Steve Eisman, the former hedge fund portfolio manager who shot to fame after his bets against collateralized debt obligations were profiled by Michael Lewis in “The Big Short,” said Monday that he’s buying bonds “for the first time in a long time,” with a preference for short-term debt like 2-year Treasury notes.

After years of offering paltry returns compared with highflying technology stocks, short-dated bonds are offering the highest yields since 2007, which has prompted some investors — including Bridgewater Associates…