YouSaid · the spoken record

Paul Tudor Jones

lines on the record: 76
first: 2026-04-28
most recent: 2026-04-28
sittings or episodes: 1
sources: podcast

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“I'm just gonna spin this one day doing this one outward act, and if you repeat it enough, again, everything is about the reps. Pretty soon you take I should, and they will become I ams. So if you take that mentality that I want to do this wonderful act of kindness for someone else, pretty soon you become an incredibly kind person. It becomes natural. It becomes instinctive and organic. And it just, it's going to brighten your day. And you'll have just such a positive outlook on life. And I think that's what we need to intentionally begin to do every single person. For sure, it'll be a much better world.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“My mother used to always say, and I think this is what this country really needs right now, you've just got to kill them with kindness. You're going to wake up someday, it's going to be terrible. You're going to be in a bad mood. There's going to be something on TV that's going to make you angry. Particularly in these times right now, my gosh, 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 the goodness within ourselves and transmit that to somebody else during that day. I think that's 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? And with that attitude, one, you'll always be happy.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Is the best because it has the greatest biodiversity where you see the greatest color. And you can see those color changes by day by tree. And you find that day with that intersection of color changes. I'm telling you, if you find that, you can feel the energy. I've never felt so life. You feel God at those moments. It's such a wondrous moment as you go through how life is changing so fast in case of spring, obviously, is blooming. In the case of fall, it's transitioning into a more dormant period, but they are so energetic and so exciting. And I highly recommend people try to, in their neighborhood, find that day. Boy, make sure walk in that afternoon before sunset. Oh my gosh, it's a joy.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“But I love Africa so much because I love the outdoors. Can I just say this? It's taken me 70 years to get this point. My new thing, I love to find peak spring and peak fall. It doesn't have to be Africa. You can find that day in a neighborhood and in Peak Spring when the colors are vibrant and when the fragrance is just overwhelming, you can find it to the minute in the right place. And I've never felt so aloud in my life. And I look for that. I now travel the United States for that moment because I know when Peak Spring is in Georgia, I know where Peak Spring is in Tennessee. I know when it is in New York City, and I know when it is north of New York City because New York City is normally a week behind this place I go to and upstate. Same thing in fall. There'll be a day where you get the intersection in the north.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I have trouble at times. I mean, yes, I do. My faith is tested like I think anybody. Faith is tested. I wish I could say with 100% certainty, I know I'm going to heaven. I certainly pray every night. The most important aspect is, and the reason why I think it's so important for us all to have God in our lives is you got to have some set some code by which you live. I think Christianity, Judaism, a variety of these have these wonderful doctrine ways of bringing stability and order and goodness in people's lives. They give you something that you can lead a productive life with and in a way that's very sustainable and allows you to, again, engage with everyone. around you with great happiness and joy.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“thinking about and what kind of relationships we had and what kind of times we had. I think the professional aspects are these great tools that allow you to do more meaningful things and the things that count, which is what have you done with your family, what have you done with your friends, how have you served others? What have you done to leave a legacy of happiness and betterment and goodness to the people that you've been privileged enough to come in contact with? And when I say legacy, I don't mean words. I mean deeds. So what have you done that have allowed other people to enjoy and better their station life, their happiness in life for me? That's the most significant thing by far and away.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“God, family friends. When I think of friends, I think of fun. God, family, friends, and fun, service. I mean, my significance is not going to be from being a trader. I don't think that's where my significance is going to be. My significance is going to be first and foremost going to be my family every now and then. I actually get joy out of thinking about my funeral because I'm so excited about the songs that I've chosen that'll be sung. I almost wish I was going to be alive for that because it's going to be such a great time. I know my family and friends will enjoy it. I'm thinking of family because if I think about the end of my life and I look back, I'm not going to be thinking about the 87 crash or Bitcoin. I'm going to be thinking about who I loved and who loved me. That's what I'm going to be.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“24 months, way off sides it's so ripe to rally sharply, but it needed catalytic moment and that catalytic moment was this new premise 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. So newspaper style, hugely important in developing any logic framework. What's the most important thing that's actionable at this second and that particular instrument? What's my checklist and how do I hierarchize? And that's literally what trading is all about.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“If you can't tell your story in 15 seconds or less, no one's going to listen. Never been more true than right now. Because again, if you're getting 1,000 emails a day, I want to know in the first paragraph where that I want to keep reading or not. As a macro thinker, man, it help me so much frame every potential trading decision, every single action. I could just, again, very quickly, because I had learned how to do it, do that principal component analysis and hierarchicalize the most important things. And in trading, there's so many different variables that come into play, so many different variables that come in and making a 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. Again, the Yin's a great example. It's been completely undervalued for the past.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“so that every succeeding thing that you write, the most important part is in the first sentence of the first paragraph. The first paragraph is not more than two sentences. Who, what, where, when, and why and how? That's the first one. Then the next most important thing, that's the second paragraph, no more than two sentences. The next one, same thing. What is that, really? It's a principal component analysis of taking whatever event may have transpired and putting it in this cogent way where the most important stuff starts the beginning and you work your way down through it, particularly where today's world, the tension spans are this short and 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. There's that old saying.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I have long maintained that better than a business school degree, journalism one hundred one should be a mandatory subject in every college which is newspaper running in particular, and it was so important to my development. So my father had a really small trade finance legal paper in Memphis $2,500 person subscription. I would be the copy editor front page editor, and then I would write for it and took journalism classes. And what newspaper writing does is it teaches you you have to write where the conclusion comes first. So unlike writing something, and then at the end we get that story here, the incomes first, and you have to write it with this incredibly...”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Friends and found so much significance in competing with them. I think maybe humans are adaptable enough that we'll find a different way to find significance. Maybe it's going to be in finding that intentional, simple act of kindness every day. I'm not sure what it is, but I do think that as a race, we're so unbelievably adaptable, so smart that we might be able to find out a way to find happiness. I think that's going to be the biggest challenge potentially in four or five years is what do we do when so many of our jobs have been replaced by AI?”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm trying to fast forward to the workless world to where AI does so much for us that we don't have to work, and I used to have a really negative outlook on what that would be like, because if you think about it, so many of us define our significance through our work. Imagine a world where now the significance, that huge, incredibly important component of human happiness is now taken away from us because of the fact that we don't have to worry. Because as someone who works all the time and finds my significant, what am I going to do? But I've become more optimistic recently because as I think through how athletes find significance in the sports they do, how I play bridge with my”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Financial world to help, the nine years were a special time everyone wanted to participate and give back and help. I don't know what it was, but my gosh, we created so many fantastic philanthropists in that era. In the 80s, it was completely different. Everyone wanted to be associated with the Philharmonic, and these are all great, but they wanted to be with the name social charities. And I'd say after the crash, everyone found their significance by helping others. Maybe it was just because that was when really started to accumulate these big fortunes, individual fortunes for people. And they were just really, really wonderful about wanting to give back. And the whole financial community supported Robin Hood such a spectacular way. The whole hedge fund community in New York, it was really, it still is a joy.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“People and embody the best ideals. We say we got to do something. So the only alternative is that there really weren't any charities focused on fighting poverty, which I thought was going to be rampant at the time. So I've always believed you want to do something, you're better off doing yourself. So we started out very small and we just applied basic business principles to finding the most efficacious way of helping people in need. Again, along the way, I'm learning by doing and making all these mistakes along the way. And I'm learning so much. And then I realize, boy, this is a science. And then we just start hiring the very best people that we could as our staff and then recruit it. It was so easy to recruit people from the”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Brobin had happened the day after the crash maybe the worst macro call of my life was thinking we were going to go into depression. I thought for sure I've been looking at the parallels in 1929 for a year. All of a sudden it happens. I think, oh my God, this is a perfect replay, a perfect analog. So I called up my friends and we began it. It was just been the most marvelous journey. I can't recommend anything more highly than getting involved with some cause that you believe in. The best part of philanthropy and charitable giving is the people you meet. Oh my gosh, I've met the greatest, most wonderful, most giving, and just brightens every aspect of your life to be associated with the best.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“of money so i can give it away i got so many causes that i want to give it to that i actually feel like this is pursued of nobility i feel it's a privilege to wake up and i just hope i freaking kill it so i can give it away”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“The GP general practitioner, she makes me go in. I see the guy. This guy's 83 years old. And I say to him, you're living here in the land of the walking dead. Everyone here is basically fossilized. What is the secret to longevity? And he goes, it's real simple. You retire, you die. And I had a really profound impact on me because I realized as I get older, maybe when you get older, you will too. If you don't use it, you're going to lose it. And that's why I try to work out two hours a day. Another reason that I enjoy trading is I want to keep my mind sharp because there are too many things that I want to do when my father lived to be 100 when I'm in my 90s that I want to do. So I think training is great therapy for me. The other reason that I really enjoy trading is I'd like to make an absolute pot.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Fad to pick out the number one traits, type a personality, incredibly curious and inquisitive, and loves, loves competition, loves games. Because, again, our whole business is just another form of probability theory. And I still love today. I played Bridge with my friends all the time. I can't get enough of that. I love any kind of game of chance. And I love trading. And the other reason that I love trading, I'll never forget. My wife's Australian. And we first got married back in 1989. She said, well, I know you got to live in New York, but I came from the beach. So when our last child graduates from college, you're taking me to the beach. So sure enough, my son turns eighteen, my fourth child twenty fourteen. We're going. So we ended up down here in Palm Beach. She gets me a GP.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's so funny when we talk about traders, great traders, and again, I'm talking about people who are alpha generators not investing. We had a dinner about, I guess it was a year ago Christmas, and I had four or five of my best risk takers at dinner, and we had a debate, a gray trader's born or made. I'd say it was a unanimous agreement at the table that 70% of it is nature. And when I say born with it, by the time I was 21, I loved games. I loved chess, backgammon, parchy, monopoly, battle, gin rummy. You name it, I played it. Then I started gambling in college. I had a degree in probability theory, and had never taken a math course on it, but I knew it. I was such a game fanatic and I loved it.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Am I buying when there's blood on the ground? Am I selling when there's complete elation? Let's take last Friday where he had the largest down day in the history of gold and silver. So you have to be paying attention every minute because when you have a 33% move in silver in one day, you just have to be so focused on that day's activity, what you're going to do that on the opening, what you're going to do if price moves through a certain price that you weren't anticipating that day. It gets back to what I learned in Bedstock. You better have a plan. You better have a plan ahead of time. It better be self-executing. And you better have thought through that. And I hear it from my other friends who are macro traders. I think, oh, God darn it. I just feel like I'm two hours late.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“at the same time, all of which could be actionable information. I think today, for me at least, it's just a lot, lot harder, I think, because the information overload distracts me from exquisite execution.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my God, I get eight hundred, a thousand emails a day. If I think about when I was a pit trader, I think about even the 80s when there was so much less information, I could spend more of my time intently focusing on what the highs and lows were going to be in the day, which are really important for execution, doing what my boss Eli did. Just waiting, paying attention, focusing are we appointed maximum paying? Is there so much fear right now, which is a great time to buy? Does it look like it's going to go up forever, a great time to sell? You have to be intentional to be able to pick those points in a day. And when you're training 25 different instruments, instrument by instrument by instrument, a lot of times it'll be correlated. Sometimes they're not. You have to be very intentional about that. So if while you're doing that, there's 48 emails coming.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I've been doing that certainly since the 80s. I feel like I work so much harder than I did 40 years ago, 30 years ago.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to wake up at probably 2 30 or 3 and I'll work for half an hour watch letter open for 45 minutes half an hour and I'll do a lot of analytical work then it's a quiet time it's good then I'll go back to sleep and wake up at 6 15”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Forget it. I'm so tired of reading by nighttime. I've read one book in the last year, which is going to be, by the way, I recommend everyone read it. It's David Wood. He's a newsletter writer, but he has written what's going to be a spectacular bestseller on globalization markets. It's fantastic. And I'll bet you gets made in Netflix series. And I bet you it's going to be bang or anyway. I'll try to watch something on Netflix. Then I'll work for say 930 to 10.15 and then go to bed and I'll wake up at”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I get up at 6.15 and I work till 7 o'clock. I go work out till 7.45. I try to do 45 minutes of hard cardio every day. I get in front of the screens for the opening. I typically won't have any meetings until 10 o'clock and then I'll probably do meetings till about 12 o'clock. Typically have lunch with someone, have a meeting after lunch, try to make sure that I've got an hour before the close and an hour after the close to be able to map out what I want to do the next day. Because again, I want to have a plan as well as think what's going to happen that night. In Tokyo, Hong Kong, I go home around five, walk with my wife for an hour, go up work for an hour, come back down and eat. I'll normally watch the news and the most mindless entertainment that I possibly can. I used to read a book and a half a week. And then once the internet came.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Hates hedge fund because of the fees. He just says, we just need to put money in the SP 500. He said, if you're investing for 20 years, what would you tell somebody? Because he knows that I'm supposed to say you just buy the S&P, close your eyes. Well, the problem is that if you buy the S&P at this current valuation, the 10-year Ford returns negative when you buy with the S&P PE of 22. That's what history shows. So yes, the S&P is a spectacular long-term. If you have a hundred year view, but that's because that's an average of 100 years, including times when the S&P 500 PE was six and seven and eight or one-third of what it is right now. So valuation matters a lot, and the stock market's really high, and it's going to be really hard to make money from here, I think, with any kind of long-term view.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Budget deficit blowing up. You can see the bond market getting smoked. You can see this kind of negative self-reinforcing effect. And so it's troubling. It's troubling. So are we in a bubble? We're clearly in a sovereign debt bubble. In the stock market, we're over-equitized as a country, have the highest individual equity weightings in the history of the country. And then the real problem is that we're also, if you look at private equity in 2007, 2008, that was about 7% of institutional portfolios. Now it's about 16% of institutional portfolios. Real estate's gone up. Infrastructure bets have gone up. We're so much more illiquid than we were in 2008. So you have to be cognizant of that fact when you think about how you have your money deployed. I had a friend ask me. He was a wealth manager.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“We got to about 85 or 90 percent in 2000. We got to 170%. And now we're at 252. So you can just imagine if you think about the periodicity of significant bear markets, since 1970, we get kind of a mean reversion about on average every 10 years. When I say mean reversion, let's say mean revert to the past 25 or 30 year PE. So if we did that here, that would be, and again, these are elevated PEs, way elevated beyond the 20th century. That would be a, say, a 30-35% decline. Well, 35% on $250% of GDP is 89% of GDP, the reverse wealth effect. Oh my gosh, ten percent of our tax revenues are capital gains. They go to zero. So you can see the...”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“But you're going to want to watch those because that'll just be adding equity supply. And you've already going to be diminishing the buybacks because of all the commitment to CapEx from the hyperscalers. They're already going to be eating into their cash flow. So I think that's why tech has dogged it and why it will continue to dog it. Because all the funding, much of the funding for these IPOs, it's going to come out of existing tech stock. When you say are we in a bubble, I don't know if we're necessarily in a bubble where clearly so leveraged in equities in this country. We're so dependent upon firm equity prices at this point in time. And when I say leveraged, we're 252% of stock market cap to GDP. So 1929, we were, I think at the top, we were 65%. And then in April,”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Through buybacks. And so now all of a sudden you're going to completely reverse that math. And so I don't think it's necessarily happens instantaneously with the IPOs, but then there'll be the unlocks. So you can see a situation where, okay, maybe we go through some kind of rolling top and then 18 months from now six months, we'll have to look at the unlock schedule.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Market of 2001 and 2002 were a consequence of all the IPOs in 99, 2000. And then as they unlocked, you just had this never ending. Cascade of selling. That's a great way of putting it. And we're getting ready. I want to say that the contemplated IPOs of next year are going to be 5, 6% of market cap. So why are we where we are right now? Because we've been retiring two or three percent of market cap, probably a little less than 2% market cap every year with that fail for the past. years”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“If I think of some really, really big accidents, most of them have the same underlying reason, same underlying foundation, which is too much leverage somewhere. Most leverage, most of the time, if I think of the big ones, were derivative inspired, either futures or options. 1987, that crash was 100% portfolio insurance, 100%. Had they had limits, which they didn't, it would have been a 10%, maybe 15% max, but that was 100% derivatives. If I think about 1998, long-term capital, big derivatives, had a huge balance sheet with a lot of derivatives they were offsides on. $2,000 was a little different, two thousand was the easiest bear market I've ever seen my whole life. It's got so many similarities to right now in the sense that.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“Every year by a couple of percent. Bitcoin has a finite amount that can be mined, as decentralized. And so in that sense, it has the greatest scarcity value of anything.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“that the inflation trades were going to take off. And of all of them, what was the best one? At that point in time, it was Bitcoin. Bitcoin is unequivocally the best inflation hedge that there is. More than gold because Bitcoin is finite. There's only so much Bitcoin that can be mined. The problem with it is inflation hedge is if you got into kinetic exchange, there's clearly going to be cyber warfare. Anything that you have to deal with electronically is going down, including Bitcoin, so strike one. And then secondly, quantum computing, who knows if and when with AI advancing as fast as it is that we may actually have quantum computing. Now quantum computing someone can come in and can hack any bank and hack anything they want to. So in terms of it being a great inflation hedge, gold increasing supply.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“We've now got the most dynamic leader in certainly a half a century in Japan whose Japan first is going to have a very entrepreneurial way that she is going to remake that economy. So you're looking for something that's underowned, undervalued, way out of whack. People have gotten complacent on it and you're looking for that catalytic moment. In the case of the two-year rates in 22, we had way too much fiscal stimulus. And then Powell, he overstayed being easy way too long because he wanted biden reappointing. So as soon as Biden reappointing, it was go time to get short two-year notes because you knew the Fed was going to normalize. And then in 2020, you saw, again, all the interventions, both central bank and the treasury, you just knew.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's going to be interesting, I think, is dollar yen. The yen's grossly undervalued, has been for some time. What's the catalytic moment? That's really the point you've got to ask. And that catalytic moment in this case was this new premise that was just elected. And she has all the characteristics of Ronald Reagan or Margaret Thatcher or Donald Trump when he got elected the second time. And if you look at what those local currencies did, they all appreciated pretty quickly 10% off the bat. I want to say Japan has four and a half trillion dollars, a four and a half trillion dollar net international investment position to the good with the rest of the world. Probably 60% of that's in the US. And most of that is unhedged. So they just had this massive dollar liability. And all of a sudden,”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“you think about all the really big moves, it's probably because the market has gotten too carried away or there's been some imbalance that's gone on for too long or a central bank does something that they shouldn't be doing or a government does something they shouldn't be doing. So that's I think the genesis of most of the big moves. Typically it's going to be inspired by a central bank or central government. A good one right now.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“You're always trying to make progress. You're always trying to win the round, but there'll be those few opportunities where you can do something really material.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a couple of metaphors that come to mind. Let's start with boxing because you have an opponent, in this case it's the market, you know you're going into the ring with this opponent who's after you the whole time. And I'm thinking more of a classic one as opposed to a Mike Tyson one. But you're kind of pairing, jabbing, feeling each other out, looking for an opening. And then every now and then you'll have a great opening and you take a big shot and you may land one. If I think about big shots, Bitcoin 2020, a knockout, two-year rates, 2022, knockout, you have these incredible opportunities at times if you just sit and wait. The whole time in the interim, some of it you're just gathering information, looking for those openings.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“And he's acting like he's Rock Hudson or something. Wow. Boy, I tell you what, I'll never forget that one to this day. When the going gets tough, the toughs get going. You wear it here and you have that confidence you're going to come back. Hugely important.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“former friends he had the most beautiful office I've ever seen in my life, and he came out and just oh my God he had a smile in his face Oh ladies and flirting with the wives I mean they're going are you kidding me this guy's broke”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“God, he was so strong. He was really good at executing at the maximum apogee of fear as well as greed. He was so good at smelling that because he traded hardly anything but cotton. He would just sit there and he would just focus. He was just so good at waiting for exactly when there was just too much elation or when there was too much fear. And so that was really helpful. And then I would say the number one thing I learned from him was we were so long cotton one weekend and there was a great drought, spectacular drought. And of course it rained all through the belt over the weekend. Walk in, market was limit down. Absolutely smashed. I thought, oh my God, that's over. That day from lunch, his wife broke.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we've got to do that. And the reason why it's so important is if I go back to that conference 18 months ago, I would say a significant portion of the scientists there envision a future where humanity is going to have a chip in our brain that's going to allow us to access so much knowledge, power, et cetera. So I'm just kind of looking down the road and thinking, okay, we really need to know what we're reading, what we're looking at, because again, that group without having any feedback from the rest of America thinks that a blended human with the machine is perfectly acceptable is the future, should have inalienable rights for me. I don't think that's the case. I'd vote no. I think most humans would vote no.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“The one thing that I think should be part of this next election, the simplest, most important thing that we can do is we can demand that all AI is watermarked. That's the single most transformative thing that we could possibly do for the country, for the world, make it a felony if someone knowingly violates that three times, put them in jail. I want to know what's authentically human and what's not. And when that happens, talking about restoring trust in the country, which I think is one of the biggest problems, I would say two times since this year began, I've had very serious people call up and say, did you see XYZ? And of course it turned out to be a deep fake. I think just so we can get back to some truth and honor in a normal discourse.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“News in my mind keeps getting more alarming. I can tell you if this was anything to do inside Tudor, which this thing would have been so contained so long ago. I mean, that's what a good risk manager does. And yet there's zero risk management here.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“to when the nuclear bomb was dropped eighteen months later our Congress and our administration was smart enough and forward thinking to create the Atomic Energy Commission to begin to try to regulate something that had huge tails. Here we are. We're three years in and regulate. What are you talking about? If there ever was a leadership position that needs to be taken by any president, it's on AI regulation right now, not just the United States, but convening with China, with all the other surveys to make sure that we don't do something that has catastrophic consequences. And that's just on the safety side, not even what's going to happen to social disruption. And Matt Schumer came out with a very lengthy essay on how the two new models that were released six days ago are going to be so unbelievably disrupted to the workforce.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“That's been the invention model since the beginning of man. Bill, Brake, iterat. But we've never been in a situation where the tail event could be hundreds of millions, if not billions, of lives. What's so scary when I was at this conference, which is only about 35 or 40 people, with one modeler from the four biggest model companies when I was able to ask him pointedly, how do you think that AI safety gets resolved? Pretty much the consensus answer is, I think we'll finally do something about it when 50 or 100 million people die in an accident. It's crazy. My big problems with AI are that, one, there's no plebiscite on this. There's no vote. There's no way for the public to say yay or nay on the pace. And that's the way that most innovation occurs. Again, this one has a tail event on it that's so large I go back to.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source
“You cannot be a trader investor, whatever term you use, and not be a really good risk manager. Anyone that's really succeeded in investing or trading is first and foremost a great risk manager. And I went to a conference about 18 months ago, and I just was so alarmed by what I heard. And then I mentioned on CNBC, and he watched CNBC every day and sent me a note and said, I agree with you 100%, but the Genie's out of the bottle. I don't know if we can get it back in. I think he's completely on board with the belief that we have some real threats from AI. The problem with AI is that the news, I don't like in the last 12 hours, the news that keeps coming out is just more disturbing. The biggest problem with AI is that if you think about the way AI is being practiced and deployed right now, it's the bill break, iterate model. Build it, break it, fix it, and iterate.”
2026-04-28 · Invest Like the Best · Paul Tudor Jones - Lessons From 50 Years in Markets - [Invest Like the Best, EP.470] · IDENTIFIED FROM THE TRANSCRIPT · source