Scott Bessent

Good, gentlemen, thanks for having me.

Good, gentlemen, thanks for having me.

Well, I don't know where finance in particular came from. As you mentioned, my dad was a real estate developer and he was kind of boom, bust kind of guy. So I think that's where my passion for risk management came from. But I was very fortunate. Went to Yale, wasn't sure what I wanted to do.

Well, I don't know where finance in particular came from. As you mentioned, my dad was a real estate developer and he was kind of boom, bust kind of guy. So I think that's where my passion for risk management came from. But I was very fortunate. Went to Yale, wasn't sure what I wanted to do.

1980, when I got there, probably you all can't imagine this, but there used to be these things called punch cards. And the Yale computer system had just gone from punch cards to screens. I was thinking of being a computer science major, maybe a journalist, because people actually used to read newspapers. So punch cards and newspapers from the Wayback Machine. And I got an internship

1980, when I got there, probably you all can't imagine this, but there used to be these things called punch cards. And the Yale computer system had just gone from punch cards to screens. I was thinking of being a computer science major, maybe a journalist, because people actually used to read newspapers. So punch cards and newspapers from the Wayback Machine. And I got an internship

just for an individual and he taught me the investment business really well and I And who is that? His name is Jim Rogers. He's famous. He was George Soros' first partner. He had just completed an around-the-world motorcycle trip and written a book called Investment Biker and a fascinating guy and I

just for an individual and he taught me the investment business really well and I And who is that? His name is Jim Rogers. He's famous. He was George Soros' first partner. He had just completed an around-the-world motorcycle trip and written a book called Investment Biker and a fascinating guy and I

did the investment business and i thought this is really what i like because it's quantitative so i have to use my quantitative skills but you're also constructing a narrative and it's also like human emotions and you were trading equities bonds everything currencies uh well i started out with equities yeah and i i did that for several years and then i actually ended up

did the investment business and i thought this is really what i like because it's quantitative so i have to use my quantitative skills but you're also constructing a narrative and it's also like human emotions and you were trading equities bonds everything currencies uh well i started out with equities yeah and i i did that for several years and then i actually ended up

at Soros Fund Management, worked for a fellow who's my mentor, Stan Druckenmiller, who's incredible. I think he's on, he's more than 40 years now, never a down year. When you're sitting next to him, what am I doing all day?

at Soros Fund Management, worked for a fellow who's my mentor, Stan Druckenmiller, who's incredible. I think he's on, he's more than 40 years now, never a down year. When you're sitting next to him, what am I doing all day?

All in. All in.

All in. All in.

Yes, well, but he is the best at changing his mind of anyone I've ever seen.

Yes, well, but he is the best at changing his mind of anyone I've ever seen.

Well, he has several. And I'm trying to get him to write a book because he has so many of these great things. Maybe you all could press him. But invest, investigate. It takes courage to be a pig. Right. And then I was hooked on markets because, again, it was quantitative. It was qualitative. And it's real time. You get real time feedback all the time. And you're

Well, he has several. And I'm trying to get him to write a book because he has so many of these great things. Maybe you all could press him. But invest, investigate. It takes courage to be a pig. Right. And then I was hooked on markets because, again, it was quantitative. It was qualitative. And it's real time. You get real time feedback all the time. And you're

You could have a long-term view, but then you're trying to gauge the short-term against that. And I loved it. And for 35 years, I did what was called macro investing. So eventually, I was trading currencies, bonds, commodities. the equities, some credit, and I got to travel around the world meeting leaders and trying to figure out what the next move was in policy.

You could have a long-term view, but then you're trying to gauge the short-term against that. And I loved it. And for 35 years, I did what was called macro investing. So eventually, I was trading currencies, bonds, commodities. the equities, some credit, and I got to travel around the world meeting leaders and trying to figure out what the next move was in policy.