Peter Tuchman

And so you're not seeing the volume that you usually would see because a lot of the major players have stepped out. They've shut down their books for the year. If you think about it and you were a hedge fund and you were in this market at all, and I would imagine they've had a better year than they've had in a while, then you know what? Why am I gonna take the chance of all that?

And so you're not seeing the volume that you usually would see because a lot of the major players have stepped out. They've shut down their books for the year. If you think about it and you were a hedge fund and you were in this market at all, and I would imagine they've had a better year than they've had in a while, then you know what? Why am I gonna take the chance of all that?

Look, either it's going to be a major sell-off by the end of the year because people are going to start taking profits from a great year.

Look, either it's going to be a major sell-off by the end of the year because people are going to start taking profits from a great year.

Look, either it's going to be a major sell-off by the end of the year because people are going to start taking profits from a great year.

Why would I want to sit around and wait for that when I've got to go back and I've got to sit in front of my customers at the end of the year and I've got to explain to them why I had such a good year and why I'm going to stay around for that last month to give back any of the gains that I've had, right? No reason for that.

Why would I want to sit around and wait for that when I've got to go back and I've got to sit in front of my customers at the end of the year and I've got to explain to them why I had such a good year and why I'm going to stay around for that last month to give back any of the gains that I've had, right? No reason for that.

Why would I want to sit around and wait for that when I've got to go back and I've got to sit in front of my customers at the end of the year and I've got to explain to them why I had such a good year and why I'm going to stay around for that last month to give back any of the gains that I've had, right? No reason for that.

So that's why you do see some of the major players in the game shut their books down end of October, end of November. And so who does that leave? You've got people also positioning themselves for 2025. Obviously, there's going to be a lot going on coming into the inauguration, coming into the beginning of the new administration, whatever Mr. Trump plans on doing.

So that's why you do see some of the major players in the game shut their books down end of October, end of November. And so who does that leave? You've got people also positioning themselves for 2025. Obviously, there's going to be a lot going on coming into the inauguration, coming into the beginning of the new administration, whatever Mr. Trump plans on doing.

So that's why you do see some of the major players in the game shut their books down end of October, end of November. And so who does that leave? You've got people also positioning themselves for 2025. Obviously, there's going to be a lot going on coming into the inauguration, coming into the beginning of the new administration, whatever Mr. Trump plans on doing.

My gut is we're seeing that Jay Powell, there's not going to be an interruption in the Jay Powell story, which I think is good, because look, whatever you may think of him, politically or not, he's done, I think, a great job. If it wasn't for him, I think, and what he did and the way he planned this thing, let's think about that for a minute.

My gut is we're seeing that Jay Powell, there's not going to be an interruption in the Jay Powell story, which I think is good, because look, whatever you may think of him, politically or not, he's done, I think, a great job. If it wasn't for him, I think, and what he did and the way he planned this thing, let's think about that for a minute.

My gut is we're seeing that Jay Powell, there's not going to be an interruption in the Jay Powell story, which I think is good, because look, whatever you may think of him, politically or not, he's done, I think, a great job. If it wasn't for him, I think, and what he did and the way he planned this thing, let's think about that for a minute.

This man, after COVID and after the crazy inflation story, and nobody should blame him for it at all. It was all, again, don't even blame Joe Byron for it. It had nothing to do with that. The bottom line was you had the perfect storm happen between COVID, everybody not wanting to go back to work, a complete interruption in everything in the world, right? The world shut down. It closed down.

This man, after COVID and after the crazy inflation story, and nobody should blame him for it at all. It was all, again, don't even blame Joe Byron for it. It had nothing to do with that. The bottom line was you had the perfect storm happen between COVID, everybody not wanting to go back to work, a complete interruption in everything in the world, right? The world shut down. It closed down.

This man, after COVID and after the crazy inflation story, and nobody should blame him for it at all. It was all, again, don't even blame Joe Byron for it. It had nothing to do with that. The bottom line was you had the perfect storm happen between COVID, everybody not wanting to go back to work, a complete interruption in everything in the world, right? The world shut down. It closed down.

There was blood in the streets, people dying everywhere. and then you have to turn the switch back on, and there's still people who still haven't gone back to work. I mean, how crazy is that? Look, I knew, for me at least, given the opportunity to go back to work, I definitely took that chance. But anyway, somebody took us from,

There was blood in the streets, people dying everywhere. and then you have to turn the switch back on, and there's still people who still haven't gone back to work. I mean, how crazy is that? Look, I knew, for me at least, given the opportunity to go back to work, I definitely took that chance. But anyway, somebody took us from,

There was blood in the streets, people dying everywhere. and then you have to turn the switch back on, and there's still people who still haven't gone back to work. I mean, how crazy is that? Look, I knew, for me at least, given the opportunity to go back to work, I definitely took that chance. But anyway, somebody took us from,