Peter Tuchman

you have

you have

Good to be back. Good to see you.

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.

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,

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.

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.

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.

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.

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.

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.

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.