Why the "Santa Claus Rally" Happens & How To Build a Career in Finance with Peter's Intern!
Money Rehab with Nicole Lapin
Deep Dive
Why does the 'Santa Claus Rally' typically occur in the stock market?
The 'Santa Claus Rally' often happens due to a combination of factors, including investor optimism, year-end portfolio adjustments, and mutual fund activity. It typically occurs in the last few weeks of December, as investors position themselves for the new year.
What recent events have influenced the stock market's recent pullback?
The market pullback has been influenced by several factors, including accusations of monopoly against Nvidia, which led to a sell-off. Additionally, the market has been at record highs, leading to some exhaustion and profit-taking. Economic data releases, such as PPI and CPI, are also expected to be significant catalysts.
How has the market performed in 2024 so far?
The market has had a strong year, with the S&P 500 up 27%. Despite a couple of days of slight pullbacks, the overall trend has been positive, with record highs across all indices.
What role does Elon Musk play in the current market outlook?
Elon Musk's involvement is seen as a stabilizing factor, particularly in the context of potential market volatility due to political and trade tensions, such as those involving China and tariffs. His presence is believed to provide a cushion against potential disruptions.
What advice does Peter Tuchman give to those looking to buy stocks during a pullback?
Peter advises having a shopping list of companies you like, focusing on their people, process, product, and profitability. If these companies go on sale during a pullback, it's an opportunity to buy at a discount, similar to buying a favorite item during a holiday sale.
How did Alishah Ishfaq land her internship at TD Securities?
Alishah landed her internship through networking. She reached out to a recruiter at TD Securities, had a phone interview, and quickly progressed to a super day with two managing directors. Her persistence and preparation paid off, leading to an offer without even needing to send a thank-you letter.
What qualities does Peter Tuchman admire in Alishah Ishfaq?
Peter admires Alishah's perseverance, confidence, and ability to persist despite setbacks. He notes that her persistence in reaching out to him and her dedication to her goals are key qualities that have helped her succeed.
What resources did Alishah Ishfaq use to build her career in finance?
Alishah used a combination of resources, including self-help books like 'Rich Dad, Poor Dad' and 'Think and Grow Rich', YouTube videos, and networking events. She also emphasized the importance of being part of clubs like the Finance and Economic Society at Baruch College.
What challenges did Alishah face in her journey to success?
Alishah faced numerous rejections for internships and job applications, but she remained persistent. She also had to navigate the challenges of COVID-19, which interrupted her college experience and required her to adapt her strategies for networking and learning.
What advice does Peter Tuchman give to young people aspiring to work in finance?
Peter advises young people to build relationships, be persistent, and not fear rejection. He emphasizes the importance of networking, learning from mentors, and staying disciplined in pursuing goals. He also stresses the value of surrounding oneself with supportive and ambitious individuals.
- Market pullback after record highs is normal
- Nvidia monopoly accusations impacted market sentiment
- Seasonal lull before holidays affects trading volume
- Overall market performance strong despite pullback
Shownotes Transcript