Wall Street Einstein: "Market Completely Detached from Iran...Only Variable is Oil Prices"

'Einstein of Wall Street'

Peter Tuchman, a veteran trader 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 conflict is already over, and the only remaining variable is oil prices.

Tuchman, known as the 'Einstein of Wall Street' 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 hitting record highs despite geopolitical risks like the Iran conflict.

He explained, "For a while, the market was clearly moving in connection with the Iran conflict, and it became increasingly important, especially due to oil prices," adding, "This is because every $10 increase in oil prices leads to an economic ripple effect equivalent to 1% of the Gross Domestic Product (GDP)."

Tuchman said, "There's an old adage on Wall Street: 'When there's blood in the streets, that's when you buy.' The market dislikes pre-war uncertainty, but once it's clear what's happening, the market can analyze and react to the situation."

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

He continued, "We are completely out of it. The only variable is oil prices," stressing, "We know this situation will eventually end."

New York Stock Exchange (NYSE)

He predicted that a single tweet from US President Donald Trump could send the market into a 'city of madness,' but added, "War could start again in 5 minutes, or it could end in 5 minutes, but when the war ends, the market will rise much higher."

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

He then flatly stated, "Forget about articles (that deal 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 'S&P 7000,' he chuckled, saying he had already prepared two versions of hats in anticipation of SpaceX's listing, adding, "Actually, I'm quite accurate at predicting when records will be broken."

He recalled a time when he made a hat at 17,009.99 points, and it took a full year to break 18,000 points, adding, "It's a strict rule never to wear that commemorative hat until the index definitively breaks through at market close."