Inestors Are Saying, "Paul Tudor Jones, Show Me The Money."
Paul Tudor Jones Concedes Errors With Bacon, Griffin in Strategy Shakeout
Bloomberg.com
In the close-knit hedge fund community, where confessions of a mistake are rare, billionaires Louis Bacon, Kenneth Griffin and Paul Tudor Jones are retreating from borrowed-money bets, private equity and emerging market debt and championing more transparent stocks, bonds and currencies.
The three trading prodigies, who have earned annualized returns of more than 20 percent in careers of two decades or more, say they aren’t about to lose the cachet that prevented them from ever being compared to ordinary investors.....
... While record redemptions have helped shrink hedge funds by an estimated 45 percent to $1.1 trillion in the worst year for the industry since 1990, Jones, 54, insists in a Nov. 28 letter to clients that his change of tactics is a necessary adjustment to a period when the leveraged betting is no longer viable.
“Those of you who have visited recently have heard me refer to this return to our roots as back to the future,” he wrote, referring to the macro style of trading stock indexes, bonds, currencies and commodities that he relied on when he began Greenwich, Connecticut-based Tudor Investment Corp. in 1984 at the age of 30. Since starting the BVI Global Fund two years later, he’s more than doubled the average annual return of the Standard & Poor’s 500 Index. ...
More About Greenwich's Non-Refundable Billionaire
12/12/08 You've Got To Believe That You Are Going To Get Your Money Back
08/09/08 A Paul Tudor Jones Shake Up Will Helps Clean Up Some Balance Sheets
07/13/08 Tudor Investments. Founded by Paul Tudor Jones II, the fund was one of the biggest winners in the Black Monday market crash of 1987
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