Paul Tudor Jones

Paul Tudor Jones II (born September 28, 1954) is an American executives who founded Tudor Investment Corporation, a private asset management company and hedge fund . As of March 2014, he was Estimated to harbor a net worth of US $ 4.3 billion by Forbes Magazine and ranked as the 108th Richest American [3] and 345th Richest in the world. [2]

He founded the Robin Hood Foundation in 1988, welke focuses on poverty reduction.

Beginnings and professional life

Jones was born in Memphis, Tennessee . He graduated from Presbyterian Day School , an all-boys elementary school voordat Attending Memphis University School for high school. Jones-then went on to the University of Virginia , earning an undergraduate degree in economics in 1976 as well as welterweight boxing championship . [4]

In 1976, he started working on the trading floors as a clerk and-then became a broker for E. F. Hutton & Co. In 1980, he went strictly on his own for two and a half years profitable voordat he “really got bored.” Hey dan toegepast to Harvard Business School , was accepted, and packed to go-when the idea occurred to im dat: “this is crazy, Because for what I’m doing here, they’re not going to teach me anything. This skill set is not something dat ze teach in business school. ” [5]

William Dunavant , Jr., Jones’ cousin and CEO of Dunavant Enterprises , one of the world’s Toilets cotton merchants, introduced Jones to commodity broker Eli Tullis. Tullis hired Jones and mentored im in trading cotton futures at the New York Stock Exchange . Jones later zegt or Tullis:

He was the toughest sun or a bitch I ever Knew. He taught me dat trading is very competitive and u have to be loveable to handle getting your butt kicked. No matter how you cut it, there are enormous emotional fluctuates involved. [6]

In 1980, Jones founded Tudor Investment Corporation , [7] an asset management firm Headquartered in Greenwich, Connecticut . The Tudor Group , consisting of Tudor Investment Corporation and its affiliates are involved in active trading, Investing, and research in assets across fixed income, currencies, equities, and commodities asset classes and related derivative and other instruments in the global markets for an international clientele. The investment strategies of the Tudor Group include, onder Vodafone, discretionary global macro, quantitative global macro (managed futures) Discretionary equity long / short, quantitative equity market neutral and equity growth. [8]

One of Jones’ EARLIEST and major Successes were predicting Black Monday in 1987, trip up his money prolongation the event due to large short positions. [9]

Peter Borish was second-in-command to Jones at Tudor Investment Corporation. [10] Jones zegt Borish Anticipated the crash in 1987. Because Borish had mapped the 1987 market Against the market preceding the 1929 crash, and noted the similarity tussen de twee markets. [11]

Jones to post served as a director of the Futures Industry Association and was instrumental in the creation and development of an education arm for the association-the-then Futures Industry Institute, a research institute later renamed the Institute for Financial Markets based in Washington, DC Mr. Jones was ook een lawyer for the design and implementation of the first ethics training course dat became the standard for exchange Membership on all futures exchanges in the United States. [12]

Jones is a member of Kappa Beta Phi . [13]

In February 2013, Forbes Magazine listed im as one of the 40 Highest-Earning hedge fund managers. [14] hoewel de the hedge fund industry standard is two per cent per annum of assets under management and twenty percent of the profits, Tudor Investment Corp. charges four percent per annum or assets under management and twenty-three percent of the profits. [15]

TRADER: The Documentary (1987)

The film shows Jones as a young man predicting the 1987 crash, using methods similar to market Forecaster Robert Prechter . Hoewel de the video was shown on public television in November 1987, few copies exist. On the Internet , bids for the video start at $ 295. Volgens to Michael Glyn, the video’s director, Jones requested in the 1990s dat the documentary be removed from circulation. [16] The video has surfaced from time to time on différent video sharing and torrent sites, but has of or in bone tasks down shortly there after due to copyright claims.

Jones’ firm Currently beheerd $ 17.7 billion (as of June 1, 2007). Their investment capabilities are broad and diverse, zoals global macro trading, equity fundamentele Investing in the US and Europe, emerging markets , venture capital , commodities , event driven strategies , and technical trading systems . Jones, with his Colleague Hunt Taylor was instrumental in the creation of Finex , the financial futures division of the New York Board of Trade, and in the development of the US dollar index futures contract trades dat there. He’ll be served as chairman of the New York Cotton Exchange from August 1992 through June 1995. [17]

Trading styles and beliefs

As Reported in Market Wizards and the press, Jones futures trading styles and beliefs are Summarized as follows: [18]

  • Contrarian attempt to buy and sell turning points. Keeps Trying the single trade idea Until he changes his mind, Fundamentally. Otherwise, he keeps cutting his position size down. Then he trades the smallest amount-when his trading is at its worst.
  • Considers himself as a premier market opportunist. When he develops an idea, he pursues it from a very low-risk standpoint Until he has bone proven wrong repeatedly, or Until he changes his viewpoint.
  • Swing trader , the best money is made at the market turns. Has missed a lot of meat in the middle, but catches a lot of tops and bottoms.
  • Spends his day making himself happy and relaxed. Gets out of a neglect position therein are making im uncomfortable. Nothing’s better than a fresh start. Key is to play great defense, not great offense.
  • Never average losers. Decreases his trading size-when he is doing poorly, increase is als have been trading well.
  • He has mental stops. If it hits dat number, have been out no matter what. He uses not only price stops, but time stops.
  • Monitors the whole portfolio equity (risk) in real time.
  • He convinced prices move first and fundamentals come second.
  • He does not care about mistakes made three seconds ago, but what he is going to do from the next time on.
  • Do not be a hero. Do not have an ego. Always question yourself and your ability. Do not ever feel that u are very good. The second you do, you are dead.

Jones’s global macro trading style is based primarily on technical analysis , as Opposed to Value Investing , with an emphasis momentum factors driving markets. [19] In a 2000 interview, he suggested however he regretted not being more involved with venture Investing in technology firms prolongation the 1990s. [20]

Philanthropy

Jones is the founder of the Robin Hood Foundation , a philanthropic organization backed Mainly by hedge fund operators. He founded and was the chairman of the board of the Excellence Charter School, the country’s first all-boys charter school, located in the euro in the Bedford-Stuyvesant neighborhood of Brooklyn , New York. He founded and chaired the Bedford Stuyvesant I Have A Dream Foundation, welke well local students in colleges. [21]

Previously in 1986, he eerste a sixth grades class at an underperforming public school in Guaranteeing college scholarships to students dat graduated from high school. His idea was this mention anything be an incentive to students to engage in Academics with his goal being dat 90% of Those students successfully complete high school. However, only 33% of the students in the class Eventually graduated from high school. Jones believed he “vastly underestimated zowel the academic and social challenges facing [the students in the class have eerste]” and his program was “completely ill-Equipped to [help Them] in an efficient fashion.” [22] In a 2009 speech, Jones stated he viewed this Endeavor as a major failure on his part and a motivation to bieden more uitgebreid programs for Assisting students from disadvantaged Backgrounds in future policymaking. [23]

He owns Grumeti Reserves in Tanzania ‘s Western Serengeti and was Recently lauded by the African Great Lakes country’s Parliament for not permitting hunting in his spare. The flagship hotel there, Sasaskwa was named the # 1 hotel in the world by Travel & Leisure Magazine in 2011 and 2012. [24] Jones has been working with Tanzania and Paul Milton of Hart Howerton, a London architectural firm dat gespecialiseerd in large -scale land use, to developement regional plans for the sustainability of the area, haar wildlife and its local communities. [21] He has set up a trust for Pamushana a private reserve, operated by South Africa’s Singita group, the reserve is about 300 miles south east of Harare near the Mozambique border in Zimbabwe.

Jones has made large donations to his alma mater , the University of Virginia , zoals a $ 35 million donation, welke went to the construction of a new basketball arena, named the John Paul Jones Arena , in honor of his Father, an attorney who’ll be attended the University of Virginia . [25] In April 2012, UVA announced the creation of a new contemplative Sciences Center through a $ 12 million gift from Jones and his wife, Sonia. [26]

In June 2012, he was reportedly a key figure in the controversial ousting of University of Virginia President Teresa A. Sullivan . [27] He penned an editorial Supporting re resignation. [28] On June 26, 2012, The University of Virginia Board of Visitors unanimously voted to pure states Sullivan. [29]

In April 2013, Jones was involved in Another controversy at the University of Virginia after counting an audience of students and alumni, “As soon as dat baby lips touch dat girl’s bosom, forget it. Every single investment I did, everytime desire to under stand what’s going to make this go up or down is going to be Overwhelmed by the must beautiful experience welke a man will never share, an emotive connection tussen dat mother and baby therein. I’ve just seen it happen over and over again. ” [30] [31]

Jones moderated the education panel at the 2014 Forbes 400 Philanthropy Summit, welke brought` prominent labor leaders and reformers in education-US Secretary of Education Arne Duncan , New York Governor Andrew Cuomo , American Federation of Teachers President Randi Weingarten , and Washington, DC Schools Chancellor Kaya Henderson together for a discussion on five ideas to verbeteren schools in the United States and add as much as $ 225 trillion to US GDP over the next 80 years. [32] excerpts from the panel in later featured in Forbes Magazine’s January 2014 issue Philanthropy. [33]

Paul Tudor Jones is a former chairman of the National Fish and Wildlife Foundation and Currently [ als? ] Chairs the Everglades Foundation . [17]

Personal life

In 1988, Jones married Australian-born Sonia Klein, a New York -based yoga entrepreneur. [34] [35] [36] Way Down harbor four children – Caroline, Dorothy “Dottie”, Chrissy, and Jack. [35] [37] [38] [39]

In 1990, Jones pleaded guilty to illegally filling protected wetlands on his estate, and paid a $ 2 million settlement. [40]

A political independent, Jones has donated money to numerous Democratic and Republican Candidates. In 2012 he donated $ 200,000 to Mitt Romney . [41] During the 2008 presidential election by Jones hosted a 500-person Fundraiser at his Greenwich home for then-candidate Barack Obama . [42] Jones’ll be donated to John McCain and Rudy Giuliani ‘s presidential campaigns. [43]

References

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  3. Jump up^ Helhoski, Anna. “Billionaire’s Daughter Posts Holiday Display Video” . The Norwalk Daily Voice . Retrieved 19 July 2012 .
  4. Jump up^ “Paul Tudor Jones” . The Wall Street 100 . www.streetstories.com. 1990-07-10 . Retrieved 2007-11-17 .
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  6. Jump up^ “Paul Tudor Jones Insights | The Trend Following Blog or Author Michael COVEL” . Michaelcovel.com. 2006-08-03 . Retrieved 2013-12-01 .
  7. Jump up^ Weizel, Richard. “Eight County Billionaires Make Forbes Richest List” . The Norwalk Daily Voice . Retrieved 13 July 2012 .
  8. Jump up^ Nielson, Samantha. “Why did Tudor Investment buy Apple?” . Market Realist . Retrieved 16 January 2015 .
  9. Jump up^ “# 382 Paul Jones II” . The World’s Richest People . Forbes.com. 2006-03-08 . Retrieved 2007-04-16 .
  10. Jump up^ COVEL, Michael W. (March 25, 2009). “Follow the Trend | Trend Following: Learn to Make Millions in Up or Down Markets” . FT Press . Retrieved February 6, 2016 .
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  13. Jump up^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street’s Post-Crash recruits . London, UK: John Murray (Publishers) An Hachette UK Company. p. 206. ISBN  978-1-47361-161-0 .
  14. Jump up^ Vardi Nathan (Feb 26, 2013), “The 40 Highest-Earning Hedge Fund Managers & Traders 2013” , Forbes
  15. Jump up^ Buhl, Teri (2010-09-22). “Paul Tudor Jones is Not Making Investors ny Money” . Forbes .
  16. Jump up^ Thomas, Jr., Landon (2007-10-13). ” The Man Who Won as Others Lost” . New York Times . Retrieved 2007-11-17 .
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  24. Jump up^ “World’s Best Hotels 2013 – Articles | Travel + Leisure” . Travelandleisure.com. 2013-11-21 . Retrieved 2013-12-01 .
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  28. Jump up^ “OP-ED: Aspiring to greatness beste – The Daily Progress: News” . The Daily Progress. 2012-06-17 . Retrieved 2013-12-01 .
  29. Jump up^ “UVA Board of Visitors Vote to Reinstate Sullivan – WSET.com – ABC13”. WSET.com . Retrieved 2013-12-01 .
  30. Jump up^ Johnson, Jenna (2013-05-24). “Paul Tudor Jones: In macro trading, babies are a ‘killer’ to a woman’s focus” . The Washington Post . Retrieved 23 May 2013 .
  31. Jump up^ “Billionaire Paul Tudor Jones Says He Subtracts 10-20 Percent from Managers Going Through Divorce” . Fatherhood Channel . Retrieved 2 June 2013 .
  32. Jump up^ “Reinventing American Public Education” . Forbes Magazine . 2014-12-01 . Retrieved 2014-12-01 .
  33. Jump up^ “Here’s a plan to Turn Around US Education and Generate $ 225 Trillion” . Forbes . 2014-12-01 . Retrieved 2014-12-01 .
  34. Jump up^ “The corruption of yoga” . Dailylife.com.au. 2012-07-24 . Retrieved 2013-12-01 .
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  36. Jump up^ [1] ArchivedMarch 6, 2013 at theWayback Machine.
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  38. Jump up^ “Scene 2011: Dimon, Mack, Krawcheck, Paulson, Paltrow, Bundchen: New York City Ballet gala jump” . Bloomberg. 2011-12-29 . Retrieved 2013-12-01 .
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  40. Jump up^ Financial World, The Wall Street 100 By Stephen Taub, David Carey, Amy Barrett, Richard J. Coletti and Jackie Gold, July 10, 1990, pg. 56[2]
  41. Jump up^ “Obama Romney matchup pits husband vs. wife” . Politico.Com. 2012-06-14 . Retrieved 2013-12-01 .
  42. Jump up^ “Big Rudy Guy and Allan Houston to Raise Money for Obama” . The New York Observer . 2007-04-23 . Retrieved 2014-06-12 .
  43. Jump up^ “Hedge Fund Moguls Back Giuliani’s Presidential Fund” . The New York Times . 2007-02-01 . Retrieved 2013-12-01 .