Corey Halliday

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

Madden Orlovsky had a heartfelt message for his family and friends in honor of World Autism Awareness Day 🥹 This was a special moment for all of us at ESPN. Thanks, Madden and @danorlovsky7 ❤️

@PipeSantaBanda I believe you are looking at the 200 week moving average correct? That can be a great spot to look to pick up investments. In fact, if you look at the history of MSFT, it’s done quite well. However. I haven’t used it as much for short term trading.

@optionspreader How do you see MSFT right now, from a technical perspective, at SMA 200? Is it a good opportunity for a long call?

@SportsNotSo @VetanzeTherapy The question was who do you most want the Broncos to add? I don’t think he is likely at 30 but it’s what I want. And if we needed to move up from 30 to say 24 or 25 it’s very possible. Apparently Daniel Jeremiah thinks it’s possible because teams don’t put a premium RBs.

@optionspreader @VetanzeTherapy He’s prob gonna go top-15, he’s a really, really good back. Denver would have to give up another first to go get him. At that point might as well just use that first to trade for a WR and sign a back in free agency.

Okay #BroncosCountry    let's do a little exercise..... Pick ONE free agent and ONE draft pick that you most want the Broncos to add. I'll go first Free Agent: Cade Otton Draft: Mike Washington Jr.

@ZacStevensDNVR I don’t mind them drafting a WR but I would love it more if the Broncos signed Alec Pierce. That guy made big plays consistently with Anthony Richardson and Daniel Jones as his QB. That is my personal favorite WR target.

IT’S DRAFT SZN🚨 We are diving into the draft to learn all about it today👏 Who is the BEST player the Broncos could realistically draft at pick 30?👀 Fun show starting NOW! youtube.com/live/OwSQBA7Xg…

@CodyRoarkNFL Tyler Allgeier and here is why. Terrell Davis was special and fell to the 6th RD because he was behind special RBs. When a team has Bijan Robinson and they still try to do everything they can to get the other running back as much work as possible, they know they have something.

@AleksMas_ Yes record amount of volume traded on Friday.

@optionspreader Do you think the silver examples qualify as a parabolic top?

Lots of conspiracy theories floating around regarding the Silver price drop on Friday. Although large, it is only back down to where it was just two weeks ago. Elevator up and then elevator back down is how it can go when the trade is emotionally driven (FOMO, Greed, Fear, Panic)

Make that a 36 points move for the day (double) the 12 year trading range.

Silver ETF (SLV) has moved 18-points so far today. From 2013 to 2025 it was inside of an 18-point trading range.

@AllbrightNFL @englishwithandr Here are his stats when his team was trailing in the 2025 regular season: 170/270 (63%) 2,112 total yards 21 total touchdowns 2 interceptions 102.4 passer rating It’s not just 4th qtr comebacks, it’s how he does it that is “game changing”. Imagine now if he had elite weapons.

@englishwithandr You’re saying that, but then he leads the NFL in fourth-quarter comebacks which disputes that

So demand is up, why aren't Oil prices booming? Demand growth has slowed down in absolute terms. The demand growth has been running at about 1% per year. Much slower than in prior decades. Structural shifts are happening but they will move very slowly over time!

The Oil markets have fundamentally changed. The chart below is a ratio of how many barrels of Oil it takes to get 1 oz of Gold. Historically that ratio is between 10-30 barrels. Covid was an outlier as oil prices plummeted (global shutdowns). Today the ratio stands around 72.

Interesting spot for the market overall. Trend line/50-day moving average were broken earlier this week. On the back of NVDA earnings we have gapped higher to underneath the broken trend line. Does it act as "resistance" and markets set a lower swing high overall? I expect yes.

Dow is up +.1% while Nasdaq is up +1.5%. This has been the trend of late with only the AI trade working. 1/3 of stocks within the SPX are above 50-day ma and 2/3 are below. Now, if that 2/3 group could rally along with the AI trade, then SPX could soar higher (that's a big if).

All of these indicate distribution and money coming out of stocks overall. I suspect there is more room to fall overall but first we see if the 50-day ma can hold. Have a nice weekend friends!

A comment on the stock market. Watch the $SPX index here around its 50-day moving average. If the market is going to maintain the uptrend it better rebound right now. The RSI is trending below 50 (unhealthy). Breadth is terrible (more stocks trending down than up). VIX above 20.