@Zhengguo Sun Steve admitted that it was someone else (Greg Lippmann) that came to him with a wrong telephone number and then alerted him to the failing MBS market. Lippmann was the executive in charge of global asset-back security trading at Deutsche Bank. He bet against subprime mortgages before the market collapsed and made billions of dollars. Lippmann saw the Credit Default Swaps that Dr Michael Burry came up with and realized that the MBS market was unsafe. He knew that he could not do the CDS himself, so he hawked them around various hedge funds with the hope that several of them would agree a deal and broker the CDS through him and then he would pick up the commission from his own bank as well as the fat pay off from the Hedge Fund. It was a very smart deal and only morally wrong in that he was working for DB and against them at the same time. DB is still in deep sh!t.
WOT Arty Noobs will have to watch it again, never noticed. People argue whether Bale captured Dr. Burry. ( i always add Dr. When the Bale character Said "Dr." I laughed my butt off)
.... you know how deeply flawed that is, right? When he had his short Zillow was in the 40s, in that time, Zillow went against his position by 5 TIMES!! Even today, the stock is Trading between 56 and $60, which is, again, still significantly HIGHER than his short position entry-point. I'm sure when the stock went down to $20 he started to close the position. But nevertheless, if he didn't get out of that position he would taken and DRAMATIC losses.
@@liyexiang666 in a more recent interview he said that he closed his short position on Zillow during the pandemic, and then actually bought stocks of the company.
Host needs to let the guest talk and stop trying to sound intelligent. Ask your question, and let the 'expert' speak....no one is watching for the anchor's soliloquy!
@binaryruffian LOL Ok! If you got that phone call...would you have the courage to write a check to short the swaps? You didn't have to be a Harvard math grad to look at the numbers, understand what was happening. You had to have the courage to write a check and stake your money and the money of your investors in that fund on your analysis. 99% of the world wouldn't bet on themselves...let alone this!
@@moneyprintergobrr6501 That's not my point...anchor can ask all the questions he wants. Then ask a question and let the guest respond without a multi sentenced question. Most segments are about 3-5 minutes which isn't much time to get a lot of ideas out.
"Thousands of mini-markets all over the US each with their own characteristics" - such a good description. There is no such thing as "The" real estate market.
For those saying he called it, if you look into it he covered this short as it went up and actually went long on the stock just before it peaked so he got hammered on both sides with this one. Stock went up when he was short and down when he was long.
It is eerie to listen to them talk about a "black swan" event six months before the pandemic hit. They are focused on Hong Kong, which while a problem, is not the swan that arrived. Eisman is extremely smart and sober, but it just goes to show that predicting these huge events is nearly impossible.
One of the most important takeaways you can learn from these guys. Nobody is smart enough and the best advantage to the average person is time in the market.
Love how the price of ZG is falling as he's speaking. Investors finally pay attention to him after Big Short. He's now a price maker. That's real power. Check today's ZG price too!
@@samw Yea, he got burnt unless his short was completed by Aug 12. Who would have thought covid would cause a suburban housing boom with 20%+ unemployment. It's a new world ! How did they even get loans!? With Fed dumping Trillions in, I guess assets are a safe hedge. Once they jack up property taxes, maybe not. Eisman probably thinking too rationally, Greenspan's mistake.
@@samw Not today. As of 10/18/2021 Zillow is trading at $86 a share and they have ceased all home buying for the remainder of the year. The bubble has popped and like the banks in 2008. Zillow is getting to the life boats early.
For those wondering if Steve Eisman's a one hit wonder. The price of Zillow dropped by 40% from July to October of 2019. And he is currently worth 1.5 billion in 2021.
Being lucky is a huge part of investing. Some people just have naturally higher luck stat and that matters. That said, as with a lot of these guys they’re smart but he was way too early, Zillow was a phenomenal short this year Opendoor even better (might be headed to bankruptcy jackpot). On a hold-forever type long you don’t need to worry about early but when going short you really do.
He’s doing fine, entered a short position in August of 2018 when they were trading around $62. They had dumped to $30 by the following September. Almost a zero percent chance he didn’t cover in that time frame lol
@@garym6206 He didn’t get destroyed at all. Entered a short position in august 2018 around $62. Zillow dumped & traded flat in the $35-$45 range for the remaining year and a half. He definitely covered in that time frame lol
Not today. As of 10/18/2021 Zillow is trading at $86 a share and they have ceased all home buying for the remainder of the year. The bubble has popped and like the banks in 2008. Zillow is getting to the life boats early.
@@tonikane6943 the 1-3 month are short term bonds, and currently they giving a better yield for now (2.10, 2.04, 1.99) than the rest, especially the 5 year which is the most inverted (1.39) of them all, and my opinion is our economy is slowing down alot sooner than we think, so I believe is why you seeing so much unloading of mid and long term bonds because they've not making as much as the short term bonds...
@@robertmartin2930 Think differently. Never generate debt when you don't possess income to retire said debt within 7 years. It's even in the Bible! (forgive debts every 7 y ears) #dumb #Lowinfo #herd ...or.... don't be a low info Millennnial, the poorest, least accomplished generation in ALL of American history!
Smart guy, knows his stuff, he just went so early, if it's today 2021 he would winning his shorts, Zillow business model is so broken with flipping houses and more and more foreclosure houses everywhere, while Airbnb on the other hands people during COVID would rent a house and stay at strangers houses/ condo/ apartm. a week / two. So my money it's on Airbnb stock not zillow
He mentions home flipping is a low margin business, which is true. But what he doesn't mention, is that the turnaround time on the flip is typically under 90 days. If Zillow flips houses at an average return of 4%, that's an annualized return of 16%. Home flipping is their fastest growing segment with revenues increasing nearly 40% in the last quarter. Zillow will become an absolute cash machine as their scale and efficiency continues to increase.
@Thomas Headley During a downturn is probably the best time to buy up more real estate. They have enough flexibility in their business model to shift into rentals, if need be. Yes, they're losing money now and if a downturn hit tomorrow that would be problematic.
@Thomas Headley I hold Z shares as a speculative play. If things work out, they will hold a dominant position in the not-to-distant future as more and more home buyers/sellers move to the online platform where they can instantly list, edit, make/view offers etc. from the convenience of their device. You also must consider the upcoming demographic shift as baby-boomers begin biting the dust. How will their children, who may live out of town, go about selling those properties that are probably in desperate need of updating? Many of them will prefer the convenience of taking a reasonable Zillow offer and getting the instant cash settlement. It's a win-win for Zillow. They get the property at a discount and flip it for a quick profit.
DC ~ how many homes have you flipped, bro? It is not that easy....in fact, many of the larger players in 2010 / 2011 / 2012 just bought homes and fixed them up over the years as their crews could not get to all the inventory. We are at full employment. I just finished a duplex and burned through two electricians before a third finished the job! Big H
@@tarheel181 Just as Zillow has their own preferred realtors, in the cities they operate, they'd set a network of reliable, preferred contractors they use to flip the houses. They may even shift toward Redfin's business model where they actually employ their own full-time staff of realtors.
@Doug Shaw Redfin has partnered with OpenDoor and Amazon's partnership with Reology isn't currently a threat to Zillow, With the amount of anti-trust scrutiny Amazon is already under, I don't know that they'll even be allowed to move into real estate. They may be facing a break-up as is.
Zillow has potential. As a appraiser I can tell you they are close to automating the appraisal function. As far as home condition, you should always hire a qualified inspector before buying.
Their algorithm might be good in tract home developments, but it's horseshit everywhere else. That they are "pivoting" towards flipping tells you how much faith they have in their ability to automate appraisals or internet real estate transactions.
Zillow's initial goal is for an ordinary person can buy/sell properties without a middle man. Nowadays, most of the users posting properties there are agents or brokers. I once tried giving interesr in a property, then an agent (from zillow?) rang me and told me that it is not available anymore then offered me a different property. It's just a waste of time!!
That was probably a while ago. Zillow/Redfin are the future of real estate. As demographics shift, these guys will dominate the market and continue to push out the traditional real estate agent.
@@GeneDexterExperience Then Zillow really is a waste of time.. might as well find a local broker.. showing the properties in their website is misleading when they are offering you another property..
In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% from the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released Tuesday concluded. Despite record-low unemployment, bankruptcy filings have not claimed this many jobs since the Great Recession. “It is the highest seven-month total since 2009 when 50,258 cuts due to bankruptcy were announced,” according to the report by outplacement and business coaching firm Challenger, Gray & Christmas. “In fact, it is higher than the annual totals for bankruptcy cuts every year since 2009.”
What a country we live in. A famous guy who has a short position on Zillow gets to go on CNBC and spend five minutes trashing the very company he is shorting. Insanity. The whole system is rigged.
These companies get to go on and tout themselves, how is this different? One has vested interest for, the other against. So long as they list reasonable arguments for their positions I see no problem with this.
@@arcon97 If CNBC was using good journalistic standards they would have had Zillow respond in the same segment. Total bullshit. I wonder if the CNBC producer of the segment has a piece of the short action. Trash journalism. Are you aware of Zillow getting equal time? I am not. PS other than in total market index funds I do not own Zillow.
The short has been bad, but he was very right that management did not see the risks associated with the iBuying, which lasted under 3 years before they shut it down!
Why was the short bad out of interest? At 5:02 he says that from "now" to five years from "now" will be when they uncover the problems.. unless you mean he had a shorter term position that didn't pan out?
@@lewiswhitling1351 At the time of recording, the stock was at $42.99. It ran all the way up to $202 at one point, and even today us up over $67 (55% higher than time of recording). I can't know exactly when Eisman put the short on, or how much he did, but it seems unlikely it was a big winner for him considering the stock is still higher, and there is a cost to borrow shares for a short.
Simply Connected I don’t believe he was speaking from an equality state. I’m assuming he was responding in a manner of “good shape” = “not going to crash tomorrow”
Zillow. What a train wreck. That is a freaking disaster of a company. Loved by customers but not but their clients I’ll explain. To me the client is the one that pays you the customer is a person that shops with you (they don’t have to purchase). The client of Zillow is their agents accounting for 70% of their revenue. But they are loosing agents and pissing them off everyday. So much so that complete MLS have pulled their listing for Sillow (silly & Zillow). They are competing with their agent now and also worst starting to compete with the buyers them selves but purchasing houses and flipping them at a loss.
When asked if the huge corporate debt danger to the system,he answered "definitely not" . And he suppose to be hedge fund legend and he consider himself an expert. What kind of expert he is? No surprise why no one of these "experts" couldn't see the 2008 crash coming. Corporate stock buybacks is the only thing which keeps the system going. Large corporations borrowing money to buy back their own stocks,those and other speculators are the only investors buying stocks.
this is just a demonstration of why the stock market is not about buying and valuing businesses anymore. Retail traders arent buying businesses, they are betting on emotional swings.
How does someone actually "bet against a company"? Would you bet against a company who's been running over 20 yrs,and hasn't even paid off 10% of its assets? "Asking for a friend"
I'm surprised Zillow hasn't ALWAYS been investing in real estate. Thats what everyone else uses Zillow for. The cracked foundations and regional markets are not an issue. All properties are inspected before closing.
Zillow and other i-buyers are making it practically impossible for first time homebuyers to find any inventory on the market. Watch, they’re going to start the next housing crisis once they’ve bought up all the property and have no one to flip it to for these unreasonable amounts. My generation are resorting to buying vans to live in or more often than not just on the street. It’s really sad and frustrating...
I thought his new big short was the Canadian housing market. At least that's what he claimed some 18 months ago. Somebody ask him how well that short is working out for him.
"a black swan event, what going on in hong kong" - filmed 08/19 - 4 months later, covid emerges out of china - global markets crash quickly - this guy might be a genius
Eisman: I do my own research. Interviewer: ... that's how you uncovered the internal weaknesses [in the mortgage backed securities]... CNBC was a cheerleader for fraud in the 1990s, 2008, and is still one today. The interviewer cannot even squeeze out of his mouth the words securities fraud.
I hate the people monitoring me. They ruined my life forever and I would of rather never met any of them. Because my life will never be good for me now or ever. I had hope for eleven months in my life. But hope died for me forever. What a waste America is to waste people's lives for reasons that aren't any good.
Tyler ought to be a "over-the-top" drama coach or better yet, simply cover Hollywood or sports like girls figure skating and Cramer could be his "color" guy...geez!!
This guy is saying the US Financial System is in "good shape" ? That is not really the general impression that we are getting. He is probably just trying to re-assure his clients so they don't just take their money and run for it. He is one of the people who stands to lose most from the coming collapse - someone whose stock-in-trade in worthless fraudulent paper.
Zillow makes offers contingent on passing a home inspection. Problem solved. That's a pretty silly reason to short a company and claim "their entire business model is flawed."
@john Stetson The time to short it was when it was at $50+ not after it's already fallen to $42. Go ahead and short it here and we'll see whose right.
That’s a very cost intensive approach and they’re not even making any profit as a company so it would take many months to years for them to see a large sum of profit after venturing into this
This coming from someone who needs people buying and selling stocks or he doesn't eat. If people keep listening To hustlers like this they will lose everything.
Donnie Ray billions of dollars every day are traded in the stock market. It will never let up either unless every company is valued at zero indefinitely.
@@BrennanVest You are right BG But with all of the quantitative easing they're going to calls hyper Inflation at which point the stocks and the dollar will be worthless. It's going to take a complete economic reset to fix this Which means a lot of pain for a lot of people including myself.
This isn't steve carell wtf
That's what she said...
Jojew he was perfect
@Zhengguo Sun
Steve admitted that it was someone else (Greg Lippmann) that came to him with a wrong telephone number and then alerted him to the failing MBS market.
Lippmann was the executive in charge of global asset-back security trading at Deutsche Bank. He bet against subprime mortgages before the market collapsed and made billions of dollars.
Lippmann saw the Credit Default Swaps that Dr Michael Burry came up with and realized that the MBS market was unsafe. He knew that he could not do the CDS himself, so he hawked them around various hedge funds with the hope that several of them would agree a deal and broker the CDS through him and then he would pick up the commission from his own bank as well as the fat pay off from the Hedge Fund. It was a very smart deal and only morally wrong in that he was working for DB and against them at the same time.
DB is still in deep sh!t.
@Scuba Steve
Dr Michael Burry - Christian Bale did a accurate portrayal of Burry - who appeared in the movie in two cameos.
WOT Arty Noobs will have to watch it again, never noticed. People argue whether Bale captured Dr. Burry. ( i always add Dr. When the Bale character Said "Dr." I laughed my butt off)
His position on Zillow is amazing given its situation today … he knows his stuff !
.... you know how deeply flawed that is, right? When he had his short Zillow was in the 40s, in that time, Zillow went against his position by 5 TIMES!! Even today, the stock is Trading between 56 and $60, which is, again, still significantly HIGHER than his short position entry-point. I'm sure when the stock went down to $20 he started to close the position. But nevertheless, if he didn't get out of that position he would taken and DRAMATIC losses.
timing is off. did he get out of his short on Zillow before today?
@@liyexiang666 in a more recent interview he said that he closed his short position on Zillow during the pandemic, and then actually bought stocks of the company.
what he doesn't know is geopolitcs...he said hong kong not once but twice...i mean Taiwan is in the news all the time this days...really!
@@SnoopCatts He easily could have shorted it more when it was up over $100 and made good money when it was down in the 20s...
4:03 hell of a call. Spot on
but he probably lost money on it ,it went to 160 dollars and down now to 55
Host needs to let the guest talk and stop trying to sound intelligent. Ask your question, and let the 'expert' speak....no one is watching for the anchor's soliloquy!
I thought they did great.
Do not underestimate CNBC ability to be a counter indicator, most bullish at the top most bearish at the bottom.
@binaryruffian LOL Ok! If you got that phone call...would you have the courage to write a check to short the swaps?
You didn't have to be a Harvard math grad to look at the numbers, understand what was happening. You had to have the courage to write a check and stake your money and the money of your investors in that fund on your analysis.
99% of the world wouldn't bet on themselves...let alone this!
@@moneyprintergobrr6501 That's not my point...anchor can ask all the questions he wants. Then ask a question and let the guest respond without a multi sentenced question. Most segments are about 3-5 minutes which isn't much time to get a lot of ideas out.
He’s trying to “route” the interviewee lol
“You guys smell that?
Smell what?
Money.”
DJ fucking A
Opportunity
Opportunity
@@sean3533 No. *Money!* I smell _monEY._
@@davecrupel2817 Do you see this guy, look at his face, his eyes, what do you notice!
"Thousands of mini-markets all over the US each with their own characteristics" - such a good description. There is no such thing as "The" real estate market.
Darwin Crawford Exactly. Even in my mid size city the real estate market is broken down by neighborhood.
real estate market = stock market. dallas real estate = one industry or company.
For those saying he called it, if you look into it he covered this short as it went up and actually went long on the stock just before it peaked so he got hammered on both sides with this one. Stock went up when he was short and down when he was long.
Being too early is being wrong.
“Credit rating inflation” aka lying.
Fraud.
Getting a job at CNBC is about shout-talking and talking more than your guests. Unbelievable.
Why did you cut him off when he started talking about Hong kong
CIA don't allow it.
gee i wonder why, that's a real head scratcher..
If you live in a country that the USA are interested in, you'll understand how they establish puppet politicians.
It is eerie to listen to them talk about a "black swan" event six months before the pandemic hit. They are focused on Hong Kong, which while a problem, is not the swan that arrived. Eisman is extremely smart and sober, but it just goes to show that predicting these huge events is nearly impossible.
One of the most important takeaways you can learn from these guys. Nobody is smart enough and the best advantage to the average person is time in the market.
RIP his shorts. Zillow sitting at $200 right now lol
He flipped long you dunce 😂
@@jacksonbateman1073 Zillow not at $200 today.
@@jacksonbateman1073 Since when.
Just wait. Zillow is done when the housing market busts again.
@@jacksonbateman1073 if he was short zillow at $43, then ya RIP to his shorts, because that was the bottom
Love how the price of ZG is falling as he's speaking. Investors finally pay attention to him after Big Short. He's now a price maker. That's real power. Check today's ZG price too!
this didn’t age well
@@samw Yea, he got burnt unless his short was completed by Aug 12. Who would have thought covid would cause a suburban housing boom with 20%+ unemployment. It's a new world ! How did they even get loans!? With Fed dumping Trillions in, I guess assets are a safe hedge. Once they jack up property taxes, maybe not. Eisman probably thinking too rationally, Greenspan's mistake.
@@samw Not today. As of 10/18/2021 Zillow is trading at $86 a share and they have ceased all home buying for the remainder of the year. The bubble has popped and like the banks in 2008. Zillow is getting to the life boats early.
For those wondering if Steve Eisman's a one hit wonder. The price of Zillow dropped by 40% from July to October of 2019. And he is currently worth 1.5 billion in 2021.
Networth of asset manager is irrelevant. They get wealthy whether their clients lose money or not.
And remember in 2008 he was lucky. Someone called the wrong number and reached his office. And they still nearly sent the guy away.
Being lucky is a huge part of investing. Some people just have naturally higher luck stat and that matters. That said, as with a lot of these guys they’re smart but he was way too early, Zillow was a phenomenal short this year Opendoor even better (might be headed to bankruptcy jackpot). On a hold-forever type long you don’t need to worry about early but when going short you really do.
ZERO! There is ZERO chance of a recession not happening
John Boykin it’ll happen. The question is whether it’ll happen in 1 year or 10 years
@@limegpt I was quoting Steve carrel from the big Short
@@limegpt well, it happened in 1 year
The clip cuts off at the most important part, Hong Kong.
I wonder why
Yeah 2 years too early but he did say 1-5 years. Thats a good call on that 👍
Zillow flipping property... Is this why I'm seeing property being listed 40% greater these days than 2 years ago on Zillow?
This aged well - Zillow 12x'd in the last year
Haha came here looking for this comment. Yeah he’s getting destroyed, was short Tesla too
He’s doing fine, entered a short position in August of 2018 when they were trading around $62. They had dumped to $30 by the following September. Almost a zero percent chance he didn’t cover in that time frame lol
@@garym6206 He didn’t get destroyed at all. Entered a short position in august 2018 around $62. Zillow dumped & traded flat in the $35-$45 range for the remaining year and a half. He definitely covered in that time frame lol
Zillow is losing millions every month. The hate of Zillow is so serious people want an investigation done by the Department of Justice and FBI.
@@r.d.9399 amazing buying opportunity
I'm here in 2021 counting all my Zillow money
Not today. As of 10/18/2021 Zillow is trading at $86 a share and they have ceased all home buying for the remainder of the year. The bubble has popped and like the banks in 2008. Zillow is getting to the life boats early.
Still counting??
One thing no one is talking about is how since June 3rd of this year is 6 month thru the 10 year is inverted to the 1-3 month & 20/30 year
Can you please explain?Thx
@@tonikane6943 the 1-3 month are short term bonds, and currently they giving a better yield for now (2.10, 2.04, 1.99) than the rest, especially the 5 year which is the most inverted (1.39) of them all, and my opinion is our economy is slowing down alot sooner than we think, so I believe is why you seeing so much unloading of mid and long term bonds because they've not making as much as the short term bonds...
Ken Rose that was inverted for like 3 months. And when the 2-10 year inverted the market dropped 3%
Another case of "I may have been early but I'm not wrong". Same with Burry betting against Tesla.
Good call on Zillow. They are screwing themselves here in Minnesota and they don't even know it.
How so? Interested to hear form a local
Markets are at all time high, in fact record high here in Tampa Florida area
Now they know
Zillow up 500% over the last 12 months.
Agents are learning how worthless Zillow advertising is.
Ryan Fagan total garbage
Please expand on this idea.
@@Rawdiswar zillow ads that agents and loan officers pay for are inferior to many other ways to generate leads.
It’s about 4-5k annually to use Zillow service in my area. That’s just selling one residential home
@@ACT1O1 and you will have to field thousands of trash leads to find that one to close.
student loans---- *cough *cough
Government Pensions
SubPrime Auto Loans
Student Loans
But student loans can’t be defaulted how do you suppose this?
@@robertmartin2930 Think differently. Never generate debt when you don't possess income to retire said debt within 7 years. It's even in the Bible! (forgive debts every 7 y ears) #dumb #Lowinfo #herd ...or.... don't be a low info Millennnial, the poorest, least accomplished generation in ALL of American history!
Agreeded
MT account this might be the funniest thing I’ve read in awhile. Assuming you’re trolling lol
Smart guy, knows his stuff, he just went so early, if it's today 2021 he would winning his shorts, Zillow business model is so broken with flipping houses and more and more foreclosure houses everywhere, while Airbnb on the other hands people during COVID would rent a house and stay at strangers houses/ condo/ apartm. a week / two.
So my money it's on Airbnb stock not zillow
He mentions home flipping is a low margin business, which is true. But what he doesn't mention, is that the turnaround time on the flip is typically under 90 days. If Zillow flips houses at an average return of 4%, that's an annualized return of 16%. Home flipping is their fastest growing segment with revenues increasing nearly 40% in the last quarter. Zillow will become an absolute cash machine as their scale and efficiency continues to increase.
@Thomas Headley During a downturn is probably the best time to buy up more real estate. They have enough flexibility in their business model to shift into rentals, if need be. Yes, they're losing money now and if a downturn hit tomorrow that would be problematic.
@Thomas Headley I hold Z shares as a speculative play. If things work out, they will hold a dominant position in the not-to-distant future as more and more home buyers/sellers move to the online platform where they can instantly list, edit, make/view offers etc. from the convenience of their device. You also must consider the upcoming demographic shift as baby-boomers begin biting the dust. How will their children, who may live out of town, go about selling those properties that are probably in desperate need of updating? Many of them will prefer the convenience of taking a reasonable Zillow offer and getting the instant cash settlement. It's a win-win for Zillow. They get the property at a discount and flip it for a quick profit.
DC ~ how many homes have you flipped, bro? It is not that easy....in fact, many of the larger players in 2010 / 2011 / 2012 just bought homes and fixed them up over the years as their crews could not get to all the inventory. We are at full employment. I just finished a duplex and burned through two electricians before a third finished the job! Big H
@@tarheel181 Just as Zillow has their own preferred realtors, in the cities they operate, they'd set a network of reliable, preferred contractors they use to flip the houses. They may even shift toward Redfin's business model where they actually employ their own full-time staff of realtors.
@Doug Shaw Redfin has partnered with OpenDoor and Amazon's partnership with Reology isn't currently a threat to Zillow, With the amount of anti-trust scrutiny Amazon is already under, I don't know that they'll even be allowed to move into real estate. They may be facing a break-up as is.
Zillow has potential. As a appraiser I can tell you they are close to automating the appraisal function. As far as home condition, you should always hire a qualified inspector before buying.
Their algorithm might be good in tract home developments, but it's horseshit everywhere else. That they are "pivoting" towards flipping tells you how much faith they have in their ability to automate appraisals or internet real estate transactions.
Say no to automation
@Chris McKinley the zestimate is not why people go to Zillow or Trulia or realtor.com. they go to these sites to browse property
Isn't this guy shorting the Canadian financial system? He's had that position for over 3-4 years... Wonder how that's working out.
greezydank paying millions in premiums I’m sure
Question is - if he's wrong or just early.
when the markets are going up they interview Tom Lee, when the markets go down they interview Steve Eisman. what a timeless job is CNBC journalist.
2 words: Student Debt
Zillow's initial goal is for an ordinary person can buy/sell properties without a middle man. Nowadays, most of the users posting properties there are agents or brokers. I once tried giving interesr in a property, then an agent (from zillow?) rang me and told me that it is not available anymore then offered me a different property. It's just a waste of time!!
That was probably a while ago. Zillow/Redfin are the future of real estate. As demographics shift, these guys will dominate the market and continue to push out the traditional real estate agent.
Richard Rama I don’t think you know the business Zillow is really in.
Thomas Headley Brokers fees.
@@GeneDexterExperience Then Zillow really is a waste of time.. might as well find a local broker.. showing the properties in their website is misleading when they are offering you another property..
Gene Dexter Zillow dont know the business they are in!
In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% from the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released Tuesday concluded. Despite record-low unemployment, bankruptcy filings have not claimed this many jobs since the Great Recession. “It is the highest seven-month total since 2009 when 50,258 cuts due to bankruptcy were announced,” according to the report by outplacement and business coaching firm Challenger, Gray & Christmas. “In fact, it is higher than the annual totals for bankruptcy cuts every year since 2009.”
What a country we live in. A famous guy who has a short position on Zillow gets to go on CNBC and spend five minutes trashing the very company he is shorting. Insanity. The whole system is rigged.
These companies get to go on and tout themselves, how is this different? One has vested interest for, the other against. So long as they list reasonable arguments for their positions I see no problem with this.
@@arcon97 If CNBC was using good journalistic standards they would have had Zillow respond in the same segment. Total bullshit. I wonder if the CNBC producer of the segment has a piece of the short action. Trash journalism. Are you aware of Zillow getting equal time? I am not. PS other than in total market index funds I do not own Zillow.
The short has been bad, but he was very right that management did not see the risks associated with the iBuying, which lasted under 3 years before they shut it down!
Why was the short bad out of interest? At 5:02 he says that from "now" to five years from "now" will be when they uncover the problems.. unless you mean he had a shorter term position that didn't pan out?
@@lewiswhitling1351 At the time of recording, the stock was at $42.99. It ran all the way up to $202 at one point, and even today us up over $67 (55% higher than time of recording). I can't know exactly when Eisman put the short on, or how much he did, but it seems unlikely it was a big winner for him considering the stock is still higher, and there is a cost to borrow shares for a short.
He says the US Financial System is in "pretty good shape" - pretty good for who ?
Simply Connected I don’t believe he was speaking from an equality state. I’m assuming he was responding in a manner of “good shape” = “not going to crash tomorrow”
He means the financial sector which are banks
He was 100% wrong about Zillow
It went down 50% after this interview, you don't know if he covered his short or not, but he sure was wrong about Tesla
@Sdtok thanks, never seen that interview
typo "betting again zillow" 03:28
Zillow. What a train wreck. That is a freaking disaster of a company. Loved by customers but not but their clients I’ll explain. To me the client is the one that pays you the customer is a person that shops with you (they don’t have to purchase). The client of Zillow is their agents accounting for 70% of their revenue. But they are loosing agents and pissing them off everyday. So much so that complete MLS have pulled their listing for Sillow (silly & Zillow). They are competing with their agent now and also worst starting to compete with the buyers them selves but purchasing houses and flipping them at a loss.
Ultimately, it's the same problem he had in The Big Short. He was right, but he was early. Not sure how it played out for him here.
When asked if the huge corporate debt danger to the system,he answered "definitely not" . And he suppose to be hedge fund legend and he consider himself an expert. What kind of expert he is? No surprise why no one of these "experts" couldn't see the 2008 crash coming. Corporate stock buybacks is the only thing which keeps the system going. Large corporations borrowing money to buy back their own stocks,those and other speculators are the only investors buying stocks.
vlad mravcak his point was corporations falling apart due to debt is not as catastrophic as banks in debt and going under.
I love this guy
Really? He’s broke now
Although right he’s wrong. Stock price on this date was at 39.54 and today after the drop it’s at 66. 65% increase.
He was ultimately correct in many ways, but his short position lost money, but he probably was well diversed.
He may not look like Steve Carrel, but he sounds and acts like him. Or did Carell sound and act like Eisman?
today zillow price is 114 and up 4%
2:10 pm 6/7/2021
His five year prediction doesnt seem to work well. he lost money on this one.
He said 1-5 years. Seems this guy knew what he was talking about. November 2021
I hope this guy covered his shorts of zg
Banks and their controllers have been our downfall since their inception.
Great post! Thanks for sharing.
things in HK WILL get very ugly...a better discussion would be, how could it not
incredible foresight here
was waiting for the Zillow response and it didn't come
Guess they know he's right :O
this is just a demonstration of why the stock market is not about buying and valuing businesses anymore. Retail traders arent buying businesses, they are betting on emotional swings.
Who could have predicted that the Hong Kong situation he was so worried about would essentially disappear overnight due to a global pandemic?
This interview was in August. I wonder what he would say now.
How does someone actually "bet against a company"?
Would you bet against a company who's been running over 20 yrs,and hasn't even paid off 10% of its assets?
"Asking for a friend"
I’m here a year later witnessing the “black swan” but it’s not the black swan he was expecting...and Zillow ($Z) hit peak @$115...curious what changed
Wow he was right
That lady talks out the side of her mouth.
Damn this dude is a freaking prophet
This guy been wrong alot lately
I'm surprised Zillow hasn't ALWAYS been investing in real estate. Thats what everyone else uses Zillow for. The cracked foundations and regional markets are not an issue. All properties are inspected before closing.
Inspectors are largely a farce. No inspector wants to point out flaws and tarnish his referrals from agents.
Can someone tell me exactly what Tyler does for a living?
He authors articles for Zero Hedge.
this didn't age well. a year and a half later zillow is at 128
This aged well.
Zillow and other i-buyers are making it practically impossible for first time homebuyers to find any inventory on the market. Watch, they’re going to start the next housing crisis once they’ve bought up all the property and have no one to flip it to for these unreasonable amounts. My generation are resorting to buying vans to live in or more often than not just on the street. It’s really sad and frustrating...
I thought his new big short was the Canadian housing market. At least that's what he claimed some 18 months ago. Somebody ask him how well that short is working out for him.
"a black swan event, what going on in hong kong" - filmed 08/19 - 4 months later, covid emerges out of china - global markets crash quickly - this guy might be a genius
Everyone in Real Estate knows Zillow sucks chunks. Horrible company.
Well obviously there is bias for a real estate agent.
@@jpmorgan187 lol yes we have to use it daily. Thats the bias. Its constantly posting wrong information. It's just a miserable experience overall.
Kinda sounds like Eisman had a bad experience flipping a house
Things in Hong Kong has now become very ugly.
What about Canadian banks?
Hes shorting 3 right now
He was right. Again.
Ouch Steve. Ouch.
Ouch
look at zillow now ahahaha back to square 1, so crazy how right he was
If you had followed his advice in August 2019, you would have made good money within a month and then lost 5x your money by Feb 2021.
There should be rating agencies that work for investors only and get paid by investors only.
Eisman: I do my own research.
Interviewer: ... that's how you uncovered the internal weaknesses [in the mortgage backed securities]...
CNBC was a cheerleader for fraud in the 1990s, 2008, and is still one today. The interviewer cannot even squeeze out of his mouth the words securities fraud.
Oh cut off on Hong Kong. CNBC owner by China too?
2020 Zillow is rocketing around 90$ per share
Ha! Meanwhile...in Nov 2021
This didn’t age very well
i wonder if he has been shorting this market today.
This guy not to be trusted. Another master of speaking out of both sides of the mouth at the same time.
I'm seeing Robert Wagner playing this interviewer in the Big Short 2.
drmodestoesq haha... so true!
I hate the people monitoring me. They ruined my life forever and I would of rather never met any of them. Because my life will never be good for me now or ever. I had hope for eleven months in my life. But hope died for me forever. What a waste America is to waste people's lives for reasons that aren't any good.
Tyler ought to be a "over-the-top" drama coach or better yet, simply cover Hollywood or sports like girls figure skating and Cramer could be his "color" guy...geez!!
Government Pensions
SubPrime Auto Loans
Student Loans
Nailed it!
This guy is saying the US Financial System is in "good shape" ? That is not really the general impression that we are getting. He is probably just trying to re-assure his clients so they don't just take their money and run for it. He is one of the people who stands to lose most from the coming collapse - someone whose stock-in-trade in worthless fraudulent paper.
The way they ask the questions sounds like they have an angenda...!!
I’m long on Zillow. I think he’s wrong. The entire real estate industry is inefficient and changing. Thing are moving more to a buy online process.
Zillow makes offers contingent on passing a home inspection. Problem solved. That's a pretty silly reason to short a company and claim "their entire business model is flawed."
yes, you are smarter than Eisman
@@billmoyer3254 I woudn't go quite that far. Just because he's wrong about Zillow, doesn't necessarily mean I'm smarter.
@john Stetson The time to short it was when it was at $50+ not after it's already fallen to $42. Go ahead and short it here and we'll see whose right.
That’s a very cost intensive approach and they’re not even making any profit as a company so it would take many months to years for them to see a large sum of profit after venturing into this
The problem isn't home inspection it's moving from a zero tangible asset business to a high asset (and therefore high debt) business
This coming from someone who needs people buying and selling stocks or he doesn't eat. If people keep listening To hustlers like this they will lose everything.
Donnie Ray billions of dollars every day are traded in the stock market. It will never let up either unless every company is valued at zero indefinitely.
@@BrennanVest You are right BG But with all of the quantitative easing they're going to calls hyper Inflation at which point the stocks and the dollar will be worthless. It's going to take a complete economic reset to fix this Which means a lot of pain for a lot of people including myself.
Yes i am maked many short time for all companies wont work fast
Short on bitmex is the solution
iman yudha 2% of total account on cross 100x?
More like to get rekt
Ha I can tell without looking that this is Steve Carrell's character.
Corporations will be ok think about people who will get bashed if the get leaveraged