Legendary Trader Paul Tudor Jones on AI Risk, Bubbles and Buffett

My number one bullet point is you're going to make your money by riding a trend for the very, very longest time.

Or you can be like Warren Buffett. You can be one of those value investors who won't spend a nickel.

And I used to just sit there and rail on Warren Buffett year after year after year.

And he just happened to be in the right place at the right time and caught this bull market.

I was just thinking, oh my God, why couldn't I be Warren Buffett? Just believe in America.

And just when you're down 50%, who cares? Because America's going to bring you through.

Warren, if you happen to hear this, I'm deeply apologetic.

You are the OG of compound interest.

there was something that we talked about when we last met that made me laugh

and i thought it'd be a fun place to begin our conversation today

and it was about the difference between being an investor and being a trader and you mentioned something basically saying you wished you could be an

investor life would be so easy i'd

love you to describe the difference between the two and the life of a trader

i promise i'll do that and

we'll talk about markets and ai and everything and at the end yeah i'll say were you not entertained and i bet you'll say yes but

of all the things that you do on your podcast the one that i think is the most important if you don't mind i'd love to start with that one which is that question you ask every one at the end.

I'm in. I love it. And the reason why is because it's so funny.

I gave this commencement address one time to what is now Rhodes College in Memphis.

I remember when I was writing it, I was sitting there thinking, damn, who gave my commencement address?

And I couldn't remember. It was funny. No one remembers. Can you remember who gave your commencement?

You're so young you might it was the president of ireland at

the time i went to notre dame so and you're irish

right okay but it was so funny because

no one remembers who gave their commencement address because and

i was thinking god i'm getting ready to do this for 15

or 20 minutes and no one's going to remember a damn thing how do i make it special uh and so on this podcast i'm assuming people

listen to millions of podcasts and

they probably can't really remember but

fractions of them so if there's anything they remember from this

i hope i hope it's this part all right so everyone that listens

knows that the question is what is the kindest thing that anyone's ever done for you it's such a great question because the kindest thing was also my very very very first

childhood memory. I was probably two and a half or three.

It was probably 1957, something like that.

And I was with my mother at this place called the Curb Market.

And I got separated from my mother.

And boy, you can imagine being two and a half years old and separated from your mother.

You're terror stricken. And this

elderly black gentleman came up and I was sitting there bawling my eyes out because I thought my mother had left me and said, what's the matter, little boy?

And I said, I lost my mama. And he said, don't you worry, we're going to find her.

And he grabbed my hand and we started walking up and down the aisles.

It was an outdoor vegetable market and I can, gosh, I can almost still smell fruits and vegetables.

We come around the corner finally and I see my

mother and I was so happy and my mother saw me and at first she just started laughing and I remember her, she was laughing so hard.

So she comes and she gets me and she says to that man.

She tries to give him $5, which was in 1957, a huge amount of money.

And he said, no, ma'am, I know you'd do that for my child too.

And it was such a simple act of kindness, but it was so profound to me at the time.

So that night I had a prayer list with my mother that she used to go

through with me every night so it'd be god

bless mama daddy peter paul alberta grande

pete and judy linen and sid and

then we added my mother i said what was that man's

name she goes i never got his name for the next 10

to 12 years right in that prayer list would be that man so probably four or 5,000 reps every night for that man.

Now, fast forward to 1986.