Invest Like the Best

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Invest Like the Best

Invest Like the Best

@InvestLikeBest

Conversations with the world's best investors, founders & domain experts / hosted by @patrick_oshag / part of @colossusmag

World Katılım Temmuz 2020
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Invest Like the Best
Invest Like the Best@InvestLikeBest·
This episode with Paul Tudor Jones was full of stories, ideas, and quotes on life, investing, markets, and kindness. Here are the ones we liked most: 1/ You retire, you die. 2/ The traits of a great trader: Type A personality, incredibly curious and inquisitive, loves competition, and loves games. 3/ One simple act of kindness can have waves of betterment. 4/ The components of a good life: God, family, friends, fun, and service. 5/ Execute at the maximum apogee of fear as well as greed. 6/ My significance, first and foremost, is going to be my family. 7/ You're only worth what you can write a check for tomorrow. 8/ You're gonna make your money by riding a trend for the very longest time. 9/ What have you done that has allowed other people to better their station in life? That's the most significant thing. 10/ Information overload distracts from exquisite execution. 11/ Find peak spring and peak fall. You can feel the energy. You feel God in those moments. 12/ Anyone that's really succeeded in investing or trading is first and foremost a great risk manager. 13/ Everything is about the reps. Pretty soon you take "I should" and it becomes "I am." 14/ You have these incredible opportunities at times if you just sit and wait. 15/ Have God in your life. You've got to have some code by which you live. 16/ The idea of owning something for the long run is laughable when you see how much money you can make by trading in the short run. 17/ "I'd like to make an absolute pot of money so I can give it away. I actually feel like this is the pursuit of nobility." 18/ I get joy out of thinking about my funeral, because I'm so excited about the songs I've chosen. 19/ The simplest, most important thing we can do is demand that all AI is watermarked. 20/ The professional aspects are great tools that allow you to do more meaningful things in the things that count. 21/ Communicate in the quickest and most concise fashion you can, where you get your entire point across in the shortest amount of time. 22/ Humbly devote yourself to finding the kindness and goodness within yourself, and transmit that to somebody else. 23/ You don't have to worry about yourself. You have to worry about how you're going to brighten someone else's day.
Invest Like the Best tweet media
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Vijar Kohli
Vijar Kohli@VijarKohli·
This video interview with Paul Tudor Jones is so great for many reasons. But I found it fascinating because Paul rarely does one-on-one interviews. In fact, he has been so private that he removed the original 1987 TRADER PBS Documentary from public circulation in the 1990s. That original video gave Wall Street an original inside look into his aggressive trading style in the futures pits and his daily routine. If you want an update on his investment strategy, watch the ILtB interview.
Vijar Kohli tweet media
Invest Like the Best@InvestLikeBest

Paul Tudor Jones on what he learned about investing from Warren Buffett, after spending 50 years as a trader: "My big lesson is you're going to make your money by riding a trend for the longest time. There are many different ways to achieve it. You can own a company like Bill Gates. Or you can be like Warren Buffet, one of those value investors I used to sit there and rail on Warren Buffett year after year. I'd say he just happened to be in the right place at the right time and caught this bull market. Our fund has a minus 0.12 correlation with the S&P 500 over 40 years. So 100% of our returns are alpha. That's the difference between investing and trading. I was just thinking, why couldn't I be Warren Buffett? Just believe in America, and when you're down 50%, who cares, because America's gonna bring you through. I feel like I've been a right guard in the NFL for 50 years, fighting in the trenches every day. I've always envied that belief system. It's worked so well for so long. He understood the power of compound interest at nine years old. What a genius."

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Invest Like the Best
Invest Like the Best@InvestLikeBest·
Paul Tudor Jones on what he learned about investing from Warren Buffett, after spending 50 years as a trader: "My big lesson is you're going to make your money by riding a trend for the longest time. There are many different ways to achieve it. You can own a company like Bill Gates. Or you can be like Warren Buffet, one of those value investors I used to sit there and rail on Warren Buffett year after year. I'd say he just happened to be in the right place at the right time and caught this bull market. Our fund has a minus 0.12 correlation with the S&P 500 over 40 years. So 100% of our returns are alpha. That's the difference between investing and trading. I was just thinking, why couldn't I be Warren Buffett? Just believe in America, and when you're down 50%, who cares, because America's gonna bring you through. I feel like I've been a right guard in the NFL for 50 years, fighting in the trenches every day. I've always envied that belief system. It's worked so well for so long. He understood the power of compound interest at nine years old. What a genius."
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Invest Like the Best
Invest Like the Best@InvestLikeBest·
@SJosephBurns @arudansk Full episode:
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Steve Burns
Steve Burns@SJosephBurns·
Paul Tudor Jones explains how trading is like boxing: 🥊
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Invest Like the Best
Invest Like the Best@InvestLikeBest·
Paul Tudor Jones: showing kindness to others is the secret to happiness. "You don't have to worry about yourself. You have to worry about how am I going to brighten someone else's day." "I keep thinking how instructive it would be if we all started every day with the goal of one simple act of kindness. It doesn't have to be anything big." "Particularly in these times right now, when everyone wants to demonize the opposition, I think we've got to realize it doesn't have to be that way." "We can humbly devote ourselves to finding the kindness within ourselves and transmit that to somebody else."
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Herb Greenberg
Herb Greenberg@herbgreenberg·
"You retire, you die." Just finished listening to the Paul Tudor Jones interview, and it was filled with LOTS of good stuff. But strip it all away, and that one line defines why I haven't and won't. (Retire, that is.)
Herb Greenberg tweet media
Patrick OShaughnessy@patrick_oshag

Paul on why writing and communicating clearly is one of the most important skills in business: "Journalism 101 should be a mandatory subject in every college. I took journalism classes, and newspaper writing teaches you how to write where the conclusion comes first. It's taking whatever event transpired, and putting it in this cogent way where the most important stuff starts at the beginning, and you work your way down through it. Particularly where, in today's world, the attention spans are this short, time clearly is money. You want to be able to communicate in the quickest and most concise fashion you can, where you get your entire point across in the shortest amount of time. As a macro thinker – man, it helped me so much to frame every potential trading decision. Let's say that there's 10 really important things. Every one of those will have its day. It'll rotate through in terms of importance. The yen's a great example. It's been completely undervalued for the past 24 months. It's so ripe to rally sharply, but it needed a catalytic moment. And that catalytic moment was this new Prime Minister that was just elected. So if you take valuation, which everyone's ignored now for the past two years in the yen, all of a sudden this moment takes it from here and puts it at the very top. That's literally what trading is all about."

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Mark Ritchie II
Mark Ritchie II@MarkRitchie_II·
Listened to this while driving yesterday and it's outstanding. I have listened/read to just about everything ever done on PTJ and this I think may have been the best. So many great nuggets even outside of trading on faith/values/generosity/work vs retirement. A must listen imho.
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Peter Hebert
Peter Hebert@peterjhebert·
Another incredible @patrick_oshag interview. PTJ has had an extraordinary social impact (founder of philanthropic innovator Robin Hood) and trading legend. What a life well lived. Was not expecting to hear him espouse the analytical benefits of journalism (59:00)
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Invest Like the Best
Invest Like the Best@InvestLikeBest·
@TraderLion Full episode here:
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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TraderLion
TraderLion@TraderLion·
Paul Tudor Jones, on Patrick O'Shaughnessy's Invest Like the Best, doing what almost no legend ever does — admitting he was wrong: "What an idiot I was. That guy is a flipping genius."
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Invest Like the Best@InvestLikeBest·
@0xsmac He's had the same daily routine for 40+ years: x.com/InvestLikeBest…
Invest Like the Best@InvestLikeBest

The incredible daily routine of Paul Tudor Jones: 2:30 AM Wake up, work for 30 minutes 3:00–3:45 Watch the London open, analytical work 3:45 Back to sleep 6:15 Wake up, repeat 6:15 Wake up 6:15–7:00 Work 7:00–7:45 Workout, 45 minutes of hard cardio 8:00 At the screens for the market open 8:00–10:00 AM Screens, no meetings 10:00–12:00 Meetings 12:00 Lunch 1:00 Meeting 3:00–4:00 Hour before the close: map out the next day 4:00 Market close 4:00–5:00 Hour after the close: think about Tokyo and Hong Kong, map out tomorrow 5:00–6:00 PM Walk with wife 6:00–7:00 PM Work 7:00 Eat and watch the news 8:00–9:30 Netflix / mindless entertainment 9:30–10:15 Work 10:15 Bed 2:30 Wake up, repeat He's had the same routine for over 40 years.

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smac
smac@0xsmac·
the PTJ interview is inspirational because this guy is 70 years old & still waking up for 30-45 minutes at 3am to watch the london open
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Tren Griffin
Tren Griffin@trengriffin·
Charlie Munger: "I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart."  My post on n Paul Tudor Jones: 25iq.com/2015/07/25/a-d…
Patrick OShaughnessy@patrick_oshag

I first read this post on PTJ by @trengriffin more than a decade ago, and it's a great complement to the episode. It's a collection of lessons and quotes, and remains one of the best summaries of how Paul approaches trading and what separates him from everyone else. Well worth reading (or revisiting). 1/ "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge." 2/ "Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead." 3/ "While I spend a significant amount of my time on analytics and collecting fundamental information, at the end of the day, I am a slave to the tape and proud of it." 4/ "I love trading macro. If trading is like chess, then macro is like three-dimensional chess. It is just hard to find a great macro trader. When trading macro, you never have a complete information set or information edge the way analysts can have when trading individual securities." 5/ "I really don't care about the mistake I made three seconds ago in the market. What I care about is what I am going to do from the next moment on. I try to avoid any emotional attachment to a market." 6/ "I am always thinking about losing money as opposed to making money. At the end of the day, the most important thing is how good are you at risk control." 7/ "I want the guy who is not giving to panic, who is not going to be overly emotionally involved, but who is going to hurt when he loses. When he wins, he's going to have quiet confidence. But when he loses, he's gotta hurt." 8/ "I've done really well on the short side. There's nothing more exciting than a bear market.  But it's not a wonderful way for long-term health and happiness." 9/ "The sweet spot is when you find something with a compelling valuation that is also just beginning to move up. That's every investor's dream."

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Invest Like the Best@InvestLikeBest·
@TheFlowHorse One of many great quotes. Full episode here: x.com/patrick_oshag/…
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Horse@TheFlowHorse·
"You are only worth what you can write a check for tomorrow" Great quote from PTJ interview, deeper than just a statement about liquidity.
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Invest Like the Best@InvestLikeBest·
Paul's father ran a small business paper in Memphis. The summer between semesters at UVA, Paul worked there as a copy editor. He still credits that experience as one of the most formative of his life. Here's what he wrote in the foreword of this book: "Looking back on my education, I would say that journalism was the single most important element of my development as a trader and as a businessman, more so than any of the economics and business classes I took at the University of Virginia. Newspaper journalism teaches you how to fact fi nd, analyze, and condense a story down to its most essential points and then to communicate those in a series of paragraphs that read from the most important to the least important. A copy editor has to be able to cut a story from the bottom up so that all the important stories can fit onto one page. Knowing this, a writer immediately focuses on those essential points that need to be communicated in any story and how to deliver those points in a way that answers the who, what, where, when, how, and why in short order. Learning to report and communicate in this fashion is far and away the best training any businessman, investor, or trader can have. It's a vital yet surprisingly underestimated skill that really enhances one's ability to be able to frame, analyze, and solve problems in the most expeditious fashion."
Invest Like the Best tweet media
Patrick OShaughnessy@patrick_oshag

Paul on why writing and communicating clearly is one of the most important skills in business: "Journalism 101 should be a mandatory subject in every college. I took journalism classes, and newspaper writing teaches you how to write where the conclusion comes first. It's taking whatever event transpired, and putting it in this cogent way where the most important stuff starts at the beginning, and you work your way down through it. Particularly where, in today's world, the attention spans are this short, time clearly is money. You want to be able to communicate in the quickest and most concise fashion you can, where you get your entire point across in the shortest amount of time. As a macro thinker – man, it helped me so much to frame every potential trading decision. Let's say that there's 10 really important things. Every one of those will have its day. It'll rotate through in terms of importance. The yen's a great example. It's been completely undervalued for the past 24 months. It's so ripe to rally sharply, but it needed a catalytic moment. And that catalytic moment was this new Prime Minister that was just elected. So if you take valuation, which everyone's ignored now for the past two years in the yen, all of a sudden this moment takes it from here and puts it at the very top. That's literally what trading is all about."

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Patrick OShaughnessy
Patrick OShaughnessy@patrick_oshag·
Paul on why writing and communicating clearly is one of the most important skills in business: "Journalism 101 should be a mandatory subject in every college. I took journalism classes, and newspaper writing teaches you how to write where the conclusion comes first. It's taking whatever event transpired, and putting it in this cogent way where the most important stuff starts at the beginning, and you work your way down through it. Particularly where, in today's world, the attention spans are this short, time clearly is money. You want to be able to communicate in the quickest and most concise fashion you can, where you get your entire point across in the shortest amount of time. As a macro thinker – man, it helped me so much to frame every potential trading decision. Let's say that there's 10 really important things. Every one of those will have its day. It'll rotate through in terms of importance. The yen's a great example. It's been completely undervalued for the past 24 months. It's so ripe to rally sharply, but it needed a catalytic moment. And that catalytic moment was this new Prime Minister that was just elected. So if you take valuation, which everyone's ignored now for the past two years in the yen, all of a sudden this moment takes it from here and puts it at the very top. That's literally what trading is all about."
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Invest Like the Best
Invest Like the Best@InvestLikeBest·
The incredible daily routine of Paul Tudor Jones: 2:30 AM Wake up, work for 30 minutes 3:00–3:45 Watch the London open, analytical work 3:45 Back to sleep 6:15 Wake up, repeat 6:15 Wake up 6:15–7:00 Work 7:00–7:45 Workout, 45 minutes of hard cardio 8:00 At the screens for the market open 8:00–10:00 AM Screens, no meetings 10:00–12:00 Meetings 12:00 Lunch 1:00 Meeting 3:00–4:00 Hour before the close: map out the next day 4:00 Market close 4:00–5:00 Hour after the close: think about Tokyo and Hong Kong, map out tomorrow 5:00–6:00 PM Walk with wife 6:00–7:00 PM Work 7:00 Eat and watch the news 8:00–9:30 Netflix / mindless entertainment 9:30–10:15 Work 10:15 Bed 2:30 Wake up, repeat He's had the same routine for over 40 years.
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Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Patrick OShaughnessy
Patrick OShaughnessy@patrick_oshag·
I first read this post on PTJ by @trengriffin more than a decade ago, and it's a great complement to the episode. It's a collection of lessons and quotes, and remains one of the best summaries of how Paul approaches trading and what separates him from everyone else. Well worth reading (or revisiting). 1/ "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge." 2/ "Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead." 3/ "While I spend a significant amount of my time on analytics and collecting fundamental information, at the end of the day, I am a slave to the tape and proud of it." 4/ "I love trading macro. If trading is like chess, then macro is like three-dimensional chess. It is just hard to find a great macro trader. When trading macro, you never have a complete information set or information edge the way analysts can have when trading individual securities." 5/ "I really don't care about the mistake I made three seconds ago in the market. What I care about is what I am going to do from the next moment on. I try to avoid any emotional attachment to a market." 6/ "I am always thinking about losing money as opposed to making money. At the end of the day, the most important thing is how good are you at risk control." 7/ "I want the guy who is not giving to panic, who is not going to be overly emotionally involved, but who is going to hurt when he loses. When he wins, he's going to have quiet confidence. But when he loses, he's gotta hurt." 8/ "I've done really well on the short side. There's nothing more exciting than a bear market.  But it's not a wonderful way for long-term health and happiness." 9/ "The sweet spot is when you find something with a compelling valuation that is also just beginning to move up. That's every investor's dream."
Patrick OShaughnessy tweet media
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Aylo
Aylo@alpha_pls·
Very enjoyable watch. Lots of gold in here from one of the greats, both timeless advice and thoughts on where we are today. Here are some notes I took: Trading vs Investing • PTJ sees trading and investing as totally different games. A trader's job is just constant risk management and patience, waiting for the rare setups where you can take a really big swing • He compares trading to boxing. You're getting punched the whole time and the goal is just to stay standing until your real opportunity shows up (lesson from his mentor Eli Tullis) • Emphasizes having a plan before you even enter a trade and making sure that plan is self-executing so you don't freeze up when things get volatile. • Still wakes up in the middle of the night to watch global markets. Reckons passion and obsession are non-negotiable if you want to keep an edge over decades Liquidity is king • Never trust an asset you can't get out of quickly. Learned this early on seeing silver crash in the 80s. You're only worth what you can write a check for tomorrow. Riding the trend/big swings • The job isn't being right all the time. It's being massively positioned when conviction, technicals and macro all line up. • Most of his P&L comes from a handful of knockout trades. Everything else is just preservation. • He pointed to Bitcoin's 2020 surge as a textbook example of a rare knockout macro trade driven by a policy shift. Bitcoin as the best inflation hedge • Calls BTC unequivocally the best inflation hedge, better than gold, because the supply is finite while gold keeps expanding through new mining every year. • Inflation trades took off after central banks intervened in 2020 and he thinks the same setup repeats whenever you get heavy monetary or fiscal stimulus. • Did flag real long term risks for BTC: AI and quantum computing + cyber warfare. Equities are a bad setup • Buying the S&P at current valuations basically implies negative 10 year forward returns. He thinks it's going to be really hard to make money from here. • We're in a sovereign debt bubble and historically over-equitized. When the stock market cap to GDP ratio hits 250% (where it is now), history suggests 10-year returns could be negative. • A potential rolling top in the market could be triggered by a massive wave of new IPOs and subsequent unlock periods which will flood the market with equity supply while corporate buybacks are slowing down. The macro feedback loop risk • A proper equity correction could kick off a nasty self reinforcing problem. • Around 10% of US tax revenue is capital gains. In a crash, that goes to zero. • Then the deficit blows out, the bond market gets smoked, and the negative reflexivity feeds on itself. Bubble right now? • Stops short of calling this an outright bubble but reckons the structural conditions (valuations, leverage, supply pressure) rhyme pretty uncomfortably with prior tops. Yen bull case Talked through a long yen thesis. Thinks it is undervalued and the catalyst is the leadership change (new PM) that will drive the economy in a different way going forward (Japan first etc). AI Risk (Investment Lens) • Thinks AI is one of the biggest risks out there for markets and society • Reckons the industry has no proper risk management and is openly calling for regulation, not just as an ethics thing but as a structural market concern • He went to a conference with the top AI modelers, and the vibe was basically: "We probably won't do anything about safety until 50 or 100 million people die in an accident." On Kindness • Everyone should start their day with the goal of one simple act of kindness. It doesn't have to be a big deal or cost money. It’s about building the reps until being a kind person is just instinctive and organic. • His mom’s old advice was to kill them with kindness. He thinks that’s exactly what the country needs right now to fix the vitriolic, attack mode culture that’s taken over since the early 2000s. Highly recommend watching the whole thing. PTJ is a great role model for young people.
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Invest Like the Best
Invest Like the Best@InvestLikeBest·
@game_for_one Full episode: x.com/patrick_oshag/…
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Game@game_for_one·
Haven’t been as active this week, spend time doing some reading, listening. Timely with Paul Tudor Jones’s latest interview. Some of my favourite thoughts: - Ride a trend for the longest possible time. That’s how the greatest fortunes are built. Buffett owning compounders, Jobs building a company, same principle, different vehicle - PTJ spent decades mocking Buffett then admitted he’s a genius. Understood compound interest at nine, sought out Benjamin Graham at seventeen. The OG. - The trader’s life is trench warfare. Every day in the trenches for 50 years. He’s envied Buffett’s belief system his whole career, just couldn’t do a 50% drawdown without it breaking him - Every great trader or investor is first a great risk manager. No exceptions. Bunker Hunt went from richest man in the world to near-bankrupt in six weeks. Leverage kills - His grandfather: "You’re only worth what you can write a check for tomorrow." Liquidity isn’t a preference, it’s survival - Big moves almost always come from the same place, too much leverage somewhere, a central bank overstaying, a government doing something it shouldn’t - Framework (perfect for crypto): find something undervalued, underowned, way out of whack, people complacent then wait for the catalytic moment. Bitcoin 2020, short two-year rates 2022, dollar/yen now. Same structure every time. - The job is simple and hard: buy when there’s blood on the ground, sell into elation. Information overload is the enemy of that, KISS - US market cap to GDP is 252%. 1929 was 65%. 2000 was 170%. Buying the S&P at PE 22 history shows negative 10-year returns from here - Newspaper writing should be mandatory. Conclusion first, most important thing up top, 2 sentences per paragraph. It’s principal component analysis applied to communication and it shaped his entire trading framework - Trading is the tool, not the point. At the end you’re not thinking about the 87 crash or Bitcoin. You’re thinking about who loved you and who you loved. Legacy is deeds, not words
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Dougie Kass
Dougie Kass@DougKass·
I strongly suggest spending eighty minutes and listening to the Paul Tudor Jones interview. PTJ is an exceptional trader, investor and human being. So many lessons about life and investing can be learned by watching this podcast. In this prized podcast, Patrick OShaugnessy does something so simple - that makes the viewing experience so great... he lets Paul Tudor Jones talk. Run, dont walk to watch this! @dougkass @tomkeene @lisaabramowicz1 @ferrotv @business @SquawkStreet @SquawkCNBC @BeckyQuick @andrewrsorkin @joesquawk @carlquintanilla @TheJudgeCNBC @SaraEisen @SullyCNBC @gnoble79 @KeithMcCullough @SamofAmerica @RPKent @HedgeyeDJ @pboockvar @Convertbond @guyadami @cnbcfastmoney @HalftimeReport @WhitneyTilson @jeffberkowitz1 @patrick_oshag @MelissaLeeCNBC
Patrick OShaughnessy@patrick_oshag

My guest today is Paul Tudor Jones (@ptj_official), one of the greatest macro traders of all time. He correctly predicted the 1987 stock market crash and shorted the Japanese bubble in 1990. For over 40 years, his flagship fund has had a negative correlation to the S&P 500. 100% of his returns are alpha. He says today's market has so many similarities to 2000, "the easiest bear market I've ever seen in my whole life." He makes the case for going long dollar-yen, why Bitcoin beats gold as an inflation hedge, and why he was wrong about Warren Buffett. But what I'll remember most from this conversation is Paul's zest for life. He's 71 and still wakes at 2:30 every morning to trade the London open. He works out for two hours a day. He walks with his wife every evening. He travels the country chasing peak spring and peak fall. He's so excited about the songs picked for his funeral that he wishes he could be there to hear them. Paul has lived five lifetimes in one. He's one of the most entertaining and interesting people I've met, and the conversation will leave you searching to be as passionate about what you do as he is about what he does. Enjoy! Timestamps: 0:00 Intro 1:00 The Kindest Thing 13:19 Trading vs. Investing 17:33 Lessons from Warren Buffet 22:24 The Existential Risks of AI 29:54 The Nature of Trading 31:46 Bitcoin 35:55 Bubbles 42:08 A Day in the Life of PTJ 46:00 Information Overload 47:07 Passion for Markets 50:49 The Robin Hood Foundation 54:18 The Workless World 56:03 Journalism 1:00:00 Principal Components of a Great Life 1:05:06 Kill Them With Kindness

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Jesse Livermore
Jesse Livermore@Jesse_Livermore·
Same family that the Ewing family in the TV Series "Dallas" was based on. Now owners of the Kansas City Chiefs.
Patrick OShaughnessy@patrick_oshag

Paul Tudor Jones on the moment early in his career that taught him the difference between investing and trading. He watched Bunker Hunt go from the richest man on Earth to nearly bankrupt in six weeks: "Bunker Hunt was squeezing silver at the time, and he bought about 200 million ounces at an average price of about $3.50. And between 1976 and 1980, inflation started ripping and silver went literally through the roof. By like 1979, silver was around $30 an ounce, and all of a sudden he was worth about five or six billion. So he buys 20 million ounces at $35. And it just roofed. Goes to $50. He's worth about 11 billion and he's got a multiple of five or six on the next closest guy. I just couldn't even believe what I had seen and how much money that this guy had made. COMEX made it liquidation only and silver collapsed. It went from $50 to under $10 in the space of about eight weeks. And that had a searing impact on me, to see him go from the richest guy to virtually bankrupt in the short space of six or seven weeks. Right then and there, I would never own anything or trust anything for the rest of my life. My grandfather, when I was really young, he said, "Son, you're only worth what you can write a check for tomorrow." So liquidity's always been something that's been in my DNA. I had this friend; he was such a character. We were brokers at that time at E.F. Hutton. And we called him The Mortician because he'd get an account with 10,000, churn about a $100,000 in commissions, take it to a million bucks, and then have it in deficit. So you learned that liquidity was really important because the volatility was so huge. We're all living on the edge. So that had a real impact on me. The idea of owning something for the long run was laughable, because look how much money you could make by trading in the short run."

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@SJosephBurns @arudansk @patrick_oshag @TraderLion @0xsmac @TheFlowHorse @trengriffin @elonmusk