Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469]
Invest Like the Best with Patrick O'Shaughnessy
Trading Lives in the Trenches
Paul Tudor Jones contrasts trading with investing, explains his obsession with liquidity, and revisits his old misunderstanding of Warren Buffett.
My guest today is Paul Tudor Jones. Paul is the founder of Tudor Investment Corporation and one of the greatest macro traders of all time, known for calling and profiting from the 1987 crash and compounding capital at extraordinary rates over more than four decades.
Paul is also one of the most entertaining and interesting people I have ever met. He is full of stories and hard-earned lessons from a lifetime in markets that feels like several lifetimes compressed into one.
In this conversation, he shares how he thinks about trading as a constant battle of risk management and patience, why he still wakes up in the middle of the night to watch global markets, and how he identifies the rare moments where he can take a truly big swing. We discuss whether we are in a bubble, why he sees AI as one of the greatest risks in history, and why he believes Bitcoin is the best inflation hedge.
We also spend time on the difference between trading and investing, the importance of passion and discipline, and the ideas that have shaped his life both inside and outside of markets.
Please enjoy this conversation with Paul Tudor Jones.
This conversation was recorded in mid-February 20, 26 weeks before the geopolitical conflicts now shaping the global economy. Please enjoy this great conversation with Paul Tudor Jones.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps:
(00:00:00) Welcome to Invest Like The Best
(00:02:29) Episode Intro: Paul Tudor Jones
(00:04:44) Paul’s Incredible Kindest Thing Story
(00:06:50) Discovering a Passion for Philanthropy
(00:13:12) Paul's Commencement Speech Address
(00:15:24) Trading v. Investing
(00:19:23) Lessons from Warren Buffet
(00:23:48) The AI Industry Lacks Proper Risk Management
(00:26:54) The One Regulation AI Needs
(00:28:51) What Paul Learned from Eli Tullis
(00:30:39) Why Trading is Like Boxing
(00:32:16) The Bull Case for the Yen
(00:34:30) Why Bitcoin is the Best Inflation Hedge
(00:36:06) Lessons from Historical Bubbles
(00:38:57) Are We in a Bubble?
(00:42:10) Paul's Daily Routine
(00:44:12) Managing Information Overload
(00:45:35) What Exquisite Execution Means
(00:46:37) Paul’s Love of Games
(00:48:13) The Secret to Longevity
(00:50:51) Starting Robin Hood After the 1987 Crash
(00:55:33) The Importance of Studying Journalism
(00:57:12) Communicating Effectively in Today's World
(00:59:13) The Four Components of a Great Life
(01:01:10) Paul’s Relationship with God and Nature
(01:03:53) Kill ‘Em With Kindness
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