George Noble

Sam, my friend, how are you?

I'm doing very well, George.

Good morning.

Good to be back on your show.

So as the saying goes, the economy's energy transformed.

And policymakers, this is not...

It's all energy, George.

Policymakers, it's not a left thing or a right thing.

But it's nice to sometimes get someone who has a background that's similar to mine, who has been an asset manager and is now a podcaster, and is expressing opinions like I've been expressing opinions.

And that person is George Noble, who was once a portfolio manager at Fidelity, and now is a podcaster, newsletter writer, and we're gonna have a very broad-ranging conversation about a whole range of topics.

And when we're done, I'll be back with some thoughts.

[upbeat music] Hi, this is Steve Eisman, and welcome to another episode of The Real Eisman Playbook.

Our guest today, George Noble, who has been here before, who has been a portfolio manager, uh, he's now a podcaster and a newsletter writer, kind of like me.

Um, so George, welcome back.

Good to be...

Otherwise, you wouldn't have to do this.

Here is the glass half empty take from George Noble, who is a famous investor.

The

fire right now is AI.

The market has figured things out.

Uh, I listened to a man this morning named George Noble, a very prominent man in finance, and he was asked, "Well, what do you think this man Kevin Warsh, the president of the Fed, can do?" Or, "What do you think he should do at this point?" And you know what he said? "Resign." And the reason he said that is there's nothing you can do.

The proverbial handwriting is on the wall.

We're headed into Armageddon, and there's nothing he can do to prevent it.

Listen on demand wherever you get your podcasts or watch us live on YouTube.

George Noble needs no introduction.

He and a guy named Mobius basically took Sir John Templeton's path-breaking value large cap international investment and said, "Let's make this dance." What was it like way back at Fidelity, like the first couple months of Fidelity International? You had to justify your existence.

Yeah.

Right.

These are two different things.

Uh, George Noble with us, folks.

Uh, hugely visible on social.

How are you, my friend?

I'm good, George.

How are you? Good to be on your podcast.

Excellent.

as the saying goes, Jakob, prices will fluctuate.

Why so fluctuate? Okay, so.

That's a bit of it, George.

In shipping, there's always opportunity.

If SpaceX is added to the S&P 500 and the Nasdaq 100, every passive investor will find themselves buying the stock at whatever price the supply squeeze has manufactured.

As veteran fund manager George Noble points out, the proposed five times float multiplier used to determine its Nasdaq index weighting is shameless structural manipulation.

It effectively turns every pension fund into exit liquidity for SpaceX insiders, where your retirement account is being forced to buy into a bubble designed by the seller.

As Noble argues, the rules are being rewritten to benefit IPO issuers and early-stage insiders, and your capital is the tool being used to enrich them.

And so we've seen a lot, Bernie.

The rumor was, George, and I don't know if I've never really asked you about this before, so this might be breaking news, but the Boston urban legend was that when Fidelity hired George Noble, Ned Johnson had to take a cut in pay because that's how small Fidelity was at the time.

So

anyway.