On this episode of The Weekly Wrap, Steve Eisman breaks down everything that moved markets in Q1 2026 and examines how all sectors performed during the quarter. He also discusses the latest on the ceasefire in Iran, provides updates on private credit/private equity, and answers some mailbag questions from viewers. 00:00 - Intro 01:21 - Iran Updates: Trump&#x27;s Threat, Ceasefire, &amp; Oil Prices 02:27 - Growth in Private Equity 04:37 - More Bad News in Private Credit 06:00 - Finally Some Good News in Private Credit 06:55 - Q1 Market Recap 18:12 - Mailbag: Private Capital 18:54 - Mailbag: Meritage Homes 20:45 - Mailbag: What If Podcasts Were Around in 2007? 22:29 - Outro Watch my Financial Literacy Masterclass video here: https://youtu.be/u8chA7LC8lU Watch my Masterclass on the 2008 Financial Crisis here: https://youtu.be/4bSCdJTbR8I Subscribe 👉🏻https://www.youtube.com/@RealEismanPlaybook?sub_confirmation=1 Connect with Steve Eisman and access all things The Eisman Playbook: 🌐 https://linktr.ee/realeismanplaybook → 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&#x27; carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it&#x27;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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Q1 Market Recap: How Private Credit, AI, & War Have Dominated 2026 So Far | The Weekly Wrap

The Real Eisman Playbook

# Full Transcript

**Podcast:** The Real Eisman Playbook

## Transcript

[SPEAKER_A] Hi, Steve Eisman here. On my Weekly 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, Trump Tells Allies Facing High Fuel Prices to Buy US Oil or Get Your Own Oil from Straight Off a Moose. That's a pretty provocative headline, ripe for reporters and commentators to shade the truth. I went to groundnews.com and clicked on that story headline. There, I immediately saw 4 tabs, left, center, right, and bias comparison. When I clicked on left, a series of headlines appeared, all from left-leaning media sources. One headline said, Trump warns UK, US won't be there to help you anymore in tirade over Iran war. When I clicked on the right tab, I saw headlines with a different tone. One such headline said, Trump reproached his allies for lack of support in the war. The bias comparison tab showed Ground News's 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. Go to groundnews.com/real for a better way to stay informed. Subscribe through my link for 40% off their unlimited access to worldwide coverage. That's groundnews.com/real.

[SPEAKER_B] Groundnews.com/real. This episode is brought to you by Indeed. Stop waiting around for the perfect candidate. Instead, use Indeed Sponsored Jobs to find the right people with the right skills fast. It's a simple way to make sure your listing is the first candidate to see. According to Indeed data, sponsored jobs have 4 times more applicants than non-sponsored jobs. So go build your dream team today with Indeed. Get a $75 sponsored job credit at indeed.com/podcast. Terms and conditions apply.

[SPEAKER_A] Over the weekend, President Trump threatened to blow up Iran's infrastructure and gave a deadline of Tuesday night. President Trump announced a 2-week ceasefire, and Iran pledged to reopen the Strait of Hormuz. We will see if the ceasefire leads anywhere. The combination of higher oil prices and increasing interest rates was just too much. The S&P closed the quarter down 4% and NASDAQ closed down 7%. For the first time in decades, the P/E for software stocks are lower than the market multiple. The group has been humbled. Private equity went on a buying binge of software companies, and now the private equity sector is buried in software. The...

Q1 Market Recap: How Private Credit, AI, & War Have Dominated 2026 So Far | The Weekly Wrap

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Q1 Market Recap: How Private Credit, AI, & War Have Dominated 2026 So Far | The Weekly Wrap

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.