Wall Street's Einstein "Market fully detached from Iran...oil prices are the only variable"

'Wall Street's Einstein'

Veteran trader Peter Tuchman, who has been on the floor of the New York Stock Exchange (NYSE) for over 40 years, said on the 22nd (local time) that the market impact of the Iran war is already over, and the only remaining variable is oil prices.

Tuchman, known as 'Wall Street's Einstein' for his distinctive white hair reminiscent of Albert Einstein, has personally experienced numerous periods of financial turmoil on the trading floor since joining in 1985, including Black Monday, the financial crisis, and the COVID-19 pandemic.

Meeting Tuchman on the NYSE trading floor today, he maintained an optimistic view even when asked if there was a discrepancy between the market continuously setting new highs despite geopolitical risks like the Iran war.

He explained, "For a while, the market was clearly moving in connection with the Iran war, and it became increasingly important, especially due to oil prices," adding, "This is because every time oil prices rise by $10, there is an economic ripple effect equivalent to 1% of the gross domestic product (GDP)."

Tuchman said, "There's an old saying on Wall Street: 'Buy when there's blood in the streets.' The market dislikes pre-war uncertainty, but once it becomes clear what's happening, the market can analyze and respond to the situation."

He then emphasized, "But at this point, I believe the market is no longer concerned with Iran itself."

He continued, "We are completely detached from that. The only variable is oil prices," emphasizing, "We know this situation will eventually end."

New York Stock Exchange (NYSE), USA

He foresaw that a single tweet from US President Donald Trump could lead to a 'city of madness,' but also stated, "War could start again in 5 minutes, or it could end in 5 minutes, but once the war ends, the market will rise much more significantly."

He took a firm stance on cryptocurrencies. He said, "I traded $1 billion worth alone today," adding, "This is where stocks are traded with real dollars, and you don't need to worry about cryptocurrencies."

He then flatly stated, "Forget about articles (dealing with cryptocurrencies). You can ignore them."

When asked about the secret to maintaining his composure on the trading floor, he quoted a line from the movie 'Wall Street,' saying it's important not to mix emotions with money.

He said that when the market closes at 4 PM, the battle is over, and he adheres to the principle of not going to bed angry.

He didn't forget his characteristic sense of humor. Appearing with a commemorative hat inscribed with 'S&P 7000,' he said he had also prepared two versions of hats in advance for SpaceX's listing, laughing, "Actually, I'm quite good at predicting when records will be broken."

He added that he once made a hat at 17,009.99 points, but it took a whole year to break through 18,000 points, stating, "It's a strict rule never to wear that commemorative hat until the index definitively breaks through at market close."