Steve Eisman, of “The Big Short” fame,” says he's buying bonds “for the first time in a long time.”
Steve Eisman, the former hedge fund portfolio manager who shot to fame after his bets against collateralized debt obligations were profiled by Michael Lewis in “The Big Short,” said Monday that he’s buying bonds “for the first time in a long time,” with a preference for short-term debt like 2-year Treasury notes.
2-year yields have risen since the start of February to 4.815% as of Monday, around their highest level since 2007. “I think the days of people beating the market just by investing in tech are going to be over. And we’re going to go to a new paradigm…I think the days of investing in companies that have no earnings that have multiples of 200x will be gone.”
By the time 2022 was over, the tech-heavy Nasdaq Composite COMP had plunged 33% as U.S. stocks suffered their worst year since 2008. The S&P 500, by comparison, was down 19.4%, per FactSet. But highly speculative tech names were even worse off: the ARK Innovation ETF ARKK , seen as a benchmark for this corner of the market, fell more than 66%.
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