Peter Tuchman: quatre dècades a Wall Street i la lliçó d’invertir sense FOMO

Einstein of Wall Street, Peter Tuckman. I trade between a half a billion and a billion dollars a day. Do you think the average investor can beat the S&P 500? >> So if you were to buy $250 into the S&P 500 every month from the age of 18, you would have $1.4 million by the time you were 60. But I believe if you follow the rules, you could probably beat the S&P. Did you meet Jordan Belfford? >> Of course. He came down to the New York Stock Exchange and he tried to recruit brokers to They were all taken off the floor by the FBI in handcuffs. >> Have you seen greed ruin a lot of people's lives? >> Absolutely. I've seen them go broke over it. This is not a get-richquick scheme. It's not for people who just want to find the easy way [music] out. That's not the way to do this. I got CO March 15, 2020. Patient zero got the worst strain that was out there. I was given 3 months to live. I lost a big part of my left lung. >> Peter, with the life and career that you've built, how do you want to be remembered? So, I think that um I always get emotional about it. I want to be remembered as somebody who What's going on everyone? Welcome back to the School of Hard Knocks podcast. I'm James. I'm here with Jack and Josh. And we have an incredible guest for you all right now. My good [clears throat] friend Peter Tuckman, otherwise known as the Einstein of Wall Street. He is the longest ever standing trader on the floor of the New York Stock Exchange, the most famous stock broker in the world. [laughter] Peter, thank you for being with us. I am honored to be with the three of you. >> It seems like every time I'm in New York, I have to see you. >> We have to be. We have to be together. That's it. >> You know what I mean? >> Yes, I do. >> I want to get I want to get right into it. I want to get started. >> Let's go. >> You've been on the floor of the New York Stock Exchange for now four decades. >> Correct. >> You've been through some of the most insane financial booms, financial crashes. I want you to take us back to the most chaotic day on the floor of the New York Stock Exchange. What happened? >> Okay. So, um I started on March 28th, 1985. And it wasn't until recently they put up a photograph uh uh at the stock exchange that that that was in fact the day that I was so I I was 25 years old. I had just come back. I'd been living in Africa and uh uh I got a summer my parents said, "You know what? It's time for you to like put on your big boy pants and let's let's get down to business." And I had a much older brother who had been who was a pretty big uh takeover guy on Wall Street back in the day. And so they got me a summer job. I come back from Africa on the 23rd of March and I'd been there for a year and a half. and I just sort of walked in this job. It was a summer internship. Turned out it was the day that Ronald Reagan rang the opening bell. I was 25. I was overwhelmed by the, you know, back then it was open outcry. There was 7,000 people in that room that you've you've been in a couple of times. And uh so I was fortunate enough after the summer to move my I loved it. I loved it. The minute I walked on the floor, the chaos, the the adrenaline that's kind of that defi that's my that's my sweet spot, right? Some people would go, "Oh my god, I don't want I I need to, you know, have a cigarette and a newspaper and a coffee to get going. That's not me. I'm kind of I'm thoroughbred out of the gate." And so, um, I was able to move my way up. And by the time the crash of 1987 happened, uh, everyone needs to know that all the crashes that we've seen, and I don't use that word lightly, we've had a handful of them in history. Uh, 1929, there was probably one during World War II. uh there was a crash of 87, there was the internet bubble, there was um the financial financial crisis 0708 08 09 and then obviously COVID and then last year's um uh the tariff selloff that we had 20% and then I would say we had a maybe a couple of mini ones, you know, we just came out of one around the um the war with Iran. So each I would say each one of these crashes you know didn't happen in a day although the crash of 87 did and each one of the crashes pullback you know their their crashes and then their pullbacks sell-offs consolidations. So um they the components that made up each one of these things which were major the only thing that is similar about all of them was that before they happened the market was trading at record highs before it happened. A crash did not happen when the market had sort of been eroding. It happened when it was at the high. You can go really literally go back to

February 19th um of um of last year uh in 2025 when Donald Trump decided to start talking about tariffs was the high of the market. February 12th of COVID when the market started to un unravel around COVID and and obviously that uh where we really sold off you know probably 14 15,000 points on the Dow. February 12th, record high. The day before the crash of 87, also a record high. But each one of these crashes had a different component that made it happen. Right? Obviously, COVID was a health global health crisis. 0708 was a a predatory lending crisis. 87 was a little bit different and I've still not been able to get to understand what really was going on. But, you know, it was open outcry. It was paper things. There was no technology at that time, right? We were all paper, all screaming and yelling like you've seen in the movies. And I was a clerk at the time, right? So I stood in front of a a battery of telephones back in the day. You would have these black regular receiver phones and you'd have those little buttons you would push. And I had over a hundred telephone lines. And then we had these machines called DOT machines which were were sort of spitting out this this was the most technology there was at the time would be spitting out these small retail orders. Buy 500, sell 500. And uh we came into work that day and there was sort of a lot of anxiety around the day before but uh it was black Monday right percentage- wise it was the biggest selloff I think we've ever seen you know because back then market was not you know we're now at Dow 50,000 so sell offs are different percentages versus how they were I think the Dow was you know in the 80s Dow was at 3,000 I think the Dow was at 6,000 at the time and we sold off 600 108 points. It was so percentage- wise it was the biggest. I think it had to do a lot with there was some insurance stuff going on, a little bit of in incoming technology, but my memory of it was as a clerk um was sort of desperation. I mean, the machine was spitting out orders like like you couldn't even I would imagine it's probably like in a restaurant if you've seen like the show The Bear when things get chaotic and their orders are coming in from the you know, from the to the kitchen and whatnot. orders were just spitting out and I was just tearing and ripping and tearing and ripping. I had these what we call $2 brokers. They were independent brokers who were just lining up. I would hand them stacks of orders and they were would just go out into the crowd and basically by the time the market started to just implode like way to give you an understanding of how much of a selloff it was, there was a company back then. It was one of the first computer companies. It was called digital equipment uh deck and the stock opened at 168. It closed at 40 just to give you a sense of the value lost obviously. Now you see stocks go up and down you know millions and billions of dollars in a day that back then if there was a three or four point move in the Dow it was a big day. >> So to think that we sold off 608 points was was quite devastating. So there was definite mayhem. There was definite chaos. You know, the bottom line is though, you're in you're in the at at you're in the heat of battle, right? And so, as a clerk, being on the front lines of it, it's not like I I already had a sense that when something like this happened, I could not crumble. I could not waver. I could not like freak out, right? You needed to, you know, it's like, and I'm not comparing myself to a soldier at war, but you know, you're in the front lines and it's there's money involved, right? I, you know, and if I make an error, it's going to it's going to come out of my my hide and it's going to be costly. And so I had to navigate the room and navigate the order flow coming in and navigate the brokers I was giving it to. And all I remember was just a look of absolute horror on everybody's face and and you know, you know, when when and stress obviously too. And so, um, but it's funny, you know, some people can't, some people can handle that, some people cannot. I kind of rise to the occasion, you know, that that was one of my first introductions to where it's like, okay, this is sink or swim, you know, that was where I I really cut my teeth. And I would have to say it was, you know, by the end of that day, if you kind of think of that trading places movie day, you know, where at the end of it it's like everybody throws their paper on the floor and it's like, you know, now is the time to, you know, uh, margin call, Mr. Duke type of a moment. Um, hysteria, chaos, mayhem. However, you know, I knew that I had every dot, you know, uh, dotted and every tea crossed. So that at

the end of the day I probably collapsed to the floor but but I knew I had done you know a good job. Peter, this is maybe an interesting question, but I feel like when you look at the course of finance, in particular, New York City, Wall Street, right? One of the most competitive districts for finance, right? It's the financial capital in the entire world. >> You know, in the times that I've met you and anybody that I feel like has met you, you have this I I want to call it like a delusional optimism about you, which I think is one of your superpowers, you know, beyond just the the tactical trading side of things. But when you think about in finance all the highs and lows that come, I mean, I I'll put it blank. There's people that that jump out of buildings because of because of, you know, >> 100% because of money. >> 100%. How have you maintained such a levelheadedness throughout your four decades being in finance and still being just a very optimistic and happy person? Because I've interviewed, I've met a lot of successful people, financial traders, and you can tell that deep down they are miserable. How have you kind of, you know, maintained your happiness and your peace of mind despite all that's gone on and all that you've witnessed? So, you know, I it's I love the question because it's um I've never really thought of it before that way. But, you know, um I think the real answer to the question is that I never up until recently I never owned a share of stock in my life. Now, people would go like, "What are you what are you kidding me? That makes no sense. You're a stock broker. Of course, you you bought and sold stock for yourself. You had a 401k or whatever." Literally, you have to realize that as a broke, I I got my first seat on the stock exchange, uh, April 17th, 1988. So, I'd been there about three and a half years. It used to take most usually between 13 and 15 years to get a seat. I got lucky. One guy retired, one guy got fired, one guy quit, and I just got moved up. I was in the right place at the right time. And I was told at that time that as a broker, you have certain regulations and uh you're not allowed to own a stock within a 30-day period for yourself and a customer, right? So, because obviously there's a conflict of interest. Like if I'm in a in a stock for myself or the customer, I I know that I have a million shares to buy for for one of my customers and I go out and buy the stock for myself. Well, that's called front running. You know, that's that's Jordan B. That's what Jordan Balfford did. you know, when Jordan Balfford came down to the floor and recruited eight brokers uh to be his his his sort of lackey, you know, he came up to to all of us and he said, "I'll pay you a million bucks if you when you get a big order, right? If when you get a big million share order, you buy the first 5,000 for me and then when you're done buying it, you sell the last 5,000 for me. That's called front running." >> Did you meet Jordan Belfford? >> Of course. He came down to the New York Stock Exchange and he tried to recruit brokers to um to do his bidding which was that which was front run the stock market because there were uh uh there were house brokers, there were $2 brokers and then there were people who were had good relationships. There were people had really good relationships and they stood in one stock. They had a great feeling for the stock. You know the stocks are funny that way. If you trade a stock all the time, you've got a feeling for it. So there were market makers who ran the stock. IBM was a guy named Brian Yunker. Amazing guy. He knew there may have been be a hundred people in his crowd. He knew what everybody had. That was the that was his secret sauce. And then there would be one guy who stood in the crowd. One guy stood in Philip Morris. He just knew how to trade in Philip Morris. So if any of us had a order in it, we'd give it to him to protect us because he had all the orders in his hands. Um yeah. So Jordan Balfford came down to the floor. He found the people who were those people who stood in one stock and he went up to them and said so you get million share orders in a stock and they said yes. He said okay what I want you to do is I want you to buy when you get an order to buy a million shares you call me up and I want you to buy the first 5,000 for me and then as you buy the million shares by the time you're on the end of it it's probably up a few two or three dollars you sell my last 5,000. That is classic called front running. It's buying stock with the knowledge of a buy order, right? It's as illegal as you can get. And about eight brokers on the floor took them up on the deal. He offered a million dollars and uh they were all taken off the floor by the FBI

in handcuffs with the uh you know with the the the jackets on. Um and uh and most of them spent more time in prison than he did. But let's move away from that. Um you asked me how I was able to navigate all of that. And so, honestly, up until recently, my wife passed away a couple of years ago and she left some money and so I uh I figured out a way that I could open up a uh retirement account and have no control of it or no contact with it and so that I wouldn't because I am I built a trading strategy in 19 probably 26 27 years ago trading the S&P 500. So, I'm actually in every one of the 347 stocks in the S&P every day. So literally I can't I couldn't you know and what other stocks I mean I could probably pick a couple of outlier stocks to invest in but le leg legally I couldn't actually buy any of those names and be in them for a customer. >> And for context how much stock are you trading a day? So I the best way to describe it is it's hard to know how many shares, but I know the dollar amount because on my handheld computer that routes the orders out, I get to see what my credit limits are, which is how much am I allowed to, you know, my machine will has sort of guidelines like I don't want it, you know, because you your your we make mistakes. There are errors. There are things like that. So, we'll put a credit limit, which is the the total amount of money that my machine will let me accept so that somebody doesn't send an erroneous, you know, billion share order or something. My machine will flag it and say, "Oh, that's that must be a mistake, right? You're over your limit." And so, I trade usually between a half a billion and a billion dollars a day in uh in in stock and in in the S&P and in the S&P 500 with my son. My son is my partner. We're the last father and son team on the floor. When I got on down on Wall Street in ' 85, there were 70 market makers and almost all of them were family-owned businesses, >> right? There were fathers, uncles, brothers, and they all there was the Henderson brothers. There were the Cohen brothers. There were Irish, Italians, and Jews. Came down to Wall Street in the early part of the century. They had a little money. They came down. They were give allocated one stock. They traded it. They did well. They were given another stock. And then they grew. And that's kind of how it happened. But without having skin in the game, without me worrying about my own portfolio, like if I'm in a crash and I know that my my retirement fund just went from being worth $100,000 to being 5,000, I would I would be stressed over it no matter what. Money's just that way. But if I my sole purpose of being there in the day is taking care of my customer, >> right? Then that's where my focus is, then I don't need to be stressed. I'm just doing the right thing by him. I'm not in a financial adviser. I'm the executor guy, right? I'm the guy who's doing it. So, all I need to do is be hyperfocused on doing the right thing for him. And so, at the end of the day, whether the market goes up or down, I don't care as long as I've done the right thing for my for my customer. So, I'm not my P&L, my profit and loss is not connected to whether the market's crashing or rallying. And so, I think that's a big part of why I've been able to navigate it. And also, you know, for me, I one of my secret superpowers is that I I I I uh rally into adversity, right? I've had I've had wonderful times in my life and I've had really hard times. And so there's this level of resilience in me, right? And there's, you know, when I see uh a situation that needs like triage or, you know, I run to it. I don't run away from it, you know? And so >> you're trading 500 million to a billion dollars every single day. Who are your customers? Is it family offices? Is it the everyday retail investor? Like who who works with you primarily? >> Okay. I've had the same three customers for almost 30 years, right? And uh my it's a hedge fund. Okay. It was it's a bunch of young guys who um actually were um uh card counters. They all went to to school together. One of them is the number one uh uh Magic card player in the world and they uh they started a small hedge fund together and they were searching out this crazy guy who used to walk around the floor asking for what the imbalances are for the close and that was me, right? And I used to do it every day and I'd scream into a phone and and they found me and we developed a relationship and we've been trading together. So, it's a hedge fund. It's a uh highwealth guy from Texas and it's a trading desk out of Texas as well. And then we've picked up a couple of small people. So, it's not retail customers. It's not real individuals. It's

basically uh small hedge funds and and and and and prop shops. >> Do you think the average investor can beat the S&P 500? >> So, good question. Um so we are people need to understand that something really radically changed around COVID right before COVID you needed to be an accredited investor to trade the stock market. What did that mean? That your parents, your grandparents open an account at Meil Lynch, Smith Barney, any of those old firms, they had to when they gave them $5,000 of their retirement fund or something to, you know, advise and run their money for them if they had money. Um, they had to prove that if they lost 100% of it, it would have no effect on their standard of living for five years. That was that sort of because, you know, they didn't want to take on the responsibility. They one of the main things about Wall Street, you don't you don't quit a job to start trading to feed your family. That's not a great thing, right? You don't take your last $5,000 and start trading hoping you're going to get yourself out of a jam. Usually, it's it's, you know, it's it's disposable income that one puts into the market. So when COVID came along, uh, Weeble, Robin Hood, uh, it suddenly went from an exclusive, not inclusive place, Wall Street, where most people were not, uh, had access to it to basically everybody where, you know, with with Robin Hood and Weeble and a couple of the other firms, TDMR trade, anybody with an iPhone and 100 bucks could suddenly trade the stock market. The accessibility was wide open. Everybody was invited to the party. Okay? And uh there was this 50 million plus was a number that people threw out of all the new retail pe people who came and think about it. We were COVID sheltered in place, locked at home. Everybody got a little stimulus check. Uh Reddit popped up. Wall Street Bets came around. The meme phenomenon happened. All eyes were on Roaring Kitty. All eyes were on Wall Street, right? It suddenly from out of nowhere, the whole world was looking at Wall Street, right? stocks like GameStop going from two to 483, back to three, Rivian, all that. You know, everybody wanted a piece of it and they suddenly had access to it, right? And so they created this new sort of a whole new generation of young traders that came along. I think 80 90% of the people who came around that time blew themselves up hundred times over, you know. They said stocks are going to the moon, you know, and I always said to them, nobody got broke taking a profit. sell that stock, you know, and sure enough, it didn't go to the moon. It went from 483 right back down to two. But what's come out of that is a new generation of incredible young traders, right? I work for a firm called Apex Trader Funding. They are a simulated trading prop shop. They give accessibility and funding to people who couldn't have access to the market to trade. I've seen now a new generation of young people 18 to 25 day trading the stock market who have become so successful. You have to realize that the people who are day trading the market now are coming out of the uh the video game generation. They are really good at sitting down in front of a you know I've never played a video game in my life but I don't know Grand Theft Auto or whatever that you know crazy video stuff. They know how to work a keyboard right? So when they were suddenly given an opportunity that they could do that and make money doing it, they the the transition from I guess video games to to day trading stocks was a very easy one. And I've seen this generation and it's become so successful bringing in hundreds of thousands of dollars a month. I mean, I have some young traders that I've seen who I've mentored who are who went from, you know, inspired by me at saw my first video when they were 12, 13 years old who are making $20 million a year now in their 20s and have these amazing communities around them. So, I truly believe they've become there's this new generation of retail that's become smart money. They become great traders. you know, surely a majority of them, you know, are making up a lot of stuff and blowing their accounts up and everything, but I believe if you're a responsible, disciplined, consistent day trader and you follow the rules, you could probably beat the S&P. >> Peter, I think that in our interview you said this, but I saw in a clip with you and I show speed where you told him you need to buy stocks and not products and you buy stocks, not stuff. And if you buy stuff, you need to go buy the stock associated with that stuff. For example, if you have an iPhone, you should go buy Apple stock. If you buy Nikes, go buy Nike stock. Uh, break that down and maybe any other tips that you have for for, you know, just young people who are

wanting to get into investing. You said Robin Hood, they've Robin Hood, Weeble, like all these new apps have have opened up for the retail investor to be able you could take a $100 and start, you know, trading. And so like for you like what what would your message be to that young retail investor uh who's just getting started today? >> Gotcha. So I uh thanks for that question as well. So the I show speed thing there you know there was a gentleman who was a market maker on the floor who who's that's his line. Invest in stocks not stuff and I have never taken credit for it. I just I have a bigger platform than he and so I I I love getting across that message. The concept behind it is this. We have we are now you guys. And I I I consider myself a young generation person are the greatest consumer generation of all time. We we are incredible loyal brand customers, right? We you know I always when 13 14 year olds ask me like what should I invest in? I say walk down the corridor of your high school and ask everybody check out what sneakers they're wearing, what phones they use, what computers they're on, what they do in their spare time, what social media they're on, and then go out and buy one share of every one of those things because it you're going to get probably Nike. Nike has not always performed as well as some people would like, but it's still a great company. You'd probably get Apple, Nike, Snapchat, Instagram, um, you know, uh, maybe a little bit of betting, you know, uh, uh, stuff like that. You know, we are loyal to our brands. I mean, I know I am, you know, I have the same kind of phone all the time, the same kind of clothes all the time. I do things like that. And so the the idea behind it, the mindset behind it is if I am so loyal to a brand that I love it. Think about this. If every time the which is how I was able to get across to to I show speed and he he was spectacular. Um uh I said, "So every time the new iPhone comes out, do you get it?" And he said, "Absolutely." And I said, "You mean even if the your iPhone 16 is not broken, you get the 17?" He goes, "Yeah, of course." I mean, obviously he's a wealthy kid, but you know, but everybody does that. you know, they want the next iteration because it's got a better camera, a better this or better this. And I said, "Well, just imagine if you go back a little bit and instead of, you know, jumping to the next iPhone, you know, you went out and bought five shares of Apple stock with that $1,000, right? It's $250 a share, you you instead of spending $1,000 on a new phone, you wait you wait some time and buy Apple shares, right? It's a mind. It's just understanding that you love the product. it's being made by that company. So, if you're thinking about investing and growing some kind of a portfolio, then you you go out and buy the stock because we should be buying stocks that we are familiar with, that we like the company, and that are in in good condition. And normally that that Apple's obviously I'm not no recommendation. I'm not an adviser, but it's a great company, one of the greatest companies of all time. And so the idea is that, you know, if from iPhone one to now we're at 17. If I, you know, I surely don't want to sit around with an iPhone one still, but think about it. If I bought five shares of Apple every time a new phone came out and kept my phone, right, uh, I would now have probably, I don't know, you know, 20 25 shares of Apple, which is probably worth tens of thousands of dollars as opposed to a drawer full of old broken iPhones. So, it's the it's the mindset that that instead of going out and just buying something, we love to buy things. Think about Instagram. I do it. I'm I'm a terrible culprit of this. I see something I love, you know, scrolling at 2 o'clock in the morning. I see something, not only do I buy it, but I pay an extra $25 to have it delivered to me yesterday. And so, think about all that money. There's a number out there and I think I told it to you in your first interview with me that if at the age of the S&P 500 is a basket of 500 stocks that kind of give you a wonderful footprint of tech, consumer staples, a little bit of everything. You know, Shake Shack, you love burgers, Madison Square Garden, you love basketball, go nicks. Um, uh, all you know, Apple, Amazon, stuff like that. Um, [clears throat] and so if you were to buy SPE, put $250 into the S&P 500 every month from the age of 18 to the age of 60, you would have $1.4 million by the time you were 60. Now, I always say this 60s, it's not the sexiest part of that scenario, but 1.4 million is. People always think that they need to have figured everything out. You talk about this a lot, too. People don't you don't need to have

everything figured out to do something, right? To start something, right? You're just waiting around wasting time. Gary Vanichek also says that also. Just get busy. Do it, right? It's that great the Nike line. Just do it, right? And so the same thing with with investing in the market. If most people wouldn't even think that was possible, that think about all the $250 that we waste on too many Starbucks or whatever people waste money on. And I'm I do it too. If you just put that into the stock market, never thought about it into the S&P. Think about all the things that have happened over the last five years with all the wars and and oil and and the tariffs and this since co the S&P is up over 145%. So to think that any kid now who's now and I I have followers who are 9 10 11 years old ever since the I Shallow Speed interview. If they put $5 a week or $10 a month or whatever, you don't have to have 250. But if you just once again, it's a mindset of investing in your future. And you know, we all have closets full of stuff that we bought. The minute we bought them, they went down in value. We used them once. We really don't need them, right? That urge to have something literally la urge by definition lasts about 20 minutes. So every time you want to go out and buy something, walk around the block, have a piece of chocolate, and then go put that money into the stock market, right? You'll probably end up being a wealthy guy. So that's that was the whole point of that concept. >> But I want to go a step further on this because in our interview, you also talked about how like I love the philosophy of invest in stocks and not stuff, but it's also like the little parts of these devices, for example, with Apple, like the chips that make up Apple. And so you're [clears throat] very diligent about looking into all of those little components right now. Like we talked about Nvidia in our last interview, but you also break down that side of things as well. >> 100%. So we think of products uh as as the end result of of of the manufacturing of them, but we don't think of when you're sort of like Jim Kramer is really wonderful about this as well. You know, we always want to find the next big hit, the next trillion dollar company. Jensen Wang, Nvidia's CEO the other day said that Marll is going to be the next trillion dollar company. It was trading at $264. It went up $75. Was up 36% on that. So, um, Marll, I don't know that much about the company, but I know it makes some of the internal workings of of of AI, right? So, think about it. So, we buy we buy uh Nike because we like their sneakers, right? We buy the Apple phone because we're just it's the best phone out there. We all we all think because it's the most popular one. And but people want to know how do I actually a lot of those stocks have already made their move right and so if you think about it Dan I is a number one tech analyst in the world who's one of my mentors al also has taught me a lot about this that there's what's called the secondary and tertiary trade around AI around a lot of different things around the iPhone the things that go into an iPhone the things that are the components right those are all individual companies as well. Apple doesn't own all the things that go in there, right? Like rare earth minerals that go into all these products or or the chips that go into uh AI and what makes G G G G G G G G G G G G G G G G G G G G GPUs work and all that kind of stuff, those companies are all independently publicly traded companies as well. So if people actually do that kind of due diligence and investigation and want to sort of get in on the ground floor of Right. So there's um Jensen Wang also said in December that the next thing that's going to either be the obstacle or the catalyst to make AI be even bigger than it is is going to be energy. Right? So they never thought it was going to be I mean if you go back four or five years Dan Ives was touting Nvidia back when it was $30. Everyone said oh AI it's never going to be anything. Okay it turned out to be something. the building of data centers now is is is as a result of the fact that AI is so huge they need GPUs and in order to get GPUs which is the the the component that makes AI happen you need data centers to make more GPUs are a limited thing it's like Bitcoin right there were Bitcoin miners right you know who are making Bitcoin in their home in the basement right there are now GPU entrepreneurs who are setting up that and I'm working with a company called Argentum, right? It's a guy named Andrew Sopco. He had a company called Batch, which was a logistics uh um uh company during COVID. He started Argentum, which is a marketplace for for GPUs. So, every

product that we use and that we own and that that we're going to be using, right, has every has all the components in it, right, that are being made by a company. And so it's it smart investing my I believe is to go out and find out what those companies are that are making the inner the inards right like our you know like our internal organs of those products that are going to be the next thing and sometimes you can get in on the ground floor of that because they're they may not be trading at $180 a share but they they may be you know on the way up. I'll give you one example. Uh, a company called Hilleion. And I'm not recommending anything. I'm not if I disclaimer across the board. >> Are you Hilon? >> Hilleon. >> That's Thomas Healey. >> Yes. Thomas Healey is a good friend of mine. He's been on the show. >> Oh, he he's wonderful. Thomas Healey, youngest CEO of a publicly traded company in history. At 23, he invented the 18-wheel electric truck back when electric vehicles were the thing, right? He came down to the stock exchange. He and I were in a big commercial together that the stock exchange did. Extraordinary young man and EVs were hot. He was hot. Stock came out at 10. It went to 60. It was a beautiful thing. And then they went out of out of favor, right? And the stock went straight down to two. And he and he had a couple of choices. He could just go to bail and just realize like, well, you know, this I had my run and whatever or pivot. He's also the youngest man to ever take a company and completely change their trajectory. And what he ended up doing was he realized that he listened to Jensen Wang who said that the energy part of the AI trade is going to be the next thing that'll either be the obstacle or the catalyst and generators things of be able to create the energy grid that will run the data centers is key. And so he went out and I believe bought from General Electric a 3D printable generator that has the capacity to produce energy for data centers. Now that stock has gone in the last I I hope you listen to him when you when you interviewed him because that stock has gone from two to eight today, right? Over the last three or four months. Um and so think about how amazing that is. He pivoted. He saw an opportunity. He saw a problem, he looked for a solution and found it and he pivoted. >> He's been getting some big contracts with like the Navy and stuff like that >> and everybody that's so that's a perfect example of where you know how that that pivot works. So for the average like retail investor as well there's I I know that they pretty much find out a lot about what's going on within the market via news or social media >> or me >> or you [laughter] I and I was actually going to ask is like what is the best way for someone to stay in touch with like okay how can I get in on markets and stocks before they actually are too big for there's not that much of a a change or it's not really worth investing in anymore >> right so uh first of all I I don't think it's ever too late to invest in the market overall, but obviously individual stocks have had great runs and and you know some at some point they may be overbought you know or they may be a little bit too expensive. So there is so much information is is you know uh we know that data is gold and information is really important. Um you know to be perfectly honest Instagram is actually you know if you take it with a grain of salt there's a lot of information out there. go out and pick. I mean, I could give you a list of about five people who are really smart who are on social media who give really great information. Just beware because there are a lot of bad guys out there, right? There are guys who have created large social media communities. Once again, going back to the pump and we we talked about front running. Well, there's pump and dump was one of Mr. Balfurt's other things that he did. He used to go out and buy millions of shares of penny stocks. And then he'd have all those people in the movie, you know, cold calling, you know, old men in Florida and going, "Oh, we've got the next big thing. Go out and buy it." You know, and they already owned millions of shares of it. And then when they talked these people into buying it, they were selling it. It's called pump and dump. So there are a lot of bad guys out there. There was a gentleman who was had a big Twitter following, he did that as well. So there are good people on social media. Uh, obviously the information is out there. You could listen to Jim Kramer for information and

educational purposes. you can listen to me, right? Uh I don't advise, but I I give you an explanation of forensically why the market does what it does. Um there are people like Dyn there's lots of really good podcasts. There's a lots of really good information out there on on there's a newsletter. There's a gentleman I I don't know if you've interviewed him, but you probably should. He liquidity, you know him on from Twitter. Do you remember when COVID came out? He was the guy who basically invented the meme. Um, in the beginning he was the first guy to put a meme on on Twitter and Elon Musk uh uh liked it and reposted it and that was the beginning of his so he he he's known as liquidity. He was anonymous for many many years. His name is Henry Medina. Wonderful guy and um uh he uh ju just you know he has a newsletter called Execum. It's my go-to in the morning. Literally in five minutes I can find out everything that's going on in the market. things about mergers, acquisitions, you know, the next big thing. Uh there's a gentleman named Wall Street Trapper. Great story. Uh when I was uh dying of COVID, right? I got COVID March 15, 2020. And uh patient zero. And I got the worst strain that was out there. And uh I hadund uh uh 103.7 for almost uh eight weeks. I was given three months to live and my cervical spine collapsed. A and I was short of just dying. I lost a big part of my left lung and I was sitting at home, you know, back then they didn't know what was going on. So I was suck, you know, secured plastic sealed apartment and all this and I was basically dying and I was alone in the apartment and all I had was my iPhone and uh I was sort of reaching out to just trying to you know keep myself going and a couple of people popped up on my feed on my feed. One of them was David Meltzer, another person you should meet. Uh you probably have uh my mentor, one of my mentors. He's the gentleman they made the Jerry Maguire movie about, right? He was somebody who made hundreds of millions of dollars in sports management, lost it all, went bankrupt, and then built himself back up, had a spiritual awakening, and now embarked on a mission to bring joy to a billion people in the world, right? Man with great advice with and a lot about things that you talk about as well. But Wall Street Chopper was a gentleman uh uh an African-American who had been in prison for uh sent to prison for 10 years for I think it was attempted murder or something. He had been in a gang in New Orleans where he grew up. And while in prison in solitary, he was uh he met a guy who was a Wall Street Ponzi guy, right? And they uh they sort of started chatting and the the the white Ponzi guy said to him, he goes, "You guys got it all wrong. you know, you're you're on the streets, you know, and you all end up in jail, you should um no disrespect, you should uh you should be doing Wall Street. Wall Street's just the the the the the not less dangerous version, you know, of what that hustle that you guys are doing. They spent the next 10 years together and he taught him everything he knew about Wall Street. And Wall Street Chopper came out of jail. He's now worth tens of millions of dollars. He has a community in the millions giving I I spent probably an hour last night listening to him about how you get exposure to SpaceX and what are the next stocks you know within the water space because Mr. Trump just said that water is going to be the next big thing. And Warren Buffett also said it. There are he's had an trap became a good friend of m there are people out there who have come from nothing who have learned everything about Wall Street who are sincere and giving out amazing information. I think uh one of the interesting things is that you know for a lot of people who you know trade stocks and things like that if they're just following the news then of course it's just like oh well this bad thing happened to a company so we're going to sell and this good thing happened to a company so we're going to buy and there's always the you know sell high buy low right but for you what what do you feel is like that extra edge I I feel like I'm asking the magician you know the the secret tricks here >> no you're not actually >> but like what do you feel like gives you know maybe a young trader or so or just anybody that's in the market like the extra edge to maybe they could be like one or two steps ahead of like all the big news craze that's out of course getting close to the source what we've kind of talked about but is there anything like in the in the trends of what's what's going on like what what for you is like the things that people should really be looking for of when they know like hey when is it time to get out of a position or when is it time

to like I really need to go all in >> right so obviously there's news and obviously there is um people who are really doing their homework about this. There's a lot of really smart people out there who are, you know, the stock market has become, you know, um uh I I mean my my surge on social media has taken me to a whole another level. You know what it was like when you had 200,000 followers and you went to the millions. It's a completely different world. My life has changed forever, right? And so I see that, you know, I was in Sardinia this weekend and I posted one little thing that I was in somewhere in Sardinia and uh I walked out of my hotel and there was a apparently there's a school in uh Switzerland, which is like the school where billionaires send their children. And it turns out they was five kids who were on a trip uh who were in that school and who were big fans of me. And they may had talked the mom into staking out my hotel and they waited for five hours for me to walk out of the hotel and I walked out and they were just like, "Oh my god." You know, this there are people from eight, my demographic is from 8 to 80. It's amazing how incredibly excited the world is about the stock market. All eyes. It is the number one thing. I can at this point barely walk down the street without, you know, w without just being in on I get on the subway within five minutes it's like the whole half of the car is like talking to me and wants to know the inside line and the you know and all that. Um Wall Street is the hottest topic of of the world right now and I happen just to be at the forefront of that and that's for me it's wonderful. I love every minute of the fame. I love the platform. for my you know for for people like us the more people the more eyeballs that are on us we we have a mission and that's that's incredibly exciting um to get the edge it takes a lot of work you need to know who you're listening to get in touch with the right people and I'm happy to tell people who I think the right people are not I'm not you know I know I look like Einstein I'm not that smart uh but I got the look um you know there there you can do your own homework as well because you know those who are smart are doing the homework, right? Um, and so sometimes it's just a matter of listening to a story that seems exciting like the space story, right? Like SpaceX, right? Uh, and then listening to a couple little things and then going out and doing your homework. The information is out there. That's kind of the amazing thing about first of all about AI and secondly about the internet and just the amazing scope of of information that's going around. All of this stuff is publicly public information. Like you can they just file SpaceX just filed their for their IPO the the the filing that they put out to go public is public. You can read everything about what's in the company, how much money they make, right? I mean, you know, that's information that's really key. And you may even find something inside, like you asked me about the components about something little inside of it that may be a little, you know, the the outlier, right? Don't always go with the big story because sometimes that's already the trains that train left the station. Look for the little secret thing inside that. Uh like what's the littlest component inside of an iPhone is actually it's a rare earth mineral and so you know and then well who controls rare earth minerals in the world? Well, China does. But they actually just made kind of a deal with Mr. Trump around it. I mean those kind of you you try to connect the dots. It's this is not a get-rich quick scheme. It's not for people who just want to, you know, uh, uh, uh, try and find out, you know, find the easy way out. That that's not the way to do this because the information highway is moving so fast that that train has left the station. The minute you hear about it, it's like we talk about buy the rumor, sell the news. You know, the minute you've seen a stock, you know, go from two to 483. You know, I I I was tracking those meme stocks when they when they came out and uh majority of the purchases by the retail community back then was at the highest price of all. That was where you saw the volume and all those people had some idea that it was going higher, right? And most of those people were left holding the bag. There are we we talk to traders all the time who are still who still own GameStop at $483. That was the high or or who own Rivian at $92, right? because that was one of the meme stocks or Blackberry or all those things because you know they just they they it's FOMO fear of missing out hype. This is one of my lines but it's

it's a good line is FOMO, hype and hope are not sustainable trading strategies, right? You want you just do the homework or not. And if you if you don't want to, but you want to participate in in the game, that's why I always say the S&P 500 is sort of, and this is not a recommendation, it's a great place to go because you can put your money in there at 18, 250 bucks, and at 60, you're going to have a $1.4 million. Peter, you said earlier in this podcast episode that nobody ever went broke taking a profit, and you were just talking about then where it's like people, they wanted more and more and more. They wanted to keep going. Have you seen greed Have you seen greed ruin a lot of people's lives? >> Absolutely. I've seen them go broke over it. Right now, if you go back to the first Wall Street movie, Michael Douglas, Charlie Sheen, it was the story of Ivan Boowki, uh, who was somebody I was offered a job with the day before he was indicted. He believed that he was hearing voices. He told everyone he was hearing voices about potential takeovers. And uh he he worked in the firm right next to the the company I worked when I got down to Wall Street. Uh it was called Somala was his company. And he claimed that he was in the middle of the night he would hear about takeovers and his mind and then we'd get to work in the morning and he would be buying millions of shares of of uh Beatrice or Tropicana or RJR Nabiscoco and then four days later they would announce a merger and everyone would go, "How did he know?" Right? Well, it turned out he had some guy up at Goldman Sachs who um who was giving him inside information. Uh but there's a famous line from that movie when he says he's giving a speech, Ivan Boowki, it was Michael Douglas and he said greed is for lack of a better word greed is good. Right? So you can look at greed two different ways. If you think of greed like um I bought the stock at two and uh everyone's telling me don't you know and it's trading at six uh everyone's saying don't sell it it's going to 50 but I sell it I've made a profit I'm walking away with four points on that thing that's being a little bit greedy right um uh that's where greed is good but if I look at greed as I bought it at two and it went to six and I uh I I want to get every penny out of it because I'm greedy and it goes to 50 and I never sell it because I want I my greed makes me want to get another dollar out of it and the next thing you know uh it's trading at two. Well, that's where greed didn't work. I'll give you a perfect example. Um uh it was the internet bubble. I was on the floor trading. Yahoo came out. It was one of the first uh internet companies. It came out at three. it I think it went to 600 and everybody on the floor was in it. Everybody bought it at three and and boom boom boom and then one day we came into work and it was trading back at three and the day before everybody was walking around. They had all were their port their P&L looked beautiful. They were all talking about going I'm going to Disney World. All my money, my kids are going to private school. It's all good. And the next day everybody walked in and they were broke because the stock had dropped to three. And there was one guy sitting in the corner on the floor. And I remember that I have a photographic memory. I remember it well. His name was Frank Murphy. He was sitting in the corner. He was a funny little man. And he had this big smile on his face. And I walked up to him and I and everyone on the floor was miserable. They had the day before they had their their their portfolio looked like a million dollars and now it was worthless. And I said, "Frankie, how come you look so happy everybody's so miserable?" He goes, "Pete, I've been here a long time." He goes, "I bought Yahoo at at three. I sold it at eight. I bought it at 50. I sold it at 60. I bought it at 100. I sold it at 180. By the time the stock went to 400 and back to three, I had made $20 million and I didn't care what happened to the stock. So that was where that line of nobody got broke taking a profit. It's a matter and also where greed plays into it that you know that people need to understand that this is it's only gambling if you don't know what you're doing. And you know it's like let it ride, let it ride. Well, you can let it ride to a point where, you know, I mean, I would rather be, you know, should a would a coulda is also not a trading strategy. If I buy something at five and it goes to 10, discipline and consistency are the key to a successful trader. Somebody who hits singles and doubles is going to be a successful day trader. And that's what we we I have a company with my partner David Green. It's called Wall Street Global Trading Academy. That's what we

teach. You get in and you get out. You buy a 100 shares at 50, right? You put in a stop order. Stop order risk management is also another key to for a successful trader, right? So the stock market gives you this amazing ability that I can if I buy a 100 shares of a stock at 50, I can put an order what's called a stop order at 49 and a half that if it goes against me for whatever, you know, I may have bought it for all the right reasons, Mr. Trump puts out a tweet that we're going to war and the market, you know, goes down and I will lose whatever whatever I'll lose that 50 cents, but I'm not going to lose $20. >> And the next thing we teach is that if it goes to 50 and a half, immediately take a profit, a partial profit, right? Move my stop order to break even. I just made a little money and I can't lose money. And so that kind of a mentality around trading, hitting singles and D. If you go for the home run, you may hit a couple of home runs, but you're you're you're for the most part, you're probably gonna lose money. >> Earlier, you'd mentioned uh Elon Musk, and he's about to have one of the biggest IPOs in history, the SpaceX, >> the biggest >> the biggest IPO in history, buy or bust. >> So, it's hard for me to recommend it or at all. I think I'd rather give you a uh an explanation of what's happening in it. um because it's uh I don't know and that's a legitimate answer. uh you know it could go it's they say it's going to open uh it's going to be issued right so uh when a when a company decides to go to uh to initial public offering they they pick a price where they say the value of the stock and $135 is apparently the price it's coming out at the valuation is 1.75 trillion now that is a function of the fact that he's Elon Musk and he wants it to be big and he's thrown all of his assets into the pot, right? He's even considered throwing Tesla into the pot. Uh surely people who suffered from his Twitter debacle are now going to get a payoff because they're in they're if they held their stock, they're going to make money because it's part of the SpaceX thing. So they're the the revenues are 20 billion. Okay. The um they just got a $4 billion contract I think day before yesterday with the US government for doing satellites for all of the army, right? And so it's actually going to the valuation is almost a hundred times earnings. Now if you go back uh I think Meta uh Facebook uh is trading at 11 times earnings. Nvidia is trading at 18 times earnings, right? A 100 times earnings to come out is it's a a little bit frothy at best like a really good cappuccino at Starbucks. It's way out there. Um, but something is to be said for the irrational enthusiasm around a a sector. You know, Elon Musk only had one competitor, which was Jeff Bezos's Blue Oyster Culture, whatever that stuff was called, and they just blew up, right? You saw that last week. The other the only other big space company uh just got decimated. Not only did it blow up the rocket, but it blew up the landing pad. And it takes a year and chains to do that. So if there if there was any competition there's no longer competition. So you have to look at all of these components right uh you know is it and also Mr. Musk has rewritten the rules of IPO um uh what do you call it unlock an unlock what does that mean so people are the insiders think about this that um the guy who painted the mural on Facebook's office uh who didn't they didn't have enough money to pay him and he got some stock uh early on in the beginning of of of Facebook is worth now $260 million right because he got shares on the inside, right? There are people who bought SpaceX stock five years ago when everyone thought it was crazy for pennies on the dollar and now they're going to become instant millionaires. So the people who get insider stock, people who are employees or who are early investors, right? They are there restrictions on when they can sell. You cannot just uh be an insider and get early allocation stock and the day of the IPOs you dump your stock. That's illegal. You can't do that, right? There's what's called the lockdown. They there are strict rules that the stock exchange has given you that there's a six-month lockdown, a nine-month lockdown of when certain people depending on when you got your stock and what kind of stock is it, is it preferred stock, limited stock, all that kind of stuff. Um Elon Musk has apparently rewritten the rules on the lockdown that you're that most people are not going to be able to sell their stock um until he's he's ready to let them sell the stock. then there's some stock that he would that people got that he's not going to let them sell it

unless it's trading at a 30% premium to the IPO. So, you know, normally in an IPO, uh there's excitement around it. It opens, it it rallies. I mean, there there have been all kinds of stories around IPOs. If you look at Figma or Bullish, some of the biggest ones we've had this year, priced at 30, opened at 90, went to 120. You know, there was some Chinese stock that went from 14 to 2,700 in one day. I mean there's a wild story and then right back down. Um you know any this stock could go anywhere. There's so many little components and stories within the uh Elon Musk story and in the SpaceX story. Uh it's almost impossible to get uh now uh exposure to SpaceX. Somehow there are ways of doing it with these special vehicles that they've made. You know um uh I it's going to come out at 135. I would bet it opens at a thousand. Uh just because there's such a limited supply. So many people want it. It is the flavor of the freaking moment. Everybody wants something. You know, there are people, if you listen on on on Instagram, people who say, "Wait for wait for the unlock. Wait for some of that stock to come in for sale. Let we don't know what's going to happen. It's trading at such a high level of excitement that uh maybe let it open. Watch it. This is my best recommendation without recommending anything is to let it open, watch what happens, see it. I would rather like that Frank Murphy story. If it's going to go higher, I would rather wait and you know, you don't want to catch a falling knife. That's how we always talk about you want to buy into the momentum. So, I would wait. Let it open. Let it Let's see what happens because this is unprecedented. What's happening is unpre the valuation's unprecedented. The numbers are unprecedented. Let's see what happens. It could go it could go to 2,000 and it could go to 50, right? That's the that's the problem. So, I would rather wait and see and then like reanalyze it. If it's going to go higher, I will have a chance to do it. I may not pay bottom dollar, but I will be able to buy it and it'll probably go higher, but I just need to know that I made the right decision. >> I love it. So, Peter, oh, you know, been for decades been the longest standing trader on the New York Stock Exchange for you h like how is it becoming a broker today? And compared to like when you first started, like, you know, everybody sees the movies Wolf Wall Street, Wall Street, you know, Margin Call, like the craze of what it is, especially in like the 80s and 90s of what the the floor looks like, right? What does it look like today? And what does that process look like if if you wanted to become a broker? Like what does it look like? Okay. The New York Stock Exchange look like today. >> In 1903, they issued about 1300 seats on the stock exchange which gave you the right to trade stock. Kind of like a taxi medallion. They never added them to it. They never subtracted. That was the number. And they they were a trading vehicle for many many years based on how the market was doing. Before the crash of 29, I think it was trading at $30,000. Then it went down to 8,000 and then it rallied up. When I got to Wall Street, it was trading at around $183,000 for a seat. You could not buy a seat with anything but your own money. I I could not borrow money from my parents to buy a seat. I I lease I've leased a seat. I've never owned a seat. I never had enough money. I had almost had my one in my grasp a couple times and people knew that it was every penny I had. I had one at 187,000, someone outbid me. I had one at 1.2 million and someone outbid me. Um, so I've never owned one. Um, back in the day you had to be sponsored by a brokerage firm. Uh, it was a huge crazy honor to get a seat on the stock exchange. When I did it, my parents came. I signed a book that was signed by by Carnegie by JP Morgan. Like the real JPont Morgan signed the book that I signed. It was like Santa Claus's book, right? It was this huge thing. They still are at the stock exchange. If you guys want to come down, I'll introduce you to Pete Dash. He'll he'll show you the book. When my son signed the book, it's a funny story. Um, George Lopez, the comedian, uh, had a show on A&E called very superstitious and he would he traveled around the country interviewing people who are very super I'm very superstitious. He found out about it and he came and we did an episode of the show. It's it's called it was it's the episode's called Money. It's on A&E. It's a fun episode. He spent the day with me at the stock exchange. It was the day my son was signing the book and uh he came up and uh Benny was signing the book and it was just it was just a funny thing and he was just going like this there no [snorts] Spanish people on this um you

know in this book it was you know the book goes back to 1680 right and he goes I don't see a Lopez anywhere on this you know in this book they were like Carnegies and JP Morgans and John Paul Getty's you know all the people who were the early early people to have a seat Um, back then it took 13 to 15 years to to get to a point to to get a seat from when you started. There's no training for the job of a broker. Uh, you have to start as a squad, a runner, a teletypus is how I started, making 47 bucks a week, wearing a little blue jacket, running around, and then if you were trustworthy and somebody noticed you, you needed to be the exception to the rule. Someone would pick you up, give you a job as a clerk, and you would spend years and years before somebody gave you a seat. Uh, and as I said, it was a huge honor. Your parents showed up, you signed a book, you went out for a big dinner. It was a huge exclusive club, right? The boss of your company took you upstairs and bought you a dozen oysters, and you felt like you were special. You had a badge with a number, which I've had for 37 years now. Uh, my number is 588. It's uh, it was a number that was just given to me. It turned out to be a very lucky number in in numerology. And in Chinese numerology, it means success and money. So, that's always been a good thing, except when the market's down 588 points, and then I I'm on the front page of some newspaper and everyone's going, "It's not that lucky now." >> Um, and so up until a few years ago, there was a you could come down to Wall Street and get a job as a clerk and work your way up and the company the company whether it was Goldman Sachs or a small brokerage firm would hire you and sponsor you and you would become a broker. It's happening way less and less because the floor that used to have 7,000 plus people on it pre-technology, you needed that support staff to run the floor of the stock exchange. There were clerks, reporters, backup clerks, market makers, brokers, all that kind of stuff. We used to have a hospital at the stock exchange, a tailor shop, a barber shop, uh a restaurant. I mean, because it was a whole city. Technology came along like any industry and it kind of outsourced human beings. I can send out a thousand orders in 4 seconds on a machine now. I you don't need uh uh you know uh 1388 brokers any longer. So a lot of people either retired or or or quit and had to go find work elsewhere. They weren't able to pivot. Uh I was I'm I'm a pivoter. I'm somebody who, you know, if I'm if I go up against the wall, I'll keep moving like Pac-Man. I'll find a way and an opportunity. You know, you always ask how people, you know, make money and stay is I I will I failure right for me is is great because it gives me an opportunity to jump over that that that threshold and go find something new. So, um unfortunately now the floor is a different place. There are uh probably 700 people, not 7,000 people. There's a lot of technology. Uh very rarely do do new seat holders come up. We've brought out a couple of new people over the last couple of years at our company trade moss. Uh uh you know um 10 years ago when my son started working on the floor uh he took a couple years but he got a seat. Um unfortunately now it's not a job that really exists. They're they're not adding to the brokers. I believe we are more relevant than ever before because you know in this world of technology there's a couple things where I want a human being involved. I don't want to, you know, be on a plane to Europe and we hit turbulence and I go to the cockpit and look and there's nobody there except a bunch of robots. I don't want to get into a back of a driverless car, you know, and hit some traffic or some craziness and there's nobody driving it. And I don't want somebody running my money who's an either an AI or a bot. Those are the three places where I want a human being. Right? So even though technology has outsourced a lot of the brokers on the floor, we are more relevant than ever before. We have a big edge. The stock exchange has made sure that that those who have stayed have an opportunity in edge. I just did a little thing with all the seauite owners of all the brokerage firms in Asia two days ago. We explained to them about the the need and the advantage of having a human being at the point of execution of stock and they were like oh my god we didn't know that. So um unfortunately the transition's already happened that I don't think it's going to grow back but those who are still here who have reinvented themselves like me and my son and others are super relevant and and there to stay. But you know there last thing I'll say is though that's a floor

broker. That doesn't mean you cannot be a trader or a broker upstairs on a desk. Those jobs are out there. They're there for the for the getting. There are hundreds and thousands of young people going to college now coming with degrees in finance who are going to be portfolio managers are going to be financial adviserss. I just did a thing with State Street. They said there is a massive under supply of financial adviserss in the United States and they are going to start heavily pumping that thing and they asked me to be the face in the funnel of telling that story to all the young people who are afraid that AI's outsourced them or there's no jobs in finance. There are tons of great jobs in finance. Unfortunately, the floor is not one of them now because it's it's sort of a just a little entity onto itself. We are viable. We're relevant, but it's not growing in that way. Uh I mean, it's growing for those who are there. It's not that open. But within the other community, there are brokers, there are traders, there's jobs out there available. So, everybody run, don't walk. >> I love it. Well, Peter, we like to end these podcasts off with two super quick questions. They're kind of rapid fire. I'll start and then Jack will end us off here. Peter, in one sentence, if me and you were to die tomorrow and you could leave one more message with the younger generation, what would that be? Um, okay. Be kind. Um, find gratitude. Don't burn bridges. Search for joy. Find something you love to do, get really good at it, and have a whole bunch of fun. >> Yeah, I love it. >> Great. [laughter] >> And Peter, with the uh the life and career that you've built, how do you want to be remembered? >> Um so I think that um I always get emotional about it. Um, I think I want to be remembered as somebody who um, you know, my parents had um, uh, Holocaust survivors, lost everyone in their family, came to America and found this wonderful life. And my father always said that, you know, it's it's not about the the he was a humanist. He was somebody who said that a handshake and the relationship and the touch from of two human beings was really the most important thing in the world and that all the cash and prizes and all that stuff's not that important. So if if I can leave any kind of a legacy, it's that if I've um uh affected any one person in a positive way to follow that path, which is find something you love to do, get really good at it and have a whole bunch of fun. If I've done that to one person and hopefully tens of thousands of people, then I've done my job at the end. Nobody gets out of here alive. So I just want somebody to go, you know what? I I was down on my luck and that guy inspired me and I'm a better man today because of it. And uh >> and I I I I I met him on your podcast and that's a cool thing. >> Amazing. [laughter] >> I love it. >> Well, Peter, this was an excellent conversation, my friend. Thank you for being here, my friend. Pleasure. It's always amazing to see you. For everybody watching right now, be sure to like and subscribe for amazing content, amazing guests coming every week to the School of Hard Knocks podcast. We're going to put the links down in the description to check out all of Peter Tuxman, the ENT of Wall Street's social media handles, as well as you have a trading academy where you're teaching a bunch of people how to trade. >> We are. It's called Wall Street Global Trading Academy. My partner David Green. We started on Wall Street together. We have thousands of students globally. Uh if you want to learn how to trade and you want to trade and you want to get paid to trade, uh check us out. It's in link is in my my bio. We we we inspire, motivate anybody to come on. The accessibility and the funding to learn how to trade the stock market is out there and we're the ones to do it. I love it. And lastly, we're going to put a link down in the description to access the number one entrepreneur community in the entire world, the School of Mentors, where every week we host live calls with the eight, nine, and 10 figureure entrepreneurs we interview on the School of Hard Knock. So, we can't wait to see you on the inside. With that being said, we'll see you in the next