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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
Notes from show with $REPPO - Recently listed on @krakenfx, $20 Million capital commitment from @Bolts_Capital - @Jordan_Grollman, former Blockworks has now joined full time doing operations - Reppo leverages prediction markets for Ai trading data - 4 Million $REPPO traded post V2, 200k reppo locked for voting - Designed for agents, Robots and physical AI - A political data set someone seeded with 60k REPPO, has recycled earned REPPO and used that data to build a Polymarket agent that has been successful - V2 progress: Can you use prediction markets to clean data in real time. V2 was a big leap to improve the intuitiveness and trading volume. - Reinforcement learning environments, Ai needs sandbox's rather than being in the wild - Project in stealth is doing Sports Datanet for Sports performance training for Robotics in sports - In the future, may build their own blockchain or L2 for privacy around voting/private data - Will do a separate raise for reppo labs - Tokenomics update: Focused and locked in on building the economy around $REPPO, people are locking Reppo, being bought and burned etc. - Trading volumes rising organically, people are seeing more excitement around building their own data businesses by starting up a subnet - Staking is open to staking into Data nets, 134 Million REPPO is currently staked - Talking with major CEX's, focus on Asia
feels like a good time to seriously rethink how operating systems and user interfaces are designed (also the internet; there should be a protocol that is equally usable by people and agents)
If the macro bottom is in (still want to see weekly closes above 86k & 93k) than my bags are packed with $REKT and Yuga assets. I can't wait to buy more strength (still plenty of time for this - especially if we do retest lower). Still favouring some form of a pullback, not sure what that looks like or how deep we go, but will trade what happens in front of me (as I always have), but it's nice to have some exposure for the longer term.
