The dow up nearly 100 points. The s p closing at a record high above 2400 for the first time ever. The nasdaq hitting a record and the russell 2000 soaring. Amazon, 20 years after its initi initial market cap taking off a whopping 450 billion leaving traditional retailers in the dust as they struggle to stay afloat. The two names have been somewhat immune to amazons demolition. The two best performing dow stocks this year. They are getting ready to report this week. What do they tell us about the story of the consumer, guy. I think home depot absolutely is. Lowes is cheaper. We can make an argument it should be, shouldnt be. Home depot absolutely stands on its own. Reports tomorrow before the bell. 14 eps growth. I think it is immune. Walmart, different story. But i think the beauty of walmart is the downfall of target. 2015 was an awful year for walmart. 90 to 45. I think it got its footing back because target lost theirs. I think they got the footing back because they got back to what they can only do and that is compete on price. Meanwhile, you get back to the store, we talk about amazon, and home depot, does shopping in a store make you happy . Every time im in a store it makes me happy. Why . Because i like people. I like tactile. The question is, home depot versus the department store, people go to home depot. That place makes me happy e. When i ask for birthday presents, i get home depot gift cards. My motherinlaw gave me one, thank you for that. We have a reason to go to the Home Improvement store. You have less store space per capita in Home Improvement. I think the same thing. Total experience. You look at it and say the housing is showing us that the millennials have shifted to a spending perspective. They have to fix the new homes. Walmart made right strides. But lets be clear about that, that was 100 million business they acquired. Lets look at it and call a spade a spade. Theyre making right investments. But theyre not there yet. Why cant we interpret the Walmart Store as an inverse amazon they are. Doesnt walmart in essence have its own logistics with the Big Box Stores . Whats really actually starting to propel walmart to the next level, you talked about target as well, they were beating target, in groceries, and thats rolled on to everything else. Thats been targets biggest problem. When you go back to home depot for a minute, its not just the Housing Market. If you go back to 2016, how about when you looked at those earnings, record earnings. They come into this year, theyre expecting to get 7 a share. Buying back 15 billion worth of stock. Everything is going right. The big box, very difficult for amazon to attack. When i go to buy my mulch at home depot, and i go over there every saturday, and i get about three or four pallets of mulch theres other kinds of mulch. Are there different kinds . There sure are. All right. I was just asking. Im asking for a friend. But you also buy a rake, and a shovel, and everything else. Thats right. You walk in the store, youre not buying just what you walked in for. Thats why home depot will continue to work out. Walmart, very different. Walmarts doing the right things. The investors love walmart because theyre paking the right investments. Let me ask another question. Walmarts gains are made on the back of targets losses . Theyve been faltering maybe the last two years. For quite some time. It doesnt mean the stock is not trading well. If you go back and look, target held 54, which was a pretty critical level. Fiveyear level. Its held it well. It hasnt bounced in a meaningful way. At 13 times forward earnings, if you believe they can turn it around, im on the fence about it you used to love target. I love it. Theyre all moving in the right direction. Heres the problem. When they started to falter with the grocery side of things, that took all their attention. They need to possibly think about what they did with the pharmaceutical spinoff. They are not able to run that properly. Maybe theyve got to do some form of spin. Would you rather . Look, you think guy is the only one who likes to play would you rather . Home depot or target. I tell you what, over the next 12 months, target. These guys have managed to either reestablish or maybe never entirely lost the indoor experience. I think theyre competing on price. But target is target. Theyre getting their mojo back. I think in the next couple of months, relative value. It would have been too obvious to say home depot or amazon. I wanted to get the notion do you go for a turnaround or go for whats working . I think the turnaround. I would say home depot. Can i make one point . When you go get a part for your tractor i didnt hold on, hold on. I follow tim seymour who sent out a meaningful tweet about his tractor. It was tractor season at my house. I pulled out the john deere. And shame on you, guy. That tractor is not really a tractor, thats a toy. I think weve got a lumberjack contest on this. Some things you cannot believe. Back to the would you rather, target over home depot . I think its hard in the age of technology to catch up. I think target will struggle in catching up. I wouldnt touch it. I would much prefer to own walmart or home depot here. Thats really whats been holding them in play if people are nesting, their homes are their homes thats the growth quarter after quarter is the home goods side of that trade. Tjx, and dont forget about burlington. That burlington, they are killing it as well. Lets not forget about them. I think that right now, burlingtons gotten so priced. Theyre so expensive. Theyre doing great, but right now tj maxx, probably your best bet. The Home Improvement trades, sherwin williams. I still think theres more left in that name. Amazon hitting alltime highs as it celebrates the 20th anniversary. What could be the next blockbuster stock for the next 20 years . Hey, chris. Nice to be here. What are you looking at . I think when we talk about amazon here, we have to appreciate how amazing the last 20 years has been. 1 invested in this stock 20 years ago is worth almost 500 today. 1 in apple 20 years ago is only word 250. 1 in the s p is only worth 3. And 1 in macys is still worth 1. So i think when we look at how extraordinary this picture has been, and when we go to the next chart here, looking at amazon versus what was the other bellwether in this group, walmart for a very long period of time, these are their market caps. Amazon crossed in 2015, it hasnt looked back since. This is clearly the secular play in the group. When we look at the stock right now upon our next chart, so long as the higher lows are in place, the trend here is up. You have good support in this 950 neighborhood. I think as long as youre above that, you play this on the long side. And looking for what could be the next name here, i would point you to expedia. Expedias coming out of a twoyear base. Its really been a lag guard over the last 24 months. Broke out today. You have support near 135, 140. Look to 175 as a longer term target. I think tactically, this is the spot for a catchup trade. Bold pick. Wow. Come on over, chris. Bring him in. Yeah, come on. Sidneys going to bring the chair in. Thank you, sidney. Were talking about the destruction that amazon has done to the retail sector, as it has risen to alltime highs. When you take a look at the charts for the likes of a walmart, lets say, how does that chart look . Well, the one spot i would take objection to here, and we had a discussion about tj maxx, ive never seen a bear market hit a Group Without the best getting hit. Thats tjx and ross stores over the last couple of years. They act pretty fatigued here. Tj maxx against the s p today, as well as ross stores, id be a little bit careful there ahead of earnings. They hit all the bad ones. Ultimately they get to the good ones as well. Chris, how about thinking about the moving amazon and some of the peers leading the market, like facebook. What about the ownership here . Just passive index pushing these things up . Or do you think dedicated players own this and maybe dont want to own a lot more . I think certainly we have to identify who the dominant investor is. As long as we identify the rules of the game and were okay with it, we have to acknowledge its probably been pretty much etf driven. Amazon is like in 300 etfs. Thats the dominant investor in this kind of environment. Those are the rule of the game. We have to follow the trend. Youve been rewarded for oeng this stock own in corrections over the last 20 years. Until that changes, its hard to walk away from it. Expedia, alltime high today. It looks extraordinarily like priceline. Does ex speed yeah set up into the next Earnings Release the same way priceline did . Weve seen the bid for the experienced stocks. The restaurants go up, weve seen the cruise lines go up. Expedia is a way to capture that. Placeline has been your leadership stock in this group and it certainly was for the last several years. I think you play expedia for a catchup trade here. But i would point out carnival cruise, even some of the airlines, the fact that united is knocked down, given everything that companys been through, extraordinary. We like oeng things that dont go down on bad news. A lot of those experienced stocks satisfy that here. Chris, i know we asked you to pick a stock for the next 20 years. When youre analyzing a chart, how long can you extrapolate until it stops working. We are not people who think about targets in term of time or price, we think about target in terms of relative value. How long am i going to be compensated owning this stock. Until the relative proposition of the amazons and apples and facebooks changes, its tough to walk away. Whats the objective of the game . Buy things that stay high. Thank you, chris. Thank you. Pete, you like expedia . I do, absolutely. I think priceline as well. But its an interesting thing when youre talking about 20 years. Thats a difficult thing to put him in that position. I think the experienced stocks, you talk about these other things, go to the airlines, all the bad news. It is amazing, right . Its absolutely amazing. And i heard a little bit of whats going on with buffett and some of the changes in his filing. Sounds like hes adding to the airlines as well. Im still willing to stay there as well. I like the experienced stocks. A great call, 20 years. In general, i like the experienced play. I would be a buyer of expedia here. We have a crack staff back in d. C. A cracker jack staff. There it is. Is that the actual by the way when my son has his own tractor, i would be tweeting out my sons tractor. I dont know how big that is. That tractor looks beat up and used. It looks like ive taken it through a war and back. He came right at me for crying out loud. Coming up, dave einhorns report just released. What hes buying, right after the break. The global hack attack sending cyber names surging. The traders tell you which ones will keep your portfolio protected from big losses. Thats next. And there he is, getting ready. Legendary investor steve eisman is here. He called the housing crash. Does he see something similar brewing in the market right now . Well hear from him right after this break. The shows about to start how do i look . Like a bald penguin. [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. Welcome back to fast money. Weve got a news alert with the littest on filings. Hi, leslie. Digging into activist plays here. Green light increased stake in gm by 42 million shares, to 54. 7 million shares. A little bit under 2 billion based on the price at todays close. Decreasing the stake in apple. Joining a slew of others that did that as well. We also received the 13 f filing from pershing square. Bill ackman told us in january he took two new long positions. I made calls, tried to figure out what was going on here. It could be one of two things. Number one, these could be securities that arent required to be disclosed through 13f filings. There are a select group of securities that dont need that disclosure. Number two, potentially the more likely scenario, that he drew these positions through derivatives. Thats what we know at this point, melissa. Leslie, thank you very much. So this is just the latest in the stake in gm, ackman, we still dont know what his new positions are. Maybe through derivatives he does a lot of derivative trading. Think about gm. Think about where the peak was around the stock, as a trump trade. In the start of the First Quarter. You really had an opportunity to come out of the gates and buy that stock. Obviously First Quarter gets you into a place where that stock really hit its peak. Down almost 12 since that point. Im long gm. I think of all the autos, i think its the one that makes the most sense. We have no idea whether or not these positions still stand. No question. Nef chase a 13f. Look at gm and say we have a massive glut of used cars in the market. Avis is getting crushed because of that. Theres no reason i would step in and buy these names here. Gm in particular. I think theres more down side risk to these stories. Unless he gets more of what he wants in two classes of stocks. Gm based on valuation, advocate for change, ford on the other hand is in a fouryear down trend since 2014. It just continues to make lower lows. I think youve got to wait on letter f here. Breaking news on President Trump coming out of d. C. Lets get to john harwood for the details. Reporter melissa, the Washington Post just posted a story in which current and former intelligence officials are saying that President Trump in his meeting with the Russian Foreign minister Sergei Lavrov last week revealed highly classified information that has the potential to damage u. S. National security in cooperation with allies. This information, according to the Washington Post, report, and by the way, weve reached out to the white house, have not gotten a response from them to this report, although within the report there is a statement from the National Security adviser, hr mcmaster, saying sources and methods were not compromised by the president s discussion. How far, the intelligence officials quoted in the piece said that by revealing the city in which this plot was discovered, gives the russians information about where the intelligence came from, and did not have the permission according to the post report of the ally whose Intelligence Agency produced this report. So i think if you step back for a minute, this is part of the Intelligence Community responding to the criticism that donald trump has leveled against them, and is giving the president a very clear indication that they are not going to let pass what they see as misbehavior by the president. This comes, of course, at a time when theres tremendous catastrophe about the russia investigation, and the trump firing of james comey, the fbi director, melissa. So, john, the characterization of this information is highly classified information . I would imagine it depends on what kind of lots of information is classified. But if this is highly classified, that denotes a more serious tone to the disclosure. Reporter that is the way the intelligence officials in the piece described it. They talked about it as among the most secret information you can have in the government. Now, it has to be said, the president of the United States at any time can declassify information on his own authority. So its not so much a legal question, as it could be a question of discretion, judgment, was he careless with classified information. This is what there was a quote in the post story from someone saying he may not have recognized what he was revealing. In any event, this is something that is about the last thing the white house needs at this moment. Yeah. John harwood, thank you. Interesting story this evening from the Washington Post, again, citing their own sources about President Trump revealing information, highly classified information to the Russian Foreign minister lavrov when they met a couple of weeks ago. Its funny, not funny, but there are so many things the white house is dealing with in terms of black eyes, even if its optically. And the markets sit at record highs. It may distract them and taking their eye off the ball of tax reform. Execution is obviously the most important thing right now and were just not seeing it. Points on the board, need to get in quickly for investors to stay reminded. A strategy that the white house is using before they were the white house. This has been going on for nine months. If you think about whats going on in the market, look around the world. Its underperforming the rest of the world. Youre getting ppi and inflation out of japan and china, things that you want to see, see the rest of the world rallying, u. S. Should be rallies. Not just about valuation. I think the u. S. Is underperforming for a reason. Is some of it political blowback . Absolutely. You cant tell me that the Republican Party, we know how democrats are going to react to this news, right . The onus is on the Republican Party to put America First and decide what theyre going to do intraparty. That puts a lot more presh ir on any agenda that this market has. A lot of people hear blah, blah, blah, blah, and the vix is at 10. The movement in the market has been extremely tight. Theres a reason for it. Actually, john and i were talking about spot vix is lower than where were seeing it trading at right now. But the reality is, there are parts of the market that have really outperformed. The overall s p, yes, its lagged some of the foreign competitors. Im not going to say its done poorly. But its lagged. The way you were saying it. If you still look at individual names in this market, those are killing it. For all the passive investors out there, you still want to keep an eye on the apple, the amazon, the facebooks and even go to the financials. Coming up, one of wall streets biggest tesla bulls suddenly waving the white flag. What has him so nervous, later this hour. Heres what else is coming up on fast. No one is paying attention. They got greedy and they can profit off of their stupidity. Steve eisman, the man who called the housing collapse is back. With what he thinks could be the next big short. And hell tell us whats keeping him up at night. Plus, thats what oil looks like, soaring to 50 a barrel. But traders are betting it could all come crashing down. Well explain. The power of innovative thinking. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Containing this information. Read it carefully. Its what busch is known for. What are you known for . Im indecisive. Scratch that. No, thats right. Although. [sfx buschhhhh] when this bell rings. It starts a chain reaction. Thats heard throughout the connected business world. At t Network Security helps protect business, from the largest Financial Markets to the smallest transactions, by sensing cyberattacks in near real time and automatically deploying countermeasures. Keeping the world of business connected and protected. Thats the power of and. Deartheres no other way to say this. Its over. Ive found a permanent escape from monotony. Together, we are perfectly balanced, our senses awake, our hearts racing as one. I know this is sudden, but they say if you love something. Set it free. See you around, giulia times up, insufficient were on prenatal care. Es. And administrative paperwork. Your days of drowning people are numbered. Same goes for you, budget overruns. And rising costs, wipe that smile off your face. Were coming for you, too. For those who wont rest until the world is healthier, neither will we. Optum. How well gets done. We cut the price of trades to give investors even more value. And at 4. 95, you can trade with a clear advantage. Fidelity, where smarter investors will always be. Welcome back to fast money. Were live at the Nasdaq Market site. A record day for the markets. Closing at alltime highs. The dow rallied. Were Just Moments Away from our exclusive interview with steve eisman from the big short fame. First, is the u. S. Auto market signaling the potential breakdown for the u. S. Economy . Phil lebeau joins us with the latest. What a lot of people are worried about the auto market is whats on the lower end of the market. Subprime and deep subprime part of the market. Its natural for it to slow down this late into an auto cycle. Weve had seven years of growing sales. People like to focus on 30day and 60day delinquency rates. In the Fourth Quarter, experience that both of those increased fractionalfractionala. When you look at the overall market and say how many loans are written right now in dealerships are those who have good credit versus okay credit or weak credit . More than half of the loans written in the Fourth Quarter were for those with very good credit. Prime and super prime. Nonprime, which is your okay credit rating. About 20 . And then subprime and deep subprime make up just under a fourth of all auto loans written in the Fourth Quarter. By the way, thats down fractionally compared to the Fourth Quarter of 2015. And as i mentioned at the top, melissa, its all about the overall sales that are out there for the industry. It is unlikely were going to hit a record sales pace for this year. Were at 7. 1 million vehicles. Last year was the record at just under 17. 6 million. The industry would really have to turn it on going into the second half of this year for us to hit 17. 6 or greater for this year. Most believe thats not going to happen. And thats why everyones focusing on the subprime and deep subprime markets and what kind of losses that we see there, how that might impact some of the lenders there, and some of those holding those securitized assets that hold some of those loans. All right. Phil lebeau, thank you very much. A wall street legend bet against the u. S. Housing market. Before the crisis hit. Now, steve eisman joins us in the fast money exclusive. Steve, a pleasure to have you on fast money. Thank you. Phil lebeau was just talking about auto loans and subprimes. Weve seen the data trickling out of the crumbling of the used car prices, about lenders vying for fewer and fewer loans out there. How do you view this area of the market . Look, subprime auto has gone very, very rapidly postcrisis, for some type of correction. I expect a tightening in the market. Therefore, lower volumes. Fewer used cars sold. Used car prices continue to go down. Not a calamity. But its going to be a problem for the industry. When you take a look at the various data points, what tells you this is something that is tradeable now, or is this an event that will even worsen in the near future . Do you have data points like 3. 6 vehicle leases to expire this year, which indicates so many more cars im looking at the data showing higher delinquencies, higher losses, longer terms. The traditional things people like myself look at. How big of a problem could this be . People like to put words in my mouth to say whats the next big short. Let me just make it clear, ive lived through the big short, im in no rush to do it again. There arent any, in my view, systemic issues. Example, citigroup used to be leveraged 351, now its 101. Its like measuring the distance from mercury to pluto. Theres not enough leverage in the system. How do you express the short, though, in this . Would you short lenders . Is it the actual loan backed securities . Im not involved in the fixed income world these days. Its hard to get swaps done on individual pieces of paper which is what i used to to. If you want to do something, you would be short some of the lenders and maybe short some of the used car companies. Do you take a look at the automakers and say they have big financing arms . There was a question about ford because they have one of the biggest financing arms among the oem. But theyre not doing used cars much. This is not a new car phenomenon. Maybe rolling over in the used car market could impact the new car market. But it doesnt necessarily have to be that way. I want to go back to an interesting point that banks are not as levered not even close. Very far from it. Theres no one alive today who was around when citigroup was levered 101. Thats how much it came down. Governor truelo, the biggest bank lender in the United States, did a magnificent job of deregulating the system. He did that with the banks kicking and screaming, but he did it. The system is safer, does that mean that a big short could never exist again . As a big short that made you it cant exist now. Theres not just enough leverage in the system. When you take a look at some of the other parts of the economy, theres more than just used cars. People take a look at student loan debt, for instance. Perhaps the Housing Market. Where else do you see some opportunities . People like to talk about Student Loans a lot. Its certainly a problem. But its not an investor problem. Its taxpayer problem. Because most of the ones are guaranteed by the United States government. So its our problem. Its not wall streets problem. Housing is pretty strong. Probably opportunities in housing as well. But its not on the short side. On the long side . Its on the long side. Theres just nothing concerning in the Housing Market well, no, i think theres shall in mall reits and apartment reits. But not a systemic problem. Theres a difference between a short and systemic short. In this kind of market do you see more locngs than shorts . I do. Why is it harder to find this location . On the short side . Yeah. Because theres just not enough leverage in the system. You know, call me ten years from now, maybe there will be a lot more leverage in the system and we could have a conversation. It took from 1997 to 2007, leverage in the Financial System went up four times. But it took ten years to do it. Were just at the end of the deleveraging process. Maybe this administration, i do believe this administration will allow more leveraging to come back into the system. But we have so far to go. The game has completely changed at least for the time being for short sellers . Way tougher to be a short seller in this market . It is harder. But its not impossible. Theres no big short in my view. There are sector shorts, there are stock shorts. This is back to a stock pickers market. There are plenty of shorts in the market, just not systemic. The markets seem to grind higher to record high after record high. Whats your take on where we are in valuations right now and do you see individual stocks, and i can throw out some that probably come up in your mind, too, tesla, amazon, what have you, a lot of the tech names, do you see them as being overvalued . Thats not something i particularly focus on. I think that there is a sector that is undervalued and has the biggest opportunity happens to be the financial sector. Well talk about that in just a moment. That is your big long right now. Well have much more of this exclusive interview with steve eisman right after this when fast money continues. 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Itbut one i think with quesa simple answer. We have this need to peek over our neighbors fence. And once we do, we see wonder waiting. Every step you take, narrows the influence of narrow minds. Bridges continents and brings this world one step closer. So, the question you asked me. What is the key . Its you. Everything in one place, so you can travel the world better. Welcome back to fast money. Still with us is steve eisman, betting against the banks before the crisis. Steve, just as we were getting to break, you were saying financials were the one sector in the market that looked interesting to you right now. What about the Trump Administration makes this an investable sector . Let me tell you what not to focus on. What everybody seems to focus on is the president wants to get rid of dodd frank and glass siegel, et cetera, et cetera. I think that happening is close to zero. You need 60 votes in the United States senate to do anything. I dont think there are 40 to add a comma to dodd frank. I think thats ought rhetoric. This will be done behind the scenes through regulation. Governor turollo last day is may 27th. You need 51 votes for that person to take the seat. The fed regulates the banks through the annual stress test. And i think in the june 2018 stress test, lets just say i think it will be graded on a different curve. And so youre going to get banks asking for and getting bigger stock buyback programs. And so youre going to have the following happen of the youll get more leverage. Not anywhere close to where we were, just move in that direction. Youre going to get the volk rule reinterpreted. Youll have higher rates. And so citigroup today, which has an 8 r. O. E. I think will have a 13 or 14 r. O. E. Three to four years from now. Sounds like youre long . Yes. Across the sector . Im long a whole bunch of banks, and investment banks. Basically just a lighter touch of regulation thats going to do it. Why do you think this is unappreciated in the market and why the market is focused on specific rollbacks . Because the regulation is very technical. I mean, i could literally talk for the next hour about all the various regulations that will be moved in one way or another, why that would be positive. By the time i was done, all of you would be asleep. Literally. Quickly, just on regulation. The impact on other investment like vehicles, if you will. Regulation in Municipal Bond market. Lets make the assumption that you look at liquidity con stranlt and concerns in that market. We created long liquid assets in the mutual fund assets. Investment in Corporate Bonds have been significant. Bank inventories, however, have dropped 85 . Thats the volcker rule. Theres nothing that shifts there, in your opinion, if it doesnt get revised, do you worry about liquidity listen to what im saying. There will be no changes to dodd frank. How dodd frank is interpreted, the fed has given a lot of leeway. And, you know, dodd frank was interpreted extremely strictly. Theres really nothing that would stop the fed from interpreting it somewhat more liberally. For better or worse. I just think thats whats going to happen. Mr. Eisman, you talked about the leverage, probably the highest in 08. At that point some of these brampgs traded two and a half, three times priced oat i was short them all. What was the right price in the environment that youre talking about now . The basic formula is, lets say you have a 15 r. O. E. Youll be valued at Something Like 1. 5 plus ten times tangible book value. Just get back to citigroup again, 8 r. O. E. , 90 of tangible book. If it goes where i think, it could be give me a different bank, ill give you different math. But directionally its all the same. In terms of the operational leverage, the institutions, theyre lean, mean. But who in that group is the most attractive to you when youre weighing risk reward and Operational Efficiency right now . Choose your poison. There are different stories. Goldman will benefit probably the most in income trading. Comerica will benefit the most from higher shortterm rates. Name the bank, ill give you a different story. One of those factors, do you have a view on rates . I think rates i think the feds going to continue to raise rates through 2018. I think two more times this year. Probably at least three more times next year. Its all positive for almost all the regional banks. This is the one sector that you like . I didnt say that there are other sectors i like, too. Which sectors do you like . The difference between financials versus other sectors is the correlations in financials are extremely high, around 70 . You have to make a decision whether you think you should be long, and how much you should be long. So im very long. But my second favorite sector is info tech. What i like about info tech is the correlations are extremely low. You have visa, google, motorola solutions. They have nothing to do with one another. Thats more of a stock picking group than a sector call. Which sectors do you like the least . Which of the sectors do i like the least . I like not a big one i like the reits sector the least. Are you short any of those names . Im short a few. One retail premise, one Apartment Building premise. I think rents are rolling over in new york and san francisco. And my research on mall reits, i do research on mall reits literally every day. I come home, and i count how many boxes are in my house. Thats what i really need to know. Theyre all from amazon. Theyre all from amazon. And all gifts for you. No gifts for me. Not a one. Can you tell us which mall reits are in most danger . I think theyre all look, people think that you could hide, lets say in the a malls. I dont think you can hide in any mall. Theyre all going to be impast in one way or another. Were short simon. Short simon . Because the talk from a ceo of simon or any of these higher end general growth mall reits would be it doesnt matter, because if this Big Box Store leaves, well just rent it out. We have very high rent. I know thats what they say. I just dont think thats right. I think the trends in retail are just so overwhelmingly powerfully negative, that i mean, simon will do better than the b c mall reits. But i dont think anyones immune. Is the corollary to this trade being long amazon . Its for long amazon. You are long amazon . Yeah. Is it mainly i count the boxes. I mean, ill give you an example whats happening in retail which gets less attention other than the traffic. You still have to buy stuff in a store. Like the soup. Im still going to go buy a suit in the store. But in the old days i would buy a suit, a shirt, id buy a tie, remember my wife yelling at me because i have holes in my socks and underwear, so i buy my underwear and socks. And right now i just buy the suit. And you dont have a tie. I dont wear a tie anymore. But most of the stuff i would buy in the store that was extra, i dont buy anymore. That obviously hurts retail. But i think it also hurts malls. How long term of a short do you think the Simon Property short is . I think potentially this is just a longterm structural problem. You know, i think were overmalled and overstored in the United States. You cant understore and undermall overnight. It doesnt work that way. It will take a long time. I know you said that youre less on the fixed income side these days. But when you think about this sort of premise, do you think there will be pain when it comes to the credit, or the debt of the retailers . Do you think theres going to be more people are making that argument. I think its a little early. Youre not seeing yet any real negative credit statistics. I know people are short the cmbx. You know, the problem is, given the volcker rule, theres not theres some volatility liquidity, but not anywhere close to what it was. So if you take my view that the mall reits have a problem, short simon or some of the other mall reits. I like to be able to get out of my errors if i make a mistake. Thats a good can you stick around for a little bit longer . Sure. More steve eisman right after this, when fast money returns. Thats why i have the spark cash card from capital one. With it, i earn unlimited 2 cash back on all of my purchasing. And that unlimited 2 cash back from spark means thousands of dollars each year going back into my business. Which adds fuel to my bottom line. Whats in your wallet . Its your glass of willpower that helps keep cravings. Far, far away. Feel less hungry with the natural fiber in clinically. Proven meta appetite control. From metamucil. But weve got the get tdigital tools to help. Now with xfinitys my account, you can figure things out easily, so you wont even have to call us. Change your wifi password to something you can actually remember, instantly. Add that premium channel, and watch the show everyones talking about, tonight. And the bill you need to pay . Do it in seconds. Because we should fit into your life, not the other way around. Go to xfinity. Com myaccount welcome back to fast money. Take a look at snap shares today. Soros invested 1. 6 share stake in snap. One of several Prominent Hedge Fund managers to do so. Others include appaloosa and jonah. As of the end of last quarter, march 31st. Also in tech news, were looking at a filing from tbg disclosing a 4. 3 stake in etsy. That stock is up on very, very light volume after hours. Tpg and dragoneer both took a stake in the company. Theyre working with management to push for some changes there. Thats according to a person i spoke with on the background. Back over to you, melissa. Thank you, leslie, with some latest hedge fund holdings. Snap seeing a nice bounceback. Were here with steve eisman of big short fame. What do you think of the companies that seem to be augmented let me make clear, i dont personally engage in social media of any kind. It scares me personally. My children obviously do. But we own facebook. Why facebook as opposed to the others . And does it concern you that theyve had these problems, that theyve had troubles in terms of metrics, how many times a video has been seen on their site . Let me look at the young industry. Youre going to have growing problems of how things are measured. I think its one of the most powerful longterm stories in the market. Let me review some of the big cap Tech Holdings you have. You have facebook and amazon. Do you hold alphabet and netflix . A lot of people say the passive money has really been what has been driving some of the Largest Holdings higher together. I think theres truth to that. The etfs reinforce the Larger Companies in the sub sectors. Its very, very hard to fight that. For example, if anyone wants to own industrials, buy the etf. Take the top ten names and theyll go up regardless of fundamentals. Very hard to fight that. So i dont think thats going to change anytime soon. Is there any name in your portfolio that is sort of a swing for the fences kind of name . Theres one. But its small. Okay. Pause its like owning liquid nitrog nitrogen. Wow. Please tell. A small position in fannie mae preferred. Whats the thesis behind that . I think theres a growing recognition in washington that fannie mae and freddie mac cant be part of the United States government for the rest of our lives, for better or worse. So i think there will be a recapitalization at some point. By the way, when that point will be, at this point i have no idea. Sure. I think the catalyst potentially is if there is tax reform. And the reason is that a lower tax code will mean that they have to write off the dta and the government will not want to write them a check. Hope you come back soon. Pleasure having you. Thank you. Up next, final trade. Hey gary, whatd you got here . This bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at Td Ameritrade a 10speed directshift 5. 0transmission. Ine. A meticulously crafted interior. All of these are feats of engineering. Combining them with nearperfect weight distribution. Is a feat of amazing. Experience the firstever 471horsepower lexus lc 500 or the multistage hybrid lc 500h. Experience amazing. The power of the Nasdaq Market. The power of 100 of the worlds top companies. The power of an etf. The power of qqq. The thinking we put in, clients get out. Power your clients portfolio at powershares. Com qqq. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Call 8009830903 for the prospectus containing this information. Read it carefully. Distributed by invesco distributors inc. Out of time. Thanks so much for watching. Mad money with jim cramer starts right now. My mission the simple. Im here to level Playing Field for all investors. Theres always a bull market somewhere. And i promise to help you find it. Mad money starts now. Hey, im cramer. Welcome to mad money. Welcome to cramerica. My job is not just to entertain but to educate and teach you. So call me or tweet me jimcramer. On a day where the dow gained 84