More exciting things are happening within the market than Nvidia’s ( NVDA ) stock rising almost daily.
Veteran New York Stock Exchange (NYSE) trader and co-founder of the Global Wall Street Trading Academy, Peter Tuchman, pointed to the bull market in stocks that brought 40 million new retail investors into the market over the past few years as many “exciting”.
As a result of this influx, the net worth of households remains on the rise.
US household wealth grew by a record more than $160 trillion in the first quarter, according to the latest data from the Federal Reserve. During that time, household net worth increased by 3.2%, or $5.1 trillion, with appreciation in stock prices accounting for $3.8 trillion of the gain.
“We’re at a crossroads,” Tuchman said on Yahoo Finance’s opening bid podcast (see video above or listen here). “We are in an extraordinary time and history.”
These new retail investors have expanded their exposure beyond well-known meme names like GameStop ( GME ) and AMC ( AMC ), which dominated Robinhood ( HOOD ) trading accounts in 2021.
The latest Robinhood Investor Index, which tracks the performance of the 100 most-held investments on the trading platform, shows that retail investors have flocked to companies they understand and that affect their daily lives, such as Apple ( AAPL ) and Microsoft (MSFT). .
And yes, Nvidia.
Making investing more accessible to more people is a good thing to see, Tuchman added.
“All those barriers to entry that were really important and kept this a very exclusive place, those days are over,” he said. “I think this is a really wonderful thing. Suddenly everyone is invited to this party.”
Tuchman has traded through many market parties over the decades. He is known for the iconic images he took on the trading floor of the NYSE, and his wild hairstyles and smart ways earned him the nickname “The Einstein of Wall Street,” for good reason.
His resume includes guarding the velvet ropes and being Mr. “No” outside the door of Studio 54, owns a jazz record store and works at a jazz club.
“My approach to the market was different than your normal person analyzing the market,” he said.
In the mid-1980s, he took a summer job as a teletypist on the exchange floor and eventually worked his way up to a broker.
“The energy, the adrenaline, for me, the minute I stepped on the floor, I knew this was for me,” he reflected.
Tuchman’s career overlapped with many significant market events including Black Monday, 9/11 and the Great Recession. “You’ve seen people lose the future,” he said. “But I also saw the capacity and resilience of human beings in the workplace.”
Last week, there was a lot of resilience, energy and adrenaline on hand as markets hit new highs.
Investors saw Nvidia grow to a market value of $3.34 trillion, briefly making it the world’s most valuable company, beating out Apple at $3.29 trillion and Microsoft at $3.32 trillion before shares lost ground.
This enthusiasm for Nvidia shows its sound position in artificial intelligence going forward – something for 40 million new investors to consider.
Even though the market is hot, it’s still important to do your homework and look for value. Renowned value investor Jonathan Boyar of Boyar Research shares his approach on an episode of Opening Offer. Listen below:
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