Paul Tudor Jones Talks About The F-Word

Failure is hot these days.  All the cool kids are talking about it.  From the clubs in Hollywood to the uptown Manhattan cocktail soirees, nobody wants to hear about your success, they only want to hear about your failure.

Let’s face it, failure is the new black.

And why not; everybody fails from time to time.  Talking about our defeats lets others know we are human too and promotes interpersonal empathy.

Back in 2009, everyone’s favorite Market Wizard Paul Tudor Jones gave a commencement address to the 9th grade graduating class of The Buckley School on the topic of failure.  The title was appropriately enough “Perfect Failure.”  Here’s an except…

The next time the dragon of failure reared his ugly head was
in 1978. I was working in New Orleans for one of the greatest
cotton traders of all time, Eli Tullis. Now, New Orleans is an
unbelievable city. It has the Strawberry Festival, the Jazz Festival,
the Sugar Bowl, Mardi Gras, and just about every other excuse for
a party that you can ever imagine. Heck, in that town, waking up
was an excuse to party.

I was still pretty fresh out of college, and
my mentality, unfortunately, was still firmly set on fraternity row.
It was a Friday morning in June, and I had been out literally all
night with a bunch of my friends. My job was to man the phone all
day during trading hours and call cotton prices quotes from New
York into Mr. Tullis’ office. Around noon, things got quiet on the
New York floor, and I got overly drowsy. The next thing I
remember was a ruler prying my chin off my chest, and Mr. Tullis
calling to me, “Paul. Paul.” My eyes fluttered opened and as I
came to my senses, he said to me, “Son, you are fired.” I’d never
been so shocked or hurt in my life. I literally thought I was going
to die for I had just been sacked by an iconic figure in my business.

My shame turned into anger. I was not angry at Mr. Tullis for
he was right. I was angry at myself. But I knew I was not a
failure, and I swore that I was going to prove to myself that I could
be a success. I called a friend and secured a job on the floor of the
New York Cotton Exchange and moved to the City. Today, I will
put my work ethic up against anybody’s on Wall Street. Failure
will give you a tattoo that will stay with you your whole life, and
sometimes it’s a really good thing. One other side note, to this
day, I’ve never told my parents that I got fired. I told them I just
wanted to try something different. Shame can be a lifetime
companion for which you better prepare yourself.

Personally, I think the speech drones on at times and I would have gone with a sexier title like “I Was A Failure Then But I’m A Billionaire Now Bitches,” but hey, that’s just how I roll.

The key point in Tudor Jones’ speech and why it’s relevant now, is that it highlights something that many of those currently hoping on the “failure trend” don’t quite get.  Failure in and of itself is not cool.  It’s not a badge of honor you pull out with pride at the local watering hole or backyard barbecue.  Failure as an “end” is for losers.

It’s the “getting up” that shows courage.  It’s the lessons from the mistakes that have value. It’s the “never giving up” that merits honor.  And it’s converting the sting of failure into the sweet smell of success that’s really, REALLY cool.

Trading is a tough game and you will get the crap kicked out of you more than your fair share of times.  And you will fail, oh boy will you fail.

You will fail small, and you will fail big.  Very big.  Brian Dunkleman big.

And that’s okay.  It’s not your failures, but how you get up from them, how you learn from them, and how you never let them make you quit that will determine your success as a trader.

Read the complete Paul Tudor Jones speech here.

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Paul Tudor Jones Opens New Macro Fund

Everybody’s favorite triple named Market Wizard is opening a new $500 million dollar macro fund according to Bloomberg.  Well to be fair, Paul Tudor Jones is not personally going to be one of the portfolio managers, but he will be involved in the fund which resides under the Tudor Investment Corporation umbrella.

Jones will serve as chairman of the fund and sit on its seven-person investment committee, which includes Spencer Lampert, who has worked at Tudor for 24 years, and Bjorn Nielsen, who joined the firm 23 years ago. The other managers on the committee are Andrew Bound, Adam Grunfeld, Richard Jackson and Aadarsh Malde, the investors said.

Jones limited involvement is understandable given the fact that he has been busy lately removing the President of his alma mater.

Read the complete article at Bloomberg.

Why not subscribe to bclund.com for free  Via E-mail or Via RSS and follow me on StockTwits and Twitter?

What bclund is, is the intersection of markets, trading, and life (with some punk rock, pop culture, and off-beat humor mixed in).

Brilliant stuff like this rains down like..well, rain, on my stream during the week. If you want to get wet, follow me on Twitter and StockTwits. You can also pick up my book Trading – The Best of the Best: Top Trading Tips For Our Times by clicking here.

Paul Tudor Jones Risks His Sex Life For Romney

It’s looking more and more like “Hope and Change” is a platform that will only get your so far with the electorate.  However, the stunning fall in popularity of President Obama is even more shocking given the weakness of the candidate he will in all likelihood lose to in November.

One of the most ominous signs to me that Obama will be “one and done”  is that the “smart money” has not only lined up behind that candidate, but is willing to risk sleeping the couch by doing so.

From Politico:

The race between President Obama and Mitt Romney is pitting one wealthy couple against each other.

Hedge fund magnate Paul Tudor Jones was an early Obama supporter and fundraiser in 2007 — but defected to Romney this cycle. Jones gave $200,000 to the super PAC backing Romney in December.

His wife Sonia Tudor Jones, however, is apparently still committed to Obama. She was spotted Thursday at an exclusive $40,000-per-person fundraiser with Obama at actress Sarah Jessica Parker’s New York City home.

If Tudor Jones was just making a political call here it would be bad enough for the President as he is known for hedging his political bets early and then cutting losers when he thinks the outcome is clear.

But for him to risk being “cut off” by Mrs. Tudor Jones, well, he must feel that Romney is a lock.

Obama-Romney matchup pits husband vs. wife via Politico

Why not subscribe to bclund.com for free  Via E-mail or Via RSS and follow me on StockTwits and Twitter?

What bclund is, is the intersection of markets, trading, and life (with some punk rock, pop culture, and off-beat humor mixed in).

Brilliant stuff like this rains down like..well, rain, on my stream during the week. If you want to get wet, follow me on Twitter and StockTwits. You can also pick up my book Trading – The Best of the Best: Top Trading Tips For Our Times by clicking here.

Catching Up With The “Market Wizards”

In his two classic books ‘Market Wizards” and “The New Market Wizards,” Jack Schwager interviewed some the greatest traders of our time.  These were followed up with his “Godfather 3″ type of book “Stock Market Wizards,” notable mostly for the interview with Steve Cohen.  Here is what some of the “Market Wizards” are up to lately.

Jim Rodgers believes that agriculture is the “next big thing” for the next 20 years. (via The Economic Times)

Bruce Kovner just dropped $500,000 into a pro-Romeny super PAC.  He is not alone as the super-rich choose their candidates. (via CBS News)

Paul Tudor Jones and Steve Cohen are making serious efforts to help military veterans. (via Bloomberg Businessweek)

Steve Cohen put $77 million into $SCSS but it’s not going to well…yet. (via MSN Money)

Mark Cook may be a “book three” Market Wizard, but he is still a Market Wizard.  Here is a video interview with him. (via YouTube)

Blair Hull is critical of high frequency trading rules.  (via The Wall Street Journal)

Alphonse Fletcher Jr.’s flagship hedge fund has been ordered liquidated.  Hey, he was “book three” too.  (via The Times-Picayune)

Steve Cohen lost out on the Dodgers, but the rumor is that he might be considering a baseball team just south of them.  (via Los Angeles Times)

Why not subscribe to bclund.com for free  Via E-mail or Via RSS and follow me on StockTwits and Twitter?

What bclund is, is the intersection of markets, trading, and life (with some punk rock, pop culture, and off-beat humor mixed in).

Brilliant stuff like this rains down like..well, rain, on my stream during the week. If you want to get wet, follow me on Twitter and StockTwits. You can also pick up my book Trading – The Best of the Best: Top Trading Tips For Our Times by clicking here.

If It’s Good Enough For Sting And Paul Tudor Jones, It’s Good Enough For Me!

James Altucher has been a regular proponent of doing yoga, and he’s right.  I tried it for a while about 5 years ago, and I have to say not only did I love it, but I could feel the difference it made in my life.

But work, and kids, and….well you know that story.  I stopped going for “just a week or two” and haven’t been back since.  This last year I have for the first time really started to feel the effect of age and have been promising myself that I would start again, but have yet to make the commitment.

Then I came across this photo:

Pictured from left, Trudie Styler, Sharath Jois, grandson and successor of Pattabhi Jois, Sting, Sonia Jones, owner of the Jois yoga studio, and her husband Paul Tudor Jones, at the opening of the Greenwich Jois studio. Credit Insider Images

One of the greatest musicians and one of the greatest traders are die hard yoga enthusiast. What more motivation do I need to get off my ass and sign up for a class?

Check in with me this time next week so see if I actually follow through.  In the meantime check out “Paul Tudor Jones Is Better At Yoga Than Me” via James Altucher.

Don’t forget to subscribe to bclund.com for free Via E-mail or Via RSS and follow me on StockTwits and Twitter.

What bclund is, is the intersection of markets, trading, and life (with some punk rock, pop culture, and off-beat humor mixed in).

Brilliant stuff like this rains down like..well, rain, on my stream during the week. If you want to get wet, follow me on Twitter and StockTwits. You can also pick up my book Trading – The Best of the Best: Top Trading Tips For Our Times by clicking here.