The documentary is a fascinating and brief slice in the work life of Paul Tudor Jones, one of America’s all time great macro traders.
There’s this one moment that really stands out to me, where Jones, after losing about 5% of his portfolio in a single terrible trading day (at that time, ~$6M dollars), says this:
“The money’s irrelevant but it’s the whole concept of having analysis that’s just so completely off the mark. It’s a mental blow, it’s an intellectual blow, and it’s part of the business. This is going to happen a thousand times in the next five years to me, so it’s just something you learn to live with. I hate it.”
Talk about timeless advice.
First, his focus on PROCESS and ANALYSIS instead of outcome.
Second, his mental preparation for future pain. On the heels of a terrible performance, he reminds himself that this is going to happen 1000 MORE TIMES in the next 5 years.
Pretty remarkable. I encourage you to watch it, as he’s apparently known for trying to remove publicly available copies of this documentary.