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Paul Tudor Jones

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2026-04-28
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2026-04-28
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  1. “If you happen to hear this, I'm deeply apologetic. You are the OG of compound interest, and I wish I was one-tenth as smart as you are.”

    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

  2. “What I realize now, what you go through, the successive mistakes of beliefs that I've had my life timetable, what I realize now is what an idiot I was. That guy is a flipping genius because he understood the power of compound interest, which I somehow managed brilliantly to avoid my entire career. He understood at nine he went out, seventeen went to Columbia and sought out Benjamin Grant what a genius. Now the great thing from that podcast is that he was also so smart that he partnered with Charlie Munger. Charlie was clearly, clearly a tremendous genius' own right because whereas Warren would buy 50 cent dollars, Charlie understood the power of compounding for companies that were growing all the time. And I think the two of them together, man, what a combination. But anyway,”

    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

  3. “Years old, nine years old. He understood the power of compound interest. And Ashley went out, listen to that podcast. I just went Oh my God, this guy is a genius. And I have been the biggest fool. I've always wanted to write a book called”

    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

  4. “It's that belief system that's so fantastic as opposed to, I feel like I'm like a right guard, but a right guard in the NFL for fifty years where I'm just every day just fighting in the freaking trenches every day. And every time someone says to me, gee, I want to go into trading, I said, going along short, go on the equity side, go do it. I'm always envied that belief system. And it's worked so well for so long. I would have huge difficulty to have been in Warren's shoes in 2008 and 2009 having 50% drawdown. They would have had a really material impact on me. I don't think I have his calm and patience and fortitude to be able to do what he does. So anyway, I was listening to the acquired podcast on Berkshire Hathway. And for the first time, I learned that at nine 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

  5. “I guess this will be my 50th year. The difference between my trading and investing is if I just take our fund, which BVI fund, for 40 years it has a minus 0.12 correlation with the S&P 500. So you can see the difference between investing and trading so 100% of our returns are alpha 100%. And I was just thinking, oh my God, why couldn't I be Warren Buffett? Just believe in America and just wait for you down 50%. Who cares? Because America is going to bring you through. And not that he doesn't, he works as hard as any human being, but.”

    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

  6. “Big lesson to them, I'd always have two or three bullet points, my number one bullet point is you're going to make your money by writing a trend for the very, very longest time. I said, there are many different ways to achieve it. You can own a company like Bill Gates or Steve Jobs, whatever, or you can be like Warren Buffett. You can be one of those value investors who won't spend a nickel, and I used to sit there and rail on Warren Buffett year after year after year, and I would congratulate myself for trash and go, you know, he just happened to be in the right place at the right time and caught this bull market if that guy had been in Japan, forget it, never would have happened if he'd start in 1989, and the Nikki forget it and never would have happened. Different story, right place, right time, bull market genius.”

    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

  7. “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 because the volatility profile was off the chart. One of my mentors who got me into trading was teaching a class on investments in Virginia and asked me to come be a guest lecturer and I started in 82 and I've been doing it every semester since I remember one of my favorite stories to tell that class is I would go through how all the greatest fortunes in the world were made. I always ask him who's the richest guy in the world back then it was Bill Gates and Warren Buffett. How did they get there? And my point to them would be they got there by writing a trend for the long run.”

    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

  8. “When I was really young, said son, your only worth which you can write a check for tomorrow. That also had a really deep impression on me. So liquidity has always been something that's been in my DNA as a child because that was my grandfather's favorite saying all the time. And also just my early trading days because my early trading days had $10,000 account. I'd run that thing to 100, run it back down zero. Also living in my early 20s. I had this friend, he's such a character. He could take 2,500 bucks or five grand and run into 2 million. Of course, the market moves in were crazy like no one I'd ever seen. We were brokers at that time of EF Hunt, and we called him the mortician because he'd get an account with 10,000 Sherin about $100,000 commissions taken to a million bucks and then have it in deficit. So you learn.”

    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

  9. “It just It just roofed, goes to 50 bucks. So at 50 bucks now, 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'd seen and how much money that this guy had made. Anyway, so that was when Comex decided the commercials had been just eradicated because they're sitting there holding physicals and having to put up this march and every day and their bankers going, yeah, I can't do it. So anyway, that made liquidation only. Silver collapsed, went from 50 bucks to under 10 bucks in the space 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 there, I would never own anything or trust anything for the rest of my life. My grandfather...”

    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

  10. “And the bottom line was it was just the most amazing bull running. I want to say by like 79, silver was around thirty bucks an ounce and all of a sudden he was worth about five or six billion which made him worth three times the next closest person in the world. Bunker says, well, I think this silver here is the most valuable asset and resource on earth. Someone asked him, what are you going to do with all that silver? And he goes, I'm going to bury it. I'm going to bury it. In fact, what I'm going to do is I'm going to buy 20 million more ounces and then I'm going to bury that too. So he buys 20 million ounces of 35 bucks. And when that happened.”

    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

  11. “If I just think about when I start I start in nineteen seventy six, inflation was raging. I start on the floor of the commodity pits. Stuff was literally going up and doubling and cutting in half every year. The volatility was insane. To give you an example of how crazy things got, Bunker Hunt was squeezing silver at the time, and he bought about two hundred million ounces at an average price of about three and a half bucks, and between nineteen seventy six and nineteen eighty we had crazy monetary policy. Inflation started ripping, and silver went literally through the roof. Ultimately, I would start out in the fourth cot exchange about a membership on Comex, which was a metals exchange at that time. I got in the pit and was executing some orders for them sometimes along the way.”

    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

  12. “I don't know where they still remember not, but... I know when everybody was ducking, I thought, oh, they're going to remember 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

  13. “So I got up there and I looked on the Dais and I was like 20 people over 50 or 60. How many of you remember your college commencement address? None of them. Not one of them could remember. I love to hunt and fish. So I go through and I talk about the normal challenges they're going to face in life. And I also talked about how going through this process, I wanted to make sure I was going to say something that's memorable. So right there at the end, I said, so whatever you do, and I pulled out my bow and I knocked in the arrow, I said, so whatever you do, aim high and shoot straight. And when it went like this, the whole crowd. Aim high and shoot straight and I had an apple on a table over here and smashed 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

  14. “Because it wasn't that way when I grew up. It certainly wasn't that way. And it's not going to be that way in the future.”

    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

  15. “And look at the possibilities that come from it. Just imagine at 350 million Americans intentionally set out every day for one simple act of kindness. What I will say, particularly the young people that might be listening to this, I'll tell you, before 2000, I would say 2000 was kind of a turning point, all this demonization and criticism and the attack mode that we seem to be in this that didn't exist. It's not the way, by the way, that this generation that's perpetrating it and promoting it was raised is not the way of the 70s, 80s, 90s. You didn't have these vitriolic attacks. There was a much higher level of civility and respect. And I think down the road, we'll get back to it. So I would just say to young people, you don't have to accept today as what this country historically.”

    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

  16. “I saw that elderly man helping those young kids as the photon negative of what had happened to me and I thought wow it just was instinctive the point here is that one simple act of kindness can have waves of betterment it can be so transformative and so multiplicative there's no doubt in my mind that 4,000 reps of thanking that elderly man to help me as a child inspired me when I saw Harry Reasoner interviewing Jean Lang to emulate that in a sense I keep thinking how instructive it would be if intentionally we just all start every day with a goal of one simple act of kindness it doesn't have to be anything big it can be something as small as what happened to me when I was three”

    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

  17. “The first one started out as an all boys school. We named it excellence because I wanted these boys to know that we were going to demand excellence of them. And we completely, totally crushed it. We hired the absolutely dream team of educators to do it. And within about four or five years, we were number one out of 543 elementary schools in New York City. The point being that you can have all the passion in the world, but you have to have a plan. There has to be a great pedagogy in what it is that you're trying to do when educating a kid. Why is all this relevant to me? Just think about this. So here was this one simple act of kindness of this elderly man helping this young child, in that case, a black man helping this young white boy. And so when I saw Harry.”

    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

  18. “become teenage moms. So now all of a sudden I'm dealing not just with the academic challenges, but also with the social challenges to boot, of which there are many. Along the way, I learned so much by failing. I learned so much about what it takes to actually beat poverty. And by the way, 1987, the year after that was when Robin Hood started. And then that informed me through certainly was extraordinarily instructive. And as we built Robin Hood out and began applying metrics and making sure we had goals and standards and a variety of things, it also led me ultimately to start one of the first charter schools in the late 90s in bedsty, right next to that spot actually. I started charter school called the Bedsty Charter School of Excellence.”

    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

  19. “began this journey I put my heart and soul into it. I'd go over there every Tuesday, went to the commencement address of this elementary school, did the same thing that he did, told them that they graduated from high school, approved through college, of course everybody was jubilant. It was a big surprise parents were so happy. That began this big journey for really the next 14 years because I kept adopting success in classes. I had tremendous passion. We were doing after school programs, playing sports, teaching life skills. About three years then, I realized these kids aren't doing that great. Now they've gone on to different junior highs. They're not doing that great. So I started hiring some tutors, figured that out. And then probably four years in, I've had one kid who got killed. I had a bunch of girls.”

    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

  20. “I said, Statistically, maybe, I don't know, 8 or 9%, something like that. He could not believe that because obviously he had graduated from that school, gone on to college, and then done very well. So right there on the spot, he decided I'm going to promise every one of those kids. They graduate from high school. I'll put them through college. And that resonated with me so much. And he adopted that class and he created something called the I Have a Dream Program. I said, I can do that. And the next day, I called him up and he said, you know, it's funny three or four other people have called me and we're all meeting at my apartment on Tuesday night. I got there late. I was seeing myself up in Harlem or somewhere on the Lorry South Manhattan. I got bedside crime ridden community in New York at that time even higher than the Bronx.”

    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

  21. “years right in that prayer list would be that man probably four or five thousand reps every night for that man fast forward to nineteen eighty six I'm living in New York City I'm loud on my couch I'm thirty two years old and I'm watching sixty minutes and Harry Reasoners interviewing this guy Eugene Lang and Eugene Lang was a businessman who had gone back to give the commencement address to his elementary school up in Harlem which over the course of the intervening sixty years had completely transformed from a gentrified area into African American Hispanic community with almost a population totally consisting of people of color how many of these kids these 12 year olds are going to go to college”

    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

  22. “The corner finally, and I see my mother, and I was so happy in my mother saw me, and at first she just started laughing. And I remember her, she was laughing so hard. She comes and she gets me, and she says to that man, she tries to give him five dollars, which was nineteen fifty seven a huge amount of money. And he said, no, ma'am, I know you'd do that for my child too. And it was such a simple act of kindness, but it was so profound to me at the time. So that night I had a prayer list with my mother that she used to go through with me every night. So it'd be God bless Mama Daddy, Peter, Paul, Alberta Grande, Peter Lin, and Sid, and then we added, I said, what was that man's name? She goes, I never got his name. For the next ten to twelve.”

    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

  23. “It's such a great question because the kindest thing was also my very, very, very first childhood memory. I was probably two and a half or three. It was probably 1957. And I was with my mother at this place called the Kerb Market. I got separated from my mother. And boy, you can imagine being two and a half years old and separated from your mother, your terror-stricken. This elderly black gentleman came up and I was sitting there bawling my eyes out because I thought my mother had left me and said, what's the matter, little boy? And I said, I lost my mama. And he said, don't you worry? We're going to find her. And he grabbed my hand and we started walking up and down the aisles was an outdoor vegetable market. Gosh, I can almost still smell fruits and vegetables.”

    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. “And you're Irish but it was so funny because no one remembers who gave their commencement address and they're thinking God, I'm getting ready to do this for fifteen or twenty minutes and no one's going to remember a damn thing. How do I make it special? And so on this podcast, I'm assuming people listen to millions of podcasts and they probably can't really remember, but fractions of them. So if there's anything they remember from this, I hope it's this part.”

    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

  25. “And the reason why is because it's so funny I gave this commencement address one time to what is now Rhodes College in Memphis. I remember when I was writing it, I'm there thinking, damn, who gave my commencement address? I couldn't remember. No one remembers. Can you remember who gave your commencement address? You're so young you might.”

    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

  26. “I promise I'll do that. And we'll talk about markets and AI and everything. And at the end, I'll say were you not entertained? And I bet you'll say yes. But of all the things that you do in your podcast, the one that I think is the most important, if you don't mind, I'd love to start with that one, which is that question you ask everyone at the end.”

    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