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The U.S. stock market has been riding a wave of record highs in 2025, powered by resilient earnings and artificial intelligence enthusiasm. But as investors celebrate the bull run, one familiar voice on the floor of the New York Stock Exchange, Peter Tuchman — often called the “Einstein of Wall Street” — has a message: every pullback is an opportunity.

Tuchman argues that market setbacks are a natural part of healthy growth. “#MarketPullback are pauses that refresh the trend,” he notes, pointing to how sharp but brief sell-offs earlier this year were followed by strong rebounds. For him, corrections are not red flags, but stepping stones. Still, he acknowledges that unexpected shocks — particularly political surprises — could temporarily rattle confidence.

Yet, beyond the optimism, many Wall Street strategists are sounding the alarm. Analysts at Stifel warn the S&P 500 could slide as much as 14% before the end of 2025, citing looming tariffs, weakening consumer demand, and elevated valuations. Others share similar caution: Evercore ISI projects a possible 15% correction, while Morgan Stanley and Wells Fargo are bracing for pullbacks in the 10% range.

Goldman Sachs researchers add another layer of concern. In a recent note, they described the market’s risk profile as an “unfriendly asymmetry,” warning that the downside risks — from fragile economic data to geopolitical tensions — may outweigh the upside. They recommend hedging strategies to manage volatility.

Meanwhile, historical comparisons are resurfacing. Citrini Research has highlighted eerie parallels to the market environment of 1998, when weak breadth, low volatility, and stretched valuations masked deeper vulnerabilities. Though margin debt levels are less alarming today, the resemblance has sparked unease among veterans who recall how that era’s pullback unfolded.

So where does this leave #investors! ? On one side, Peter Tuchman urges confidence: pullbacks should be seen as buying opportunities in an ongoing bull cycle. On the other, Wall Street forecasters caution that risks are building — and the next correction could be sharper than expected.

The takeaway: Investors don’t need to fear pullbacks, but they should navigate them with discipline. A balance of optimism and caution may prove the smartest #trade of all.