Tudor Investment's Jones Talks Market Rally
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Hello and welcome. This is The Michelle Hussein Show. I'm Michelle Hussein. I speak with people like Elon Musk. I think I've done enough. And Shonda Rhimes. That's so cute. This will be a place where every weekend you can count on one essential conversation to help make sense of the world. So please join me, listen and subscribe to The Michelle Hussein Show from Bloomberg Weekend, wherever you get your podcasts. You certainly ask interesting questions. Bloomberg Audio Studios, podcasts, radio, news.
We welcome our TV and radio audiences for a conversation with one of the most respected traders on Wall Street. Paul Tudor Jones is known for his foresight. He shot to fame after anticipating the Black Monday crash in 1987. He then went on to make a series of successful global macro trades like shorting tech stocks ahead of the dot-com bubble, but also the big in philanthropy. He founded the Robin Hood Foundation, a charitable organization committed to fighting poverty in New York City. Every year, the foundation enlists the boldest names in finance in a stock picking contest known as Pick a Ticker. And Paul Tudor Jones, I'm happy to say, joins us now here at the desk. Paul, thanks so much for your time.
I want to first ask you about Robin Hood before we get to the markets, because I know you have a big conference with J.P. Morgan tomorrow, right?
We do. We have a conference tomorrow. There's still a few tickets that are available. We have some great, great speakers. I'll be interviewing Dario Amity, who's the CEO of Anthropic. So actually, he's the person that should be answering your AI questions, not me. There's so many I want to ask him on AI. We've also got Ken Griffin and Jamie Dimon. It's going to be a fantastic and a very informative and educational day.
Will all of those guys participate in Pick a Ticker? Because this is a contest you do with Bloomberg, right?
Right. So Pick a Ticker is you pick one long, one short. It's a six-month contest. Think of fantasy football meets the markets because this year we're going to allow you to change your picks, I think, two or three times during the six-month process. So you... You put in $10,000, it's going to go to charity. 75% is going to go to Robin Hood to help the least among us in New York City, which sadly has twice the national poverty rate. And I think we've all got a vested interest in making sure New York not just survives but thrives because obviously Wall Street, which is I guess the reason for so much financial wealth that all your viewers have, is something that We need to be able to, in New York City, have, again, a thriving city because the most important city in this country has got to always succeed.
Yeah, I mean, you have raised, I think, $3 billion over the time since you founded Robinhood for fighting poverty in New York. I want to ask about Wall Street and specifically about this equity market. I... do watch our competition. I saw your interview with Andrew last week. You said this is like October of 1999. But after that, as you pointed out, the stock market doubled. We had a drop in October, like an 11% intraday drop, but then the stock market doubled to March of 2000. Are we still in line for a doubling of this market?
Well, it's so funny because you had mentioned that 54% of fund managers think that we're in an AI bubble. if it's a bubble it's it's a small one if you just think about and again how do you actually define bubbles if you think about the bubbles of the past three or four decades the nikki in eighty nine nasdaq in ninety nine biotech two thousand and just after two thousand eleven twelve china two thousand seven all those were four to six hundred percent gains the nasdaq's up two hundred percent off the bottom so I don't know whether we're going to blow off like we did in 1999. Is it possible? Are all the ingredients in place? I think clearly they are. For me, the one thing that you can never, ever forget is that a year from today, assuming that the president gets his wishes, that the Fed funds rate's going to probably be in the 2.5%.
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