Deckers.
Let's bring in the man himself, the Einstein of Wall Street, the institution, inside the institution of the New York Stock Exchange, my man.
Thank you for being here today.
It's nice to have you.
So another day, listen, we ended Q1, the final day of Q1, very strong.
We started.
Q2 very strong and here we are, the first Monday of Q2, another strong tape.
What are you seeing?
So you know, I look, I think, I think there's fresh money coming into the market, number one.
People are actually realizing that this cannot go on forever.
I don't think we got a lot of You know, I don't know.
I mean the press conference was a little bit disconcerting just because I know there was sort of mixed narrative of basically we're ready to end this thing, but you know we're still one day away from blowing you up.
So that's a bit disconcerting.
But I think the market people are ready to buy this market any given any reason to buy the market at all.
I think it's a little enthusiasm, fresh money coming in, the beginning of the month, the new quarter, you know, and the fact is this is not going to go on forever and we are going to see the end of it.
I mean, plenty of green on the screen.
I'm impressed with it.
I think it was, you know, it was a constructive day.
That's the best I will say about it.
How do you, how do you approach the so-called ultimatums because right now the president is out there saying, 08 p.m.
Eastern Standard Time on Tuesday night.
If you, if you by that point, if you don't yet open up the street of Hormuz, we'll take aggressive military action.
But he gives us these timelines and then the White House tends to change, you know I don't, you don't trade it.
You just sort of hold your ground and realize that one day does not make a market that we're going to.
Have these ups and downs.
If I'm interested in actually accumulating stock at these levels, you know, we are basically down 45, 6% across different sectors over the last 6 weeks.
And so people are trying to feel like they don't want to miss this, you know, there is, remember, if you remember February, March, and April last year, suddenly from one day to the next after going down 20.8%, he said, you know what, time to buy the market, and the market swept itself up in 4 weeks.
We got back to even and went way higher.
So I think people are starting to sort of itch away.
They're getting itchy.
They want to buy some stuff.
So look, I think, you know, I think hopefully the worst is yet, the worst is yet to come.
No.
I think the worst is behind us.
I hope.
I don't think we're going to be able to turn back time on this one though.
You know, I think, I think, I think he's a little over his skis in a lot of different ways as far as how the effect on the price of oil.
We are now sustaining oil above $110 for way too many days, and the impact on the economy is going to be significant, I think, you know, I mean, can we turn this all around?
We've seen this a number of times with Mr.
Trump where he'll create a scenario and a sort of a catastrophe, and then he'll solve the catastrophe.
It's a matter of when is that going to be.
Are we getting closer to solving of that, right?
We hope so.
You know, are we going to wait until the midterms for that to happen?
I don't know, but you know how this has worked.
We've seen this movie before.
Yes, and speaking of seeing movies before, you and I have talked about this many times over the years here, Peter Tuchman.
Corporate earnings are in many ways the lifeblood of these markets 10%.
But what happens in these weeks when we don't have a whole lot of corporate?
Earnings.
We have a little bit of Fed speak, some crucial inflation prints.
Otherwise I feel like the investor base in the United States is looking for their cues from the administration.
Yes, 100%.
Look, I think you're going to start seeing how what we ended up seeing some of those bigger days that we had at the end of the last quarter, those big, big days that we had were really not a function of Iran, I think.
I think it was a rebalancing of a lot of these portfolios where people had seen that it's time to really start accumulating.
They don't want what happened last year was everybody got caught off guard and underinvested.
We talked about it all last year, you and I, right?
We were sitting here in June and July, and a lot of the big players, institutions and funds, you know, had not jumped in in time.
They were sort of looking at the boogeyman was out there and they were afraid to buy stock.
I think they're getting ahead of themselves now just trying to get something under their belt so that, you know, at the end of the day we're going to be ready once this, because when it turns, it's going to turn fast.
I think that's my gut.
Yes, more than a few learned lessons to go back to the Liberation Day lows Monday, April 7th of last year when we were there it looked.
Really bad when we were in it, but when it was over, that's the thing about Mr.
Trump.
You have to read his body language, and when he's done, you know, watch out because you're going to see it's going to be a mixture of massive short covering because there obviously is a massive short position on this thing because there are people who are betting that this is not, this is going to last for a while, especially the effects of oil on the economy and stuff like that.
But at the end of the day when it's ready to flip, it's going to flip.
It'll be fast.
The man who makes me smarter than anyone else here at the New York Stock Exchange, the great Peter Tuchman, the Einstein of Wall Street, thanks for kicking us off.
