02 Apple's Political and Economic Bind

46:17 Concluding Thoughts on Apple's China Dilemma

You can find more about Patrick McGee's work here: https://patrick-mcgee.com/

"Apple CEO Tim Cook" by deerkoski is licensed under CC BY 2.0.

"Tim Cook with Chongqing Mayor Huang in Apple Jiefangbei" by Junyi Lou is licensed under CC BY-SA 4.0.

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

Copyright ©2025 Steve Eisman

In this episode of the Real Eisman Playbook, Steve Eisman interviews Todd Sohn, a technical strategist at Strategas. They delve into the world of technical analysis, discussing the importance of chart patterns, market trends, and sentiment analysis in trading. Todd explains how technical analysis serves as a supplement to fundamental analysis, helping traders identify big picture trends and manage risk. The conversation also covers the dynamics of market breadth, the significance of sector performance, and the current sentiment in the market, providing listeners with valuable insights into effective trading strategies. They analyze the implications of recent trends, the role of gold and crypto in investment strategies, and the potential risks associated with concentrated exposure to leading companies. The discussion culminates in an outlook for the market, emphasizing the importance of due diligence and tactical investment approaches.

In this episode of his podcast, Steve Eisman interviews Rahul Jindal, a FinTech strategist at Autonomous, to discuss crypto, stablecoins, and payments. They delve into the evolution of crypto from 2009 to the present, discussing its correlation with traditional markets and its potential role as a financial asset. They also clarify the concept of stablecoins, explaining their functionality and the importance of trust and regulation. The conversation explores regulatory developments in the crypto space and the potential impact of stablecoins on the payment system. They touch on the resilience of traditional payment giants like Visa and MasterCard and the challenges new technologies face in disrupting established systems. The discussion concludes with insights into the varying success of different fintech companies and the importance of verticalized business models.

In this episode of the Real Eisman Playbook, Steve Eisman discusses the recent market trends, including a rally in the S&P and NASDAQ, the impact of tariff news, and the recovery journey of Wells Fargo. He also delves into the conflict between Elon Musk and President Trump, insights from the latest employment data, and reflections on market corrections. The conversation concludes with a discussion on Bitcoin and stablecoin, highlighting their potential and challenges in the current financial landscape.

In this weekly wrap, Steve Eisman discusses the current state of the market, highlighting the decline in the S&P 500 and NASDAQ, the significant drop in China's exports to the US, and the implications of ongoing trade negotiations. He also covers inflation metrics, company news including Warner Brothers' restructuring and Apple's position in AI, and the geopolitical tensions arising from the Israel-Iran conflict. The conversation delves into the causes of financial crashes and the challenges of spotting bubbles, while advocating for a balanced approach to regulation in capitalism. 00:00 Market Overview and Trade Dynamics 03:30 Inflation Insights and Company News 06:45 Geopolitical Tensions and Market Reactions 09:45 Understanding Financial Crashes and Incompetency 15:45 Regulation in Capitalism and Future Outlook 

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman

In this episode of The Real Eisman Playbook, Steve Eisman interviews Sami Badri, Head of Investor Relations at Cisco, discussing the evolution of the tech landscape from 2015 to the present. They explore the rise of cloud computing, the significance of NVIDIA's chips in the AI revolution, and the development of large language models. The discussion also touches on the current state of the tech ecosystem, including the impact of AI on businesses and the challenges companies face in utilizing their data effectively. This conversation delves into the current landscape of AI infrastructure, focusing on Nvidia's dominance in the GPU market, the challenges of building AI systems, and the evolving dynamics of enterprise spending. The discussion also highlights the critical energy requirements for AI development and Cisco's strategic positioning in the market as it adapts to new technological demands.

00:00 Introduction to the Tech Landscape 03:50 The Evolution of IT and Cloud Computing 11:50 The Rise of NVIDIA and AI Revolution 18:50 Understanding Large Language Models and Their Impact 25:40 The Current Tech Ecosystem and Future Trends 29:00 The GPU Race and Nvidia's Dominance 31:40 Building AI Infrastructure: Beyond GPUs 35:30 Enterprise Spending Trends and AI Integration 38:35 The Energy Challenge in AI Development 47:46 Cisco's Evolution and Market Positioning 

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman

In this week's Market Wrap, Steve Eisman discusses the current state of the market, focusing on the lack of significant earnings reports and the impact of geopolitical events, particularly the Iran-Israel conflict. He delves into the challenges facing the solar sector due to legislative changes and the housing market's struggles amid rising interest rates. Eisman also addresses concerns regarding private credit and its potential implications for the economy, emphasizing the importance of monitoring these trends as they develop. 00:00 Introduction and Show Updates 01:10 Market Overview and Earnings Season Insights 03:30 Geopolitical Influences on the Market 04:15 Solar Sector Challenges 05:30 Housing Market Dynamics 09:45 Private Credit Concerns and Economic Outlook

Subscribe to The Real Eisman Playbook on Apple Podcasts: https://podcasts.apple.com/si/podcast/the-real-eisman-playbook/id1818671690 

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place. Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman

In this conversation, Steve Eisman and John Cassidy explore the themes of capitalism and its critics, discussing historical perspectives, key figures like Marx, Keynes, and Friedman, and the evolution of economic thought. They delve into the financial crisis, the role of regulation, and the future of capitalism, emphasizing the need for a balanced approach to managing the system. 

00:00 The Evolution of Capitalism 02:37 Critiques of Capitalism Through History 05:46 The Role of Key Figures in Economic Thought 12:50 Marx's Critique and Its Implications 24:04 The Rise of Keynesian Economics 30:50 The Shift to Monetarism and Friedman 37:00 Minsky's Financial Instability Hypothesis 44:00 Lessons from the Financial Crisis 53:00 The Debate on Regulation and Capitalism 57:40 Current Economic Models and Future Directions

Subscribe to The Real Eisman Playbook on Apple Podcasts: https://podcasts.apple.com/si/podcast/the-real-eisman-playbook/id1818671690

Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.

Copyright ©2025 Steve Eisman

Subscribe to The Real Eisman Playbook on Apple Podcasts: https://podcasts.apple.com/si/podcast/the-real-eisman-playbook/id1818671690 

In this episode of the Weekly Wrap, Steve Eisman discusses the current state of the market, highlighting the recent performance of the S&P 500 and NASDAQ, the impact of earnings reports from major companies, and the evolving landscape of stablecoins and financial technology. He also addresses regulatory challenges and the potential risks of a trade war, emphasizing the dynamic nature of the US economy. 

00:00 Introduction and Market Overview 02:53 Market Dynamics and Economic Insights 05:50 Earnings Reports and Sector Performance 08:46 Stablecoins and Financial Technology 12:03 Regulatory Challenges and Market Sentiment Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place.  Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service.  Copyright ©2025 Steve Eisman

In this episode of The Real Eisman Playbook, Steve Eisman hosts a panel of financial experts to discuss the characteristics of effective CEOs, the pitfalls of poor leadership, and the lessons learned from both good and bad CEOs in the financial services industry. The conversation covers notable figures like Jamie Dimon and Brian Moynihan, exploring their leadership styles and the impact of their decisions on their companies. The panelists also reflect on CEOs who were once viewed positively but later faced criticism, as well as those who improved over time, emphasizing the importance of accountability, transparency, and adaptability in leadership. 

Subscribe to The Real Eisman Playbook on Apple Podcasts: https://podcasts.apple.com/si/podcast/the-real-eisman-playbook/id1818671690  00:00 Introduction to the Panel and Topic Overview 02:00 Characteristics of Effective CEOs 21:51 The Downside of Poor Leadership 38:31 Lessons from Bad CEOs 54:17 Reflections on CEOs Who Improved Over Time  Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https:// linktr.ee/eismanplaybook → Follow on socials, watch episodes, and get the latest updates — all in one place. 

Disclaimer: The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in ‘The Eisman Playbook' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money you can afford to lose. Derivatives are unsuitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell, or retain any specific investment or service. Copyright ©2025 Steve Eisman 

Evercore ISI

Glenn Schorr

Company Coverage and Disclosures

Ticker

Company

AAMI

Acadian Asset Management

APO

Apollo Global Management, Inc.

BAC

Bank of America Corporation

Glenn Schorr holds a long position in equity securities of Bank of America Corporation.<br />

BK

Bank of New York Mellon Corp.

Glenn Schorr holds a long position in equity securities of Bank of New York Mellon Corp.&nbsp;

BLK

BlackRock, Inc.

BlackRock, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to BlackRock, Inc. in the last 12 months.

Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from BlackRock, Inc. within the next three months.

Glenn Schorr holds a long position in equity securities of Blackrock Inc.

BX

Blackstone, Inc.

Blackstone, Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blackstone, Inc. in the last 12 months.

Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from Blackstone, Inc. within the next three months.

An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Blackstone, Inc..

Evercore ISI or an affiliate has received compensation from Blackstone, Inc. for investment banking services in the last 12 months.

Analyst has a financial interest in a private equity fund managed by Blackstone, Inc..

Glenn Schorr holds a long position in equity securities of Blackstone, Inc.&nbsp;

OWL

Blue Owl Capital, Inc

Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by Blue Owl Capital, Inc in the last 12 months.

Blue Owl Capital, Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to Blue Owl Capital, Inc in the last 12 months.

Evercore ISI or an affiliate has received compensation from Blue Owl Capital, Inc for investment banking services in the last 12 months.

C

Citigroup, Inc.

An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of Citigroup, Inc..

Glenn Schorr holds a long position in equity securities of Citigroup, Inc.&nbsp;

BEN

Franklin Resources, Inc.

Glenn Schorr holds a long position in equity securities of Franklin Resources, Inc.&nbsp;

GS

Goldman Sachs Group Inc.

IVZ

Invesco Ltd.

JPM

JPMorgan Chase & Co.

Glenn Schorr holds a long position in equity securities of JPMorgan Chase &amp; Co.&nbsp;

KKR

KKR & Co. Inc.

Evercore ISI or an affiliate has acted as a manager or co-manager of a public offering of securities by KKR & Co. Inc. in the last 12 months.

KKR & Co. Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to KKR & Co. Inc. in the last 12 months.

Evercore ISI or an affiliate has received compensation from KKR & Co. Inc. for investment banking services in the last 12 months.

MS

Morgan Stanley

Glenn Schorr holds a long position in equity securities of Morgan Stanley.

NTRS

Northern Trust Corp.

Glenn Schorr holds a long position in equity securities of Morgan Stanley.

STT

State Street Corp.

Glenn Schorr holds a long position in equity securities of State Street Corp.

TROW

1. Rowe Price Group, Inc.

Evercore ISI or an affiliate has received compensation for products or services other than investment banking services from T. Rowe Price Group, Inc. in the last 12 months.

1. Rowe Price Group, Inc. is a client of Evercore ISI or an affiliate and Evercore ISI or an affiliate has provided non-investment banking securities-related services to T. Rowe Price Group, Inc. in the last 12 months.

CG

The Carlyle Group Inc.

The Carlyle Group Inc. is a client of Evercore LLC, and Evercore LLC has provided investment banking services to The Carlyle Group Inc. in the last 12 months.

An employee, employee's immediate family member, director or consultant of Evercore ISI or one of its affiliates (but not the covering research analyst or a member of the covering research analyst's household) is an officer, director or advisory board member of The Carlyle Group Inc..

Evercore ISI or an affiliate has received compensation from The Carlyle Group Inc. for investment banking services in the last 12 months.

TPG

TPG Inc

TPG Inc is a client of Evercore LLC, and Evercore LLC has provided investment banking services to TPG Inc in the last 12 months.

Evercore ISI or an affiliate expects to receive or intends to seek compensation for investment banking services from TPG Inc within the next three months.

Evercore ISI or an affiliate has received compensation from TPG Inc for investment banking services in the last 12 months.