Peter Tuchman
speaker
483 appearances
9 recordings
1 series
first heard Dec 2024
last heard Apr 2025
Peter Tuchman’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
you have
Good to be back. Good to see you.
I'm doing great. I think that like if you've been doing this a long time, you just know this stuff happens every year or two, one way or another. You bear market every four or five years, but you just get used to it. And it's a different story every time. You know, it's kind of like if you've seen a romantic comedy or a horror movie.
They have kind of this general same thread that goes through every single one of them, but that's a different story. So it keeps you interested. That's how I see bear markets. You know, sometimes it's a health scare. Sometimes it's a terrorist event. Sometimes it's a war. Sometimes it's a housing crisis. This time it's tariffs. You know, you just always have a different story, but in general,
It's a similar movie. And so if you've been doing it a while, you just embrace it. You just embrace it. I do think they're like horror movies in the sense that we know something bad is going to happen and then it gets really scary. And even though we know how this ends, you still get scared through the whole movie. And then we think we've killed the bad guy, but then the bad guy is really alive.
That's exactly like a bear market. Whenever it's gone, it'll be back. Might be back a year from now. Might be back five years from now, but it's always coming back.
Well, it was very interesting because, you know, typically with a bear market, there's a series of events that come all at once, you know, COVID, 9-11, 08-09 housing crisis. And this was very much just one person making an announcement, right? And so President Trump had been talking during the election, after the election about what he was going to do.
He said he was going to impose tariffs, but he had used certain words like targeted, disciplined, focused. And this was Tariffs on everybody, everywhere. And much more extreme than he originally indicated. He originally indicated 10% and they were coming out with these huge deals.
So watching that announcement, watching the markets tank at the same time, I wouldn't say anyone here was nervous or worried. It was just like, well, here we go. The market's going to have to price all this in very quickly. And really one administration is going to decide what happens in the market for the next 30 to 60 days.
Now, this can go on for a while where no matter what they decide they want to do, enough damage could be caused that it takes on its own life force and a whole other issues come into play. But right now, I mean, the administration can make it much worse or much better depending on what decisions they make along the way. And so our job is to just navigate our clients through it.
And if opportunities present themselves, make sure that we seize them.
Right. So I think it is interesting because there's all kinds of people out there. And I would there's what I would call the retail investor kind of doing things on their own. There's retail investors that have advisors. Those would be creative planning clients. There's institutional investors, which are big universities, endowments and so on. Our typical client.
really is, as a group, is generally unfazed by all of this. So we're constantly educating them on, just like you said at the top of this, Nicole, right? Corrections happen about every year or two. They're 10% or more. The average one's 14%. The bear markets, this is the third one in five years where there's a drop of 20% or more.
I mean, they know this stuff is going to happen and we've built their portfolios to prepare for it. So if you're young and we've coached people that are young, like this is amazing. You know, the longer a market can stay down if you're young, the better because you're saving, you're buying, you want to buy while they're at discounted prices. You don't want the market at all time highs.
You want it to stay down. If you're young or you're even if you're 55 and you're putting money away, the market run up yesterday was not positive because you want it to be lower while you're buying. But if you're retired or you're older and you're relying on the portfolio, well, you should have bonds to cover your short term needs. So either way,
the prepared investor isn't phased because they're prepared. They know these things happen and their portfolio is built in a way to prepare them. I think the average American, that's not how they're making their decisions, right?
They're buying stocks that they like and they watch them go down 20 or 30% and then they panic and then they go to cash and then the market goes up and you have this irreversible error. And you see that with the flows in bear markets. People tend to exit the market at the worst times and enter at the worst times.
whatever they're doing in their 401k or that regular paycheck should always continue. But if for any reason there was some hoarding along the way where there was money, cash kept to the side that's not needed for emergency reserve, we do encourage them to invest that when the market's down. You never call the bottom. I think of it like mortgage rates drop 1%. You refi your home.
Doesn't mean it's the bottom. They might drop again. You just refi again. And so the more aggressive you can be buying in the down market, the better.
The panicked investor is the worry. The biggest mistakes come from the panicked investors. If you're diversified, the way you're going to screw things up, the main way is by panicking. Now, if you only own one or two or three individual stocks, you have to worry both about the investor and the holdings. But if you're diversified, it's really the behavior that will drive the outcome.
Showing 1–20 of 483 · page 1 of 25
Next →