Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes

May 27, 2026 08:24 · 1:08:08 · English · Whisper Turbo · 4 Luidsprekere
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I know firsthand how complex the tech stack is for asset managers,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and seemingly every new tool and data source makes the problem even worse,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
adding more complexity,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
more headcount,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and more risk.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
reconciliation,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and more, all at scale.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Ridgeline is revolutionizing investment management,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and stay ahead of the curve.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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finished, client -ready work using your firm's own templates,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Send Felix an email like,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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or update my tracker with the context of these emails,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
or...
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
run the ability to pay math on this buyer,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and Felix sends back finished PowerPoint decks,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and sourced research.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Felix works the way your team already does,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
delivering work quickly and accurately around the clock.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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1:00
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
They all use WorkOS.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
To achieve enterprise adoption at scale,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
you have to deliver on core capabilities like SSO,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
RBAC,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and audit logs.
1:13
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
That's where WorkOS comes in.
1:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Instead of spending months building these mission -critical capabilities yourself,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
You can just use WorkOS APIs to gain all of them on day zero.
1:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
That's why so many of the top AI teams you hear about already run on WorkOS.
1:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
WorkOS is the fastest way to become enterprise ready and stay focused on what matters
1:31
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
most, your product.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Visit workos .com to get started.
1:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Hello and welcome, everyone.
1:37
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm Patrick O'Shaughnessy,
1:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and this is Invest Like the Best.
1:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
This show is an open -ended exploration of markets,
1:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
ideas, stories,
1:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and strategies that will help you better invest both your time and your money.
1:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
If you enjoy these conversations and want to go deeper,
1:49
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check out Colossus,
1:50
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our quarterly publication with in -depth profiles of the people shaping business and investing.
1:54
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
You can find Colossus along with all of our podcasts at colossus .com.
2:00
S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Patrick O'Shaughnessy is the CEO of Positive Sum.
2:03
S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
All opinions expressed by Patrick and podcast guests are solely their
2:07
S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
own opinions and do not reflect the opinion of Positive Sum.
2:10
S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
This podcast is for informational purposes only and should not be relied upon
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S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
as a basis for investment decisions.
2:16
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Clients of Positive Sum may maintain positions in the securities discussed
2:20
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in this podcast.
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S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
To learn more,
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S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
visit psum .vc.
2:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
My guest today is Paul Tudor Jones.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I've been excited to do this episode for many years.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I think Paul is one of the most legendary traders in market history.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
He's also just one of the most entertaining and interesting guys that I've ever met.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Paul is so full of stories.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It seems as though he's lived five lifetimes in just one.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And all of the amazing lessons that he shares with us in this conversation,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I think will leave you searching to be as passionate about what you do as
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
he is about what he does.
2:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
This conversation was recorded in mid -February,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
2026,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
weeks before the geopolitical conflicts now shaping the global economy.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Please enjoy this great conversation with Paul Tudor Jones.
3:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There was something that we talked about when
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
we last met that made me laugh.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I thought it'd be a fun place to begin our conversation today.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And it was about the difference between being an investor and being
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
a trader.
3:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And you mentioned something basically saying you wished you could be an investor.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Life would be so easy.
3:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'd love you to describe the difference between the two and the life of a trader.
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I promise I'll do that.
3:27
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And we'll talk about markets and AI and everything.
3:30
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And at the end,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'll say,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
were you not entertained?
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I bet you'll say yes.
3:36
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
But of all the things that you do in your podcast,
3:40
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the one that I think is the most important.
3:43
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
If you don't mind,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'd love to start with that one,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which is that question you ask everyone at the end.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm in.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I love it.
3:49
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And the reason why is because it's so funny.
3:52
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I gave this commencement address one time to what is
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
now Rhodes College in Memphis.
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I remember when I was writing it,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I was sitting there thinking,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
damn,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
who gave my commencement address?
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I couldn't remember.
4:06
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
No one remembers.
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Can you remember who gave your commencement?
4:09
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
You're so young,
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
you might.
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It was the president of Ireland at the time.
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And you're Irish.
4:14
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
But it was so funny because no one remembers who gave their commencement
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S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
address.
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So they're thinking,
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S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
God, I'm getting ready to do this for 15 or 20 minutes and
4:24
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
no one's going to remember a damn thing.
4:26
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
How do I make it special?
4:27
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And so on this podcast,
4:29
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm assuming people listen to millions of podcasts and
4:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
they probably.
4:35
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
can't really remember,
4:36
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
but fractions of them.
4:38
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So if there's anything they remember from this,
4:40
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I hope it's this part.
4:41
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
All right.
4:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So everyone that listens knows.
4:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Question is,
4:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
what is the kindest thing that anyone's ever done for you?
4:47
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It's such a great question because the kindest
4:51
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
thing was also my very,
4:53
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
very, very first childhood memory.
4:56
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I was probably two and a half or three.
5:00
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It's probably 1957,
5:02
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and I was with my mother at this place called the Curb
5:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Market.
5:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I got separated from my mother,
5:09
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and boy,
5:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
you can imagine being two and a half years old and separated from
5:14
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
your mother.
5:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
You're terror -stricken.
5:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
This elderly black gentleman came up,
5:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and I was sitting there bawling my eyes out because I thought my mother had left me,
5:24
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and said,
5:25
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
what's the matter,
5:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
little boy?
5:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I said,
5:28
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I lost my mama.
5:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he said,
5:30
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
here, don't you worry.
5:31
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We're going to find her.
5:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he grabbed my hand.
5:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And we started walking up and down the aisles.
5:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It was an outdoor vegetable market.
5:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Gosh,
5:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I can almost still smell fruits and vegetables.
5:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We come around the corner finally.
5:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I see my mother.
5:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I was so happy.
5:48
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And my mother saw me.
5:50
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And at first,
5:51
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
she just started laughing.
5:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I remember her.
5:54
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
She was.
5:55
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
laughing so hard.
5:56
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
She comes and she gets me and she says to that man,
6:00
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
she tries to give him $5,
6:02
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which was 1957,
6:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
a huge amount of money.
6:05
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he said,
6:07
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
no, ma 'am, I know you'd do that for my child too.
6:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And it was such a simple act of kindness,
6:14
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
but it was so profound to me at the time.
6:18
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So that night I had a prayer list with my mother that she used to
6:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
go through with me every night.
6:23
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So it'd be God bless mama,
6:25
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
daddy, Peter,
6:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Paul, Alberta,
6:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
granddad, Pete and Judy,
6:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Lynn and Sid.
6:30
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And then we added,
6:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I said,
6:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
what was that man's name?
6:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
She goes, I never got his name for the next 10 to 12
6:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
years.
6:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Right in that prayer list would be that man,
6:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
probably four or 5 ,000 reps every
6:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
night for that man.
6:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Fast forward to 1986.
6:50
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm living in New York City.
6:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm lying on my couch,
6:55
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
32 years old,
6:57
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and I'm watching 60 Minutes,
6:59
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and Harry Reasoner's interviewing this guy,
7:01
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Eugene Lang.
7:02
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And Eugene Lang was a businessman who had gone
7:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
back to give the commencement address to his elementary school
7:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
up in Harlem,
7:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which over the course of the intervening 60 years,
7:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
had completely transformed from a gentrified area
7:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
into an African -American,
7:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Hispanic community with almost a population entirely consisting of people
7:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
of color.
7:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Jean asked the principal,
7:28
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
how many of these kids,
7:30
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
these 12 -year -olds,
7:31
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
are going to go to college?
7:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
The guy said,
7:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
statistically,
7:35
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
maybe.
7:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I don't know,
7:37
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
eight or 9%,
7:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
something like that.
7:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
He could not believe that because obviously he had graduated from that school,
7:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
gone on to college,
7:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and then done very well.
7:45
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So right there on the spot,
7:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
he decided,
7:48
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm going to promise every one of those kids,
7:51
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
they graduate from high school,
7:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'll put them through college.
7:54
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And that resonated with me so much.
7:58
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he adopted that class,
8:00
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and he created something called the I Have a Dream program.
8:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I said,
8:04
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I can do that.
8:05
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And the next day,
8:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I called him up,
8:07
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and he said, you know,
8:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it's funny, three or four other people have called me,
8:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and we're all meeting at my apartment on Tuesday night.
8:13
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I got there late.
8:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I was seeing myself up in Harlem or somewhere on
8:19
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the Lower East Side of Manhattan.
8:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I got Bed -Stuy,
8:21
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the highest crime -ridden community in New York at that time,
8:24
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
even higher than the Bronx.
8:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And that began this journey.
8:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I put my heart and soul into it.
8:31
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'd go over there every Tuesday,
8:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
went to the commencement address of this elementary school,
8:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
did the same thing that he did,
8:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
told them that they graduated from high school,
8:41
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
put them through college.
8:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Of course,
8:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
everybody was jubilant.
8:45
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It was a big surprise.
8:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Parents were so happy.
8:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
That began this big journey for really
8:51
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the next 14 years because I kept adopting successive classes.
8:56
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I had tremendous passion.
8:58
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We were doing after -school programs.
9:01
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We were playing sports,
9:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
teaching life skills.
9:04
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
About three years in,
9:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I realized these kids aren't doing that great.
9:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Now they've gone on to different junior highs.
9:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
They're not doing that great.
9:13
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So I started hiring some tutors,
9:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
figured that out.
9:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And then probably four years in,
9:18
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I've had one kid who got killed.
9:21
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I had a bunch of girls become teenage moms.
9:24
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So now all of a sudden I'm dealing not just with the academic
9:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
challenges,
9:30
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
but also with the social challenges to boot,
9:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
of which there are many.
9:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Along the way,
9:35
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I learned so much by failing.
9:38
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I learned so much about what it takes to
9:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
actually beat poverty.
9:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And by the way,
9:45
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
1987,
9:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the year after that was when Robin Hood started.
9:49
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And then that informed me through,
9:52
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
certainly was extraordinarily instructive.
9:55
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And as we built Robin Hood out and began applying metrics.
10:00
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
making sure we had goals and standards and a variety of things.
10:03
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It also led me ultimately to start one of the first charter
10:07
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
schools in the late 90s in Bed -Stuy,
10:11
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
right next to that spot,
10:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
actually.
10:13
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I started charter school called the Bed -Stuy Charter School
10:17
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
of Excellence.
10:17
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
The first one started out as an all -boys school.
10:20
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We named it Excellence because I wanted these boys to know
10:24
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
that.
10:25
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
we were going to demand excellence of them.
10:27
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And we completely,
10:28
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
totally crushed it.
10:30
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
We hired the absolutely dream team of educators to do it.
10:35
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And within about four or five years,
10:36
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
we were number one out of 543 elementary schools in
10:40
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
New York City.
10:41
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
The point being that you can have all the passion
10:45
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
in the world, but you have to have a plan.
10:48
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There has to be a great pedagogy in what it is that you're trying to do when
10:53
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
educating a kid.
10:54
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Why is all this relevant to me?
10:57
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Just think about this.
10:58
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So here was this one simple act of kindness
11:02
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
of this elderly man helping this young child,
11:06
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
in that case,
11:07
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
a black man helping this young white boy.
11:11
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And so when I saw Harry Reasoner,
11:13
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I saw that elderly man helping those young kids.
11:17
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There's the photo negative of what had happened to me.
11:21
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I thought, wow.
11:22
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It just was instinctive.
11:24
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
The point here is that one simple act of kindness
11:28
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
can have waves of betterment.
11:31
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It can be so transformative and so multiplicative.
11:34
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There's no doubt in my mind that 4 ,000 reps of
11:39
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
thanking that elderly man to help me as a child inspired
11:43
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
me when I saw Harry Reasoner interviewing Gene Lang
11:47
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
to emulate that in a sense.
11:49
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I keep thinking.
11:50
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
how instructive it would be if intentionally we'd just all
11:55
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
start every day with a goal of one simple
11:59
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
act of kindness.
12:00
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It doesn't have to be anything big.
12:02
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It can be something as small as what happened to me when I was
12:07
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
three.
12:08
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and look at the possibilities that come from it.
12:11
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Just imagine if 350 million Americans intentionally sat
12:15
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
out every day for one simple act of kindness.
12:20
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
What I will say,
12:21
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
particularly the young people who might be listening to this,
12:23
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'll tell you,
12:24
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
before 2000,
12:25
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I would say 2000 was kind of a turning point.
12:28
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
All this demonization and criticism and the attack
12:32
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
mode that we seem to be in,
12:34
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it didn't exist.
12:35
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It's not the way,
12:36
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
by the way,
12:37
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
that this generation that's perpetrating it and promoting it was raised.
12:41
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It's not the way of the 70s,
12:43
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
80s, 90s.
12:45
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
You didn't have these vitriolic attacks.
12:47
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There was a much higher level of civility and respect.
12:51
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I think down the road,
12:54
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
we'll get back to it.
12:55
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So I would just say to young people,
12:58
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
you don't have to accept today as what this
13:02
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
country historically has been about,
13:03
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
because it wasn't that way.
13:05
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
When I grew up,
13:06
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it certainly wasn't that way.
13:07
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And it's not going to be that way in the future.
13:09
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Absolutely incredible story.
13:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Maybe my favorite version of this answer that I've ever had.
13:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
First time I've ever done it at the beginning of the episode,
13:17
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which makes it fun too.
13:18
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
What was your message in the commencement speech that you ultimately gave?
13:21
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
What did you decide was the message to leave them with?
13:24
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So I got up there and I looked on the dais and I was like 20.
13:29
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
people over 50 or 60.
13:31
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
How many of you remember your college commencement address?
13:34
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
None of them,
13:35
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
not one of them could remember.
13:36
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I love to hunt and fish.
13:38
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So I go through and I talk about the normal
13:42
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
challenges you're going to face in life.
13:44
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I also talked about how going through this process,
13:49
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I wanted to make sure I was going to say something that's memorable.
13:51
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So right there at the end,
13:53
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I said, so whatever you do,
13:54
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and I pulled out my bow.
13:56
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I knocked an arrow.
13:57
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I said, so whatever you do,
13:59
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
aim high and shoot straight.
14:02
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And when I went like this,
14:02
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
the whole crowd goes,
14:03
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
aim high and shoot straight.
14:08
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I had an apple on a table over here and smashed
14:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it.
14:12
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Knocked it. I don't know whether they still remember or not,
14:16
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
but I know when everybody was ducking,
14:18
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I thought, oh, they're going to remember that.
14:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Absolutely love it.
14:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
As your business scales up,
14:23
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
everything gets more complex,
14:25
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
especially your compliance and security needs.
14:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
With so many tools offering band -aids and patches,
14:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it's unfortunately far too easy for something to slip through the cracks.
14:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Fortunately,
14:33
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Vanta is a powerful tool designed to simplify and automate your security work and
14:37
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
deliver a single source of truth for compliance and risk.
14:40
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
There's a reason that Ramp,
14:41
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Cursor,
14:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and Snowflake all use Vanta.
14:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It frees them to focus on building amazing differentiated products,
14:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
knowing that compliance and security are under control.
14:49
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Invest Like the Best listeners get a special offer of $1 ,000 off Vanta when you go
14:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
to vanta .com slash invest.
14:55
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I know firsthand how complex the tech stack is for asset management.
15:00
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And seemingly every new tool and data source makes the problem even worse,
15:03
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
adding more complexity,
15:04
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
more headcount,
15:05
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and more risk.
15:06
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Ridgeline offers a better way forward,
15:08
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
one unified platform that automates away that complexity across portfolio accounting,
15:12
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
reconciliation,
15:13
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
reporting,
15:14
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
trading, compliance,
15:15
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and more, all at scale.
15:16
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Ridgeline is revolutionizing investment management,
15:19
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
helping ambitious firms scale faster,
15:21
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
operate smarter,
15:21
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and stay ahead of the curve.
15:23
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
See what Ridgeline can unlock for your firm.
15:25
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Schedule a demo at ridgeline .ai.
15:28
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It's an excuse for me to ask my other question about this difference between investing
15:32
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and trading.
15:33
S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So I'd love you to explain the life of a trader in contrast to that of an investor.
15:37
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
If I just think about when I started,
15:40
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I started in 1976,
15:41
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
inflation was raging.
15:44
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I stood on the floor of the commodity pits.
15:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Stuff was literally going up and doubling and cutting in half every
15:51
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
year. The volatility was insane.
15:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
To give you an example of how crazy
15:57
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
things got,
15:59
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Bunker Hunt was squeezing silver
16:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
at the time.
16:04
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he bought about 200 million ounces at
16:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
an average price of about three and a half bucks.
16:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And between 1976 and 1980,
16:13
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
we had a crazy monetary policy.
16:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Inflation started ripping,
16:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and silver went literally through the roof.
16:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Ultimately,
16:21
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I started out in the fourth economy exchange.
16:23
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I bought a membership on COMEX,
16:25
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which was the metals exchange at that time.
16:27
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I got in the pit and was executing some orders for them sometimes
16:31
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
along the way.
16:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And the bottom line was,
16:34
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it was just the most amazing bull run.
16:37
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And I want to say by like 79,
16:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
silver was around 30 bucks an ounce.
16:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And all of a sudden,
16:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
he was worth about five or six billion,
16:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
which made him worth three times the
16:50
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
next closest person in the world.
16:52
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Bunker says,
16:53
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
well, I think this silver here is the most valuable asset
16:57
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and resource on earth.
16:58
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Someone asked him,
16:59
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
what are you going to do with all that silver?
17:01
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And he goes, I'm going to bury it.
17:02
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'm going to bury it.
17:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
In fact, what I'm going to do is I'm going to buy 20 million more ounces,
17:06
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and then I'm going to bury that too.
17:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So he buys 20 million ounces at $35.
17:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And when that happened,
17:12
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
it just,
17:13
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
whoa!
17:14
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
It just roofed.
17:16
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Goes to $50.
17:17
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So it's $50 now.
17:20
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
He's worth about $11 billion,
17:21
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
and he's got a multiple of five or six on the next closest guy.
17:25
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I just couldn't even believe what I'd seen and how much money that
17:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
this guy had made anyway.
17:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So that was when Comex decided the commercials had been
17:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
just eradicated because they're sitting there holding physicals and having
17:40
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
to put up this margin every day and their bankers going,
17:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
yeah, I can't do it.
17:43
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So anyway, they made liquidation only.
17:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Silver collapsed,
17:47
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
went from 50 bucks to under 10 bucks in the space of
17:51
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
about eight weeks.
17:52
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And that had a searing impact on me to see
17:56
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
him go from the richest guy to virtually bankrupt.
18:00
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
in this short space of six or seven weeks.
18:03
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Right then and there,
18:04
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I would never own anything or trust anything for the rest
18:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
of my life.
18:08
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
My grandfather,
18:10
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
when I was really young,
18:11
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
said, son,
18:11
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
you're only worth what you can write a check for tomorrow.
18:15
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
That also had a really deep impression on me.
18:18
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
So liquidity has always been something that's been in my
18:22
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
DNA as a child because that was my grandfather's favorite saying all the time.
18:26
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
And then also just my early trading days because...
18:29
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
My early trading days had $10 ,000 a cow.
18:32
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I'd run that thing to 100,
18:34
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
run it back down zero.
18:36
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
Also living in my early 20s,
18:39
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
I had this friend.
18:41
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
He's such a character.
18:42
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
He could take $2 ,500 for $5 ,000 and run into
18:46
S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)
$2 million.

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