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

0:00

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,

0:03

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,

0:06

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

adding more complexity,

0:07

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

more headcount,

0:08

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

and more risk.

0:09

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Ridgeline offers a better way forward,

0:11

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

one unified platform that automates away all that complexity across portfolio accounting,

0:15

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

reconciliation,

0:16

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

reporting,

0:17

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

trading, compliance,

0:17

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.

0:20

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,

0:22

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

helping ambitious firms scale faster,

0:24

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

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0:25

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.

0:26

S… Speaker 1 (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.

0:28

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Schedule a demo at ridgelineapps .com.

0:30

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Felix Byrogo is a personal finance agent that turns a single prompt into

0:34

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

finished, client -ready work using your firm's own templates,

0:37

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

context, and standards.

0:38

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,

0:40

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

take these comments and turn them for me,

0:42

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

or update my tracker with the context of these emails,

0:44

S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

or...

0:45

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,

0:47

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,

0:49

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Excel models,

0:50

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

and sourced research.

0:52

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,

0:54

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.

0:56

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Learn more at rogo .ai slash Felix.

0:59

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

OpenAI,

1:00

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Cursor,

1:01

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Anthropic, Perplexity,

1:02

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

and Vercel all have something in common.

1:04

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

They all use WorkOS.

1:05

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

And here's why.

1:06

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,

1:08

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,

1:11

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

SCIM,

1:12

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

RBAC,

1:13

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,

1:19

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.

1:32

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

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

check out Colossus,

1:50

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

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

2:14

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

S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

Clients of Positive Sum may maintain positions in the securities discussed

2:20

S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

in this podcast.

2:21

S… Speaker 3 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

To learn more,

2:22

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.

2:29

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.

2:32

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.

2:36

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.

2:40

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.

2:42

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.

2:44

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,

2:48

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

2:52

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,

2:56

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

2026,

2:56

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.

3:00

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

3:07

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.

3:09

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.

3:11

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

3:15

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.

3:19

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.

3:25

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,

3:31

S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

I'll say,

3:32

S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

were you not entertained?

3:34

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,

3:43

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,

3:45

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.

3:48

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

I'm in.

3:48

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

3:56

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.

3:58

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,

4:00

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,

4:01

S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

damn,

4:02

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?

4:04

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.

4:07

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,

4:10

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

you might.

4:10

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.

4:13

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

4:19

S… Speaker 1 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

address.

4:19

S… Speaker 2 (Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.469] Listen Notes)

So they're thinking,

4:20

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.

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

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