Peter Tuchman

But the other thing that an advisor can do is really help somebody determine their risk tolerance because you can talk about it all. Anybody can talk about risk tolerance all they want. You really find out in a bear market what someone's risk tolerance really is. So these are the times for people to be asking themselves, hey, am I really in the right portfolio for me?

But the other thing that an advisor can do is really help somebody determine their risk tolerance because you can talk about it all. Anybody can talk about risk tolerance all they want. You really find out in a bear market what someone's risk tolerance really is. So these are the times for people to be asking themselves, hey, am I really in the right portfolio for me?

Can I live through this if it went on for months and months and months?

Can I live through this if it went on for months and months and months?

That's right. When you're on the roller coaster and you're in the middle of the bear market, you cannot get off the roller coaster. You have to follow it to the end, get through the bear market, but then ask yourself, am I willing to ride that roller coaster again? The bear market is going to happen again. Like we said, it's just like the horror movie. There's going to be a sequel.

That's right. When you're on the roller coaster and you're in the middle of the bear market, you cannot get off the roller coaster. You have to follow it to the end, get through the bear market, but then ask yourself, am I willing to ride that roller coaster again? The bear market is going to happen again. Like we said, it's just like the horror movie. There's going to be a sequel.

And so if you can't take it after that ride is over, get yourself on a different type of roller coaster, maybe a more moderate one. If you're totally unfazed, maybe you can even take more risk in terms of accept more volatility in your portfolio and move upstream. But the decision should be made after the market has returned to normal.

And so if you can't take it after that ride is over, get yourself on a different type of roller coaster, maybe a more moderate one. If you're totally unfazed, maybe you can even take more risk in terms of accept more volatility in your portfolio and move upstream. But the decision should be made after the market has returned to normal.

The market has some relief there. But I think this is going to go on for quite a while because the reality is we're now doubling down on a trade war with China, which is our biggest trade partner. So it's a bigger deal to be in a trade war with China than the bottom 40 countries in the world. So I think that's a real thing for negotiations with the EU, Canada, Mexico.

The market has some relief there. But I think this is going to go on for quite a while because the reality is we're now doubling down on a trade war with China, which is our biggest trade partner. So it's a bigger deal to be in a trade war with China than the bottom 40 countries in the world. So I think that's a real thing for negotiations with the EU, Canada, Mexico.

This is going to go on for a while. And I think there will be more. I don't think it's over. Let's put it that way.

This is going to go on for a while. And I think there will be more. I don't think it's over. Let's put it that way.

Yeah. In terms of bear markets, this as dramatic as it is, would be on the lower end of drama in terms of bear markets.

Yeah. In terms of bear markets, this as dramatic as it is, would be on the lower end of drama in terms of bear markets.

Yeah, I mean, we're talking about an existential threat to the global economy, even working, right? If the banking system collapses, it's like the circulatory system of your body. You just can't function without it. And that's what we were talking about then. You could even say with COVID, everyone thought they were... going to die for a period of time there.

Yeah, I mean, we're talking about an existential threat to the global economy, even working, right? If the banking system collapses, it's like the circulatory system of your body. You just can't function without it. And that's what we were talking about then. You could even say with COVID, everyone thought they were... going to die for a period of time there.

I mean, these are really, really big events that were external. This is self-caused. No one thinks the global economy is going to collapse. No one thinks everyone's going to die. We're going to get through this one way or another.

I mean, these are really, really big events that were external. This is self-caused. No one thinks the global economy is going to collapse. No one thinks everyone's going to die. We're going to get through this one way or another.

Well, I mean, definitely it was much bigger scale than expected. So I would never tell them like, hey, this was totally forecasted. But I do think that knowing there was going to be some tariff dispute, this should not be a surprise. And he did it in his first presidency too. And the market also went down 20% at that point. It took three weeks for that to happen.

Well, I mean, definitely it was much bigger scale than expected. So I would never tell them like, hey, this was totally forecasted. But I do think that knowing there was going to be some tariff dispute, this should not be a surprise. And he did it in his first presidency too. And the market also went down 20% at that point. It took three weeks for that to happen.