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Video: Paul Tudor Jones and Peter Borish on trading

Hello, gang. Long time, no update (here on the blog). Today we have some great weekend videos for you that bridge the trading past with the present. I think you'll enjoy them.

Longtime readers and followers of Finance Trends may recall our posting the Paul Tudor Jones Trader documentary way back in the early days of this bull market. 

We're bringing it back today with a new video link and adding some new commentary on hedge funds and trading from Jones' old partner, Peter Borish, who was recently interviewed on Bloomberg TV. So without further ado, let's jump right in.

Watch: Paul Tudor Jones Trader (1987). 


Paul Tudor Jones PTJ Trading Losers


Yes, this video now serves as a time capsule of 1980s Wall Street, its trading floors, lingo, fashions, and pre-web technology. However, it's also a wonderful snapshot of the nascent hedge fund industry and the breakout year for one its biggest stars, Paul Tudor Jones.

One of the best quotes from the film, Paul Tudor Jones on risk management in trading:

"Where you want to be is always in control, never wishing, always trading. And always, first and foremost, protecting your ass.
 

...That's why most people lose money as traders or as individual investors because they're not focused on the money they have at risk. If everyone spent 90% of their time on that instead of on how much money they're going to make, they'd be incredibly successful as investors."

If you, or someone you know, is having a hard time in the markets (wild swings, big losses, etc.), come back and read this quote again and again. It will help you stay in the game, if you let it sink in.

Next we've got PTJ's old right-hand man, Peter Borish (you'll recognize him from Trader) talking with Bloomberg about hedge fund performance today and his search for new talent among smaller hedge funds. 

 
Quoth Borish on trading talent and the need for coaching:

"It's a combination of both. If you don't have talent, you can't succeed. But talent alone is not sufficient to succeed. If you look at any profession, those who work the hardest are the best.".  

And tying it back to my favorite quote from the Paul Tudor Jones clip (above), Borish reminds us of what he learned from PTJ back in the day: that the market is always right.

"It's all about making money and not being right. Too often, people get stubborn. The point is to be flexible. The market is always right. That's one of the main things I learned from Paul... you've got to be around to play for another day. That's capital preservation."

If you'd like to hear more, you can check out Peter Borish's recent chat with Michael Covel on charity, the Robin Hood foundation, politics, and markets.

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