Saturday, July 16, 2011

Quote: Paul Tudor Jones

I was re-reading Paul Tudor Jones' interview in Jack Schwager's book "Market Wizards" and came back across this quote which I remember from the first time I read it. He pretty much called the 2008 financial collapse more than a decade in advance.

"Everything gets destroyed a hundred times faster than it is built up. It takes one day to tear down something that might have taken ten years to build. If the economy starts to go with the kind of leverage that is in it, it will deteriorate so fast that people's heads will spin. I hate to believe it, but in my gut that is what I think is going to happen."

"I know from studying history that credit eventually kills all great societies. We have essentially taken out our American Express card and said we are going to have a great time.... (snip) We borrowed against the future, and soon we will have to pay."

- master trader Paul Tudor Jones - interviewed approx 1989-1990.

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