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Steve Eisman Ira Sohn

Steve Eisman is Founder and Portfolio Manager of Emrys Partners, L.P. Mr. Eisman has over 20 years of investing experience. Prior to founding Emrys, Steve Eisman was a Partner and the Senior Portfolio Manager of the FrontPoint Financial Services Fund, which began operations in March 2004, and the FrontPoint Financial Horizons Fund, which began operations in January 2006. Prior to FrontPoint, Steve Eisman was a Managing Director and Senior Financial Services Analyst at Chilton Investment Co. Steve Eisman was ranked as an All-Star Analyst by both Institutional Investor and The Wall Street Journal on multiple occasions.

Steve Eisman Ira Sohn Conference Live

3:08 PM EST: Eisman starts off by discussing housing in USA vs Canada. Bullish on housing in USA. Says affordability best in decades.

3:10 PM: Eisman likes Forestar Group Inc. (NYSE:FOR). If 136k land valued at mark to market, Forestar would be easily worth $30.

3:13 PM: Eisman recommends Colony Financial Inc (NYSE:CLNY), CLNY has potential to spin out single family rental business and increase leverage to boost shares.

Colony Financial Inc (NYSE:CLNY) up on Eisman’s recommendation

3:15: Eisman on Ocwen Financial Corp (NYSE:OCN), says the company is completely misplaced. OCN up in trading.

3:18: Eisman calls OCN most powerful play in housing. At FCF of 20-25 percent annually, OCN could grow tremendously. Says it can produce an operating cash flow equal to a substantial percentage of its market cap over the next three years.

3:21: Canada housing prices have shrugged off weak personal income growth. Canadian banks have very large funding gaps, $427 billion for the top six banks.

OCN up from 38.8 to 39.8 on Eisman’s remarks.

3:25: The funding gap in Canada has been filled by their Canada Fannie Mae, so many Canadian mortgage loans are insured by CMHC, Canadian banks hold very little capital domestically. CMHC providing growth in mortgage credit while banks cut exposure.

3:29: 50 percent of Canadian wealth in residential structures, could lead to trouble for Canada. If bubble cracks Banks will be hit as they are expensive.

3:32: Home Capital Group Inc (TSE:HCG) is relying on non prime uninsured mortgages, largest non prime mortgage originator in Canada.

Presentation ended.