The Einstein of Wall Street: A 40-Year Survival Story
Peter Tuchman, also known as the Einstein of Wall Street, is a renowned trader on the New York Stock Exchange (NYSE). His unique personality and facial expressions have earned him this title. Tuchman shares his insights on why trading on the NYSE provides an advantage over trading from home.
In a video by Business Insider, Tuchman showcases his trading desk, adorned with self-drawn illustrations from seven years ago. He vividly recalls the mix of worry and excitement he felt on his first day at the NYSE, saying, “I found the place where I want to spend the rest of my life.”
Starting in 1985, Tuchman worked at the NYSE as a typist and salesperson. His ultimate goal was to become a broker. Every day at work felt like watching a Super Bowl game, with a constant sense of anticipation.
Tuchman emphasizes the importance of human interaction and the role it plays in the trading world. Despite technological advancements that have distanced people from reality, it is the human factor that distinguishes the NYSE. Tuchman trades after the market closes, ensuring his presence on the trading floor. This job cannot be done remotely. He gathers information, analyzes it, and delivers it to clients in a way that gives them an edge in the market.
In the past, the trading floor would witness thousands of traders engaging in debates. In cases of conflicting opinions, the governor would toss a coin to make the final decision. Whether the issue at hand involved $1 or $1 million, traders had to abide by the coin’s outcome. Tuchman has kept one of these coins for 37 years.
To survive nearly four decades in the industry, Tuchman reveals that he continuously reinvented himself, remaining adaptable. Many who worked alongside him at the NYSE are no longer there, either retiring or unable to keep up with the changing times.
The job of a stock trader has evolved significantly over the years. In 1650, stocks were sold under a tree at the location where the NYSE was later established. By 1903, the iconic building stood tall. While every industry benefits from technology, there is a need for a physical presence in the trading world.
Tuchman shares that his toughest period was in 2006 when he went two years without earning any money. The market faced challenging times, and finding the right clients became a battle. However, he woke up every morning, never feeling sorry for himself or staying in bed, believing that someday things would change — and they did.
When asked about his favorite index, Tuchman mentions the S&P 500. It is an exciting index consisting of 500 stocks that accurately mirrors market movements, the economy, and global trends.
His advice to daily traders is to avoid making decisions based solely on economic data and income. Don’t trade out of fear of missing out (FOMO) or engage in overconfidence.
Apart from being a seasoned trader, Tuchman once operated a record store in the 1980s. Jazz music plays a significant role in his life. He also ran a hot sauce company in the 1990s and is passionate about art. Tuchman enjoys inspiring and mentoring young artists.
“I am an ambassador for the stock market in many ways. This is my home. I eat, drink, and sleep in the stock market,” he says.
Reference: Business Today