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Paul Tudor Jones Exposed

Submitted by Tyler Durden on 07/27/2009 10:03 -0400

The mythical "TRADER - The Documentary" is finally available on You Tube. Relevant "full frontal" insights on the making of a hedge fund legend, and a paleolithic market dominated by monochrome PCs (what, no Bloomberg?), running to the municipal library for that 10-K, and no Flash orders frontrunning every trade.

Part 1, and related series (2-7) are on You Tube.

hat tip j.m.

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Mon, 07/27/2009 - 10:22 | 15876 Arm

EXCELLENT! I have wanted to get my hands on this for some time now.

Mon, 07/27/2009 - 10:24 | 15877 chindit13

Though this is ancient footage (I have it on Betamax), little has changed in the man's style. Lincoln said that the measure of the man's character is not how he lives in bad times, but how he lives in good times. While most times for PTJ have been good, the manner in which he has used much of his wealth is more impressive than his trading.

Mon, 07/27/2009 - 10:41 | 15889 Anonymous

This was awesome. Many thanks

Mon, 07/27/2009 - 10:58 | 15902 old felix

Too bad the individual parts are not labeled [part 1, part 2, part 3...] so that one can easily watch them in order!

Mon, 07/27/2009 - 11:07 | 15907 Serpico

thanks for the post!!

Mon, 07/27/2009 - 12:01 | 15937 maximus

If you read the first Market Wizards book there was a profile of PTJ II and in that chapter he explains the coming market/credit collapse. He was about 20 years early. But in Oct 2007 the NYT put out this interesting piece as somewhat of a follow up to the 1987 crash,

The Man Who Won as Others Lost
http://www.nytimes.com/2007/10/13/business/13speculate.html

When I read it I was reminded of what I read in the Market Wizards book however this time PTJ II has become part of the system rather than against the system has he was profiled in Market Wizards or in the Trader video -- I guess he was too busy to read up on Robert Prechter's missives.

Mon, 07/27/2009 - 12:48 | 15966 Socrates

Around 1989-1990 PJT spoke at a meeting on the CSCE that we held atop Windows in the WTC. The Dow was around 2300 and he said that there was nothing wrong with the Dow other than it need to drop its first digit. I know he said it as I heard it!

Socrates

Mon, 07/27/2009 - 12:03 | 15940 Anonymous

Yes Maximum, he is now part of the system, and apparently the system is no longer permitted to lose.

Mon, 07/27/2009 - 12:10 | 15947 Anonymous

These comments about being part of the system etc etc are utter bullshit.

I mean what the f**k does this even mean ?

Do you know the guy ?

Go get some therapy, I doubt he is out to get you

Mon, 07/27/2009 - 12:21 | 15953 maximus

Dear Dummy -- read the NYT article.

Mon, 07/27/2009 - 12:50 | 15968 Socrates

If you can ever track down some of the guys who stood with him in the gold pit, IMO, you might hear some very interesting stories.

Socrates.

Mon, 07/27/2009 - 14:10 | 15999 maximus

Don't leave us in the dark. Enlighten me/us with those intereting strories...

Mon, 07/27/2009 - 14:23 | 16003 Socrates

There is not a chance in the world that I will expand upon that in print. I hope you can understand.

Information I may have gotten from those who I deem to be a reliable source is mere hearsay to other in the information chain.

Every big trader in a pit has "enemies." Perhaps I was just hearing from them....or maybe not.

Socrates

Mon, 07/27/2009 - 14:55 | 16042 maximus

I was in the Comex pits 1991-93; then I left the floor and traded upstairs. Sold my last seat this past spring. It was a hell of a ride holding on to those seats both in Nymex and Comex.

I got to witness and benefit from one of the best investments around: the complete timeline of the convergance to shareholders (NMX/CME) from membership.

Mon, 07/27/2009 - 12:11 | 15949 EQ

Is that an old Quotrek he is carrying?

Mon, 07/27/2009 - 12:22 | 15954 fil

Ahh, the good 'ole days. Thanks.

Mon, 07/27/2009 - 12:53 | 15972 Anonymous

I was only 1 year old when this was shot.

Still, thank you so much.

Mon, 07/27/2009 - 14:17 | 16002 agrotera

I was always hoping to see this, what an unexpected treat! Thank you!!!

Mon, 07/27/2009 - 14:23 | 16004 Dont Taze Me Bro

Interesting, he was into Elliot wave theory. (Video #2 @ 1:50)

Mon, 07/27/2009 - 15:19 | 16075 Anonymous

and also chugging bud while trading dmarks

Mon, 07/27/2009 - 15:57 | 16120 Dont Taze Me Bro

Yep, I noticed that too. On video #3, he is drinking beer early in the morning and making large bets in overseas FX market, wtf???

But then, this was the 80’s, at a time when doing coke and having unprotected sex and doing other weird shit was considered very normal (and highly recommended).

Mon, 07/27/2009 - 17:46 | 16206 where is my mind

That was sunday evening in virginia....Morning in HK. He was prolly drinking a lil beer, watching football.......then selling $60 mil Dmarks.

Mon, 07/27/2009 - 14:35 | 16015 Anonymous

Jam the YouTube videos into a playlist, please?

Mon, 07/27/2009 - 14:36 | 16017 Anonymous

Jam the seven YouTube videos into a playlist, please?

Mon, 07/27/2009 - 14:38 | 16019 -273

Paul Tudor Jones runs one of the largest and oldest hedge funds. His comments in the June 2008 of Alpha Magazine are resonating with many people in that business:

“I see the younger generation of [hedge fund managers] hampered by the need to understand and rationalize why something should go up or down. Usually, by the time that becomes self-evident, the move is already over. When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned to go with the chart. Why work when Mr. Market can do it for you? These days there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything…..There are young men and women, graduating from college who have a tremendous work ethic, but they get lost trying to understand a whole variety of market moves….[at the end of a bull market or bear market] there’s typically no logic to it; irrationality reigns supreme, and no class can teach you what to do during that brief, volatile, reign.”

Mon, 07/27/2009 - 14:45 | 16027 jbeyer

This is SO much more efficient that HFTraders. This is the way the markets should be.

No emoticon for extreme sarcasm?

Mon, 07/27/2009 - 15:23 | 16083 Anonymous

That was really enjoyable viewing. Just watched all 7 parts. Thanks, Tyler.

Mon, 07/27/2009 - 15:38 | 16095 Anonymous

I was struck by a couple things. First, was him chugging a bud on Sunday morning probably because he had a bad hangover and trading a bazillion dmarks. Is that good for client or prospective client relations? Second, was PTJ looked like Harry Potter or the quintessential wiz kid with the over-sized glasses, slight stature, expressive boyish face and enfant terrible attitude.

Mon, 07/27/2009 - 16:46 | 16165 Anonymous

I traded at the NYFE during the period this film was made.
A $10,000 T-Bill got one in the door back then. Alot of the traders shown were not around after Oct. 1987. If I remember correctly,on Oct. 20 there were 44 names and badges posted on the door - which meant "do not honor".
Nothing in the world like pit trading.

Mon, 07/27/2009 - 17:45 | 16204 Anonymous

I'm a total outsider to this, but the comments here have been fascinating. When you write about the "do not honor" thing with the 44 names, what does that mean?

Mon, 07/27/2009 - 18:54 | 16258 Anonymous

It means the trader had "blown out", he lost all his capital, maybe some of his clearing firm's too.
So do not honor his badge.

Mon, 07/27/2009 - 19:46 | 16301 Gordon_Gekko

Love it!

Mon, 07/27/2009 - 21:28 | 16361 Joe Sichs Pach

For those who have actually traded in the pits before, how did you get your start? Any current or past members of CBOT/CME/CBOE on here?

Would love the opportunity to check out a day on the floor and find out how to get your foot in the door...

Tue, 07/28/2009 - 17:09 | 17376 Anonymous

Youtube yanked the clips due to copyright claim... Anyone here in the know of an alternative link?

Tue, 07/28/2009 - 18:38 | 17472 Anonymous

ya where do I get this video? ZeroHedge should put this up and host it offshore!

Tue, 07/28/2009 - 20:21 | 17607 Anonymous

I excerpted a Market Wizards quote from PTJ for Chapters 2 and 3 in my newly published book on the financial crisis. In fact, I PTJ's quote about all societies eventually die because of credit crises in hte subheader under the title to chapter 3.

six pack: the CBOT has an observation deck open to the public should you ever care to visit, call the CBOT for details

Wed, 07/29/2009 - 01:27 | 17912 spacemanSpork

Lesson from the film: One can be a mouth-breathing moron and still make excessive and unjustifiable bank. Way to go structural inefficiency!

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Paul Tudor Jones Exposed

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