Paul Tudor Jones - Lessons From 50 Years in Markets

**Patrick O'Shaughnessy** (0:00)
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at colossus.com.

**SPEAKER_2** (2:00)
Patrick O'Shaughnessy is the CEO of PositiveSum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of PositiveSum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit p-s-u-m dot v-c.

**Patrick O'Shaughnessy** (2:27)
My guest today is Paul Tudor Jones. I've been excited to do this episode for many years. I think Paul is one of the most legendary traders in market history. He's also just one of the most entertaining and interesting guys that I've ever met. Paul is so full of stories. It seems as though he's lived five lifetimes in just one, and all of the amazing lessons that he shares with us in this conversation, I think will leave you searching to be as passionate about what you do as he is about what he does. This conversation was recorded in mid-February, 2026, weeks before the geopolitical conflicts now shaping the global economy. Please enjoy this great conversation with Paul Tudor Jones.
There was something that we talked about when we last met that made me laugh. 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.

**Paul Tudor Jones** (3:25)
I promise I'll do that. And we'll talk about markets and AI and everything. And at the end, I'll say, were you not entertained?
And I bet you'll say yes. But of all the things that you do in 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 everyone at the end.

**Patrick O'Shaughnessy** (3:47)
I'm in. I love it.

**Paul Tudor Jones** (3:49)
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? I couldn't remember.
No one remembers. Can you remember who gave your commencement address? You're so young, you might.

**Patrick O'Shaughnessy** (4:10)
It was the President of Ireland at the time, and you're Irish.