- Steve Eisman is a fund manager at Neuberger Berman.
- He famously shorted the big U.S. banks heading into the financial crisis.
- Now Eisman is buying two of the so-called FANG stocks.
A top fund manager who shorted banks going into the financial crisis now likes two of the hottest internet stocks.
Steve Eisman, fund manager for Neuberger Berman, said on CNBC's "Fast Money" Monday that he likes two stocks in the group of high-flying tech-related stocks nicknamed "FANG:" Facebook, Amazon, Netflix and Google.
"We own Facebook," he said. "I just think it's one of the powerful long-term stories in the market."
"I think the trends in retail are just overwhelmingly powerfully negative," Eisman said. "I don't think anyone is immune."
Eisman dislikes the real estate sector overall, given his view that rents are "rolling over" in New York City and San Francisco.
The fund manager successfully bet against the bank stocks prior to the 2008 financial crisis, when Wall Street's big banks held bad housing loans.
The stock market has only climbed in the eight years since, and Eisman says overall he sees more longs than shorts. He likes bank stocks now given the likelihood of some regulatory relief under the Trump administration.
Amazon.com and Facebook are the fourth and fifth-largest companies, respectively, in the S&P 500 by market capitalization. Amazon hit a record high Monday, while Facebook touched an all-time high on May 3.