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
And Investors Intelligence numbers move almost in perfect sync with a detrended plot of the SP500. See https://t.co/LLvrBNq6yw from March 19. Chart from that article.
@optionflys Or one could replace blue 3 with green i-circle, but one needs courage to do that 😉. In that case green i-circle would be a leading diagonal triangle and that would be a very bullish for the market.
Euroalueen inflaatio tippuu kuin kivi. Lasku on laaja-alaista: inflaatio hellitti kaikissa suurissa alakategorioissa. Neljän prosentin palveluinflaatio on edelleen liian korkea, mutta suunta on selvästi alaspäin. Tällaisilla luvuilla keskustelu EKP:n koronlaskuista alkaa pian.
Are the broader averages going to “cool their heels” soon? Who can say for sure? But seasonality suggests we prepare ourselves mentally for that possibility. If so, stock-picking and sectors take on added importance. #sentimentrader