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Paul Tudor Jones On ‘Humble Pie,’ The Twilight Zone, And What’s Wrong With America
A month ago, Paul Tudor Jones explained a decision to buy Bitcoin by telling clients that the best way to "maximize profits" is to "own the fastest horse".
Bitcoin isn't a horse. Investors aren't jockeys. And this isn't supposed to be a racetrack. Clients are partners, and they should be treated as such, not subjected to the vagaries of a digital token which, on any rational assessment, is inherently worthless. "I am not a hard-money nor a crypto nut", he promised.
As amusing as that is, the s
It is interesting to see the parade of objectively great investors who have been humbled, in their own words, by the rally.
But there were great investors who played it very well. Bill Ackman, for example, who nimbly caught both the crash and the recovery.
At the end of the day, disagreements make a market. If everyone thinks the same way, there’s no trades. These guys all have different investing styles, thrive in different markets, look for different setups. None of them catch every winning setup.
They have all figured out the most important skill, which is surviving your mistakes to play another day.
“At the end of the day, disagreements make a market. If everyone thinks the same way, there’s no trades.” Finally, someone else who actually gets it. I lost a good job opportunity at a fairly good school for saying this out loud.