Watch CNBC's full interview with legendary investor Paul Tudor Jones at Davos

CNBC Television
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Paul Tudor Jones, chairman of JUST Capital and chief investment officer of Tudor Investment Corporation, joins "Squawk Box" to discuss the markets, interest rates, the world economy and more.
Billionaire investor Paul Tudor Jones said the stock market today is reminiscent of the latter stages of the bull market in 1999 that saw a giant surge that ultimately ended with the popping of the dot-com bubble.
“We are just again in this craziest monetary and fiscal mix in history. It’s so explosive. It defies imagination,” Jones said on CNBC’s “Squawk Box” on Tuesday at the World Economic Forum in Davos, Switzerland. “It reminds me a lot of the early ’99. In early ’99 we had 1.6% PCE, 2.3% CPI. We have the exact same metrics today.”
“The difference is fed funds were 4.75%; today it’s 1.62%. And back then we had budget surplus and we’ve got a 5% budget deficit,” Jones added. “Crazy times.”
Asked if investors should sell now to avoid a blow-up like the one that took place in March of 2000, Jones said, “Not really. The train has got a long, long way to go if you think about it.”
The legendary hedge fund manager and trader noted that the Nasdaq Composite more than doubled from a similar stage to the dot-com bubble top. “That’s a long way from now. At the top theoretically, rates [would] be substantially higher.”
The stock market hit a peak in 2000 before the dot-com bubble burst. The tech-heavy Nasdaq Composite approached 5,000 in early 2000 then dove thousands of points, crushing investors.
Jones, founder and chief investment officer of Tudor Investment Corporation, warned that the new “curveball” to derail the bull market could be the outbreak of the coronavirus.
“That’s a big deal. If you look at what happened in 2003 ... stock markets sold off double digits. If you look at the escalation of the reported cases, it feels a lot like that,” Jones said. “There’s no vaccination. There’s no cure. ... If I was an investor, I’d be really nervous.”
The virus, stemming from Wuhan, China, has killed six people with confirmed cases in China totaling nearly 300 as of Monday, less than a week before Lunar New Year, when millions of Chinese travel at home and abroad.
The Centers for Disease Control told Reuters Tuesday that a traveler from China was diagnosed with the first U.S. case of coronavirus in Seattle.
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Ummæli

  1. Jagroop Dhillon
    Jagroop Dhillon
    6 dögum síðan

    His interviews in Market Wizards are special. Anyone that made money in 1987 can destroy today’s market.

  2. Lisa Bloom
    Lisa Bloom
    6 dögum síðan

    Everything used to be so overwhelming, I made lots of mistakes that cost me thousands but luckily one day I saw on a business evening show this professional trader ‘ Pamela Joy Andrus ‘ and she sounded so intelligent I had to search her up and I contacted her and I invested massively with her to trade for me and I made my first million after a few years.

  3. Nathan Satter
    Nathan Satter
    13 dögum síðan

    We need people like this in politics! Sadly why would he ever want to do that?

  4. Jason Voss
    Jason Voss
    14 dögum síðan

    If you like what Paul is saying, you would probably love Amory Lovins, author of Natural Capitalism. Brilliant practical ideas.

  5. Ethan Cervantes
    Ethan Cervantes
    14 dögum síðan

    "118 cases, that's a huge deal" 2/3/2020: over 20,000 cases in China, over 400 deaths...

    1. Seba _
      Seba _
      3 dögum síðan

      he was talking about Hong Kong, ie. how it is spreading to other countries

  6. Dan Farfan
    Dan Farfan
    16 dögum síðan

    "Shareholder returns" at < 2% ?? I guess the producers in the finance sector of the economy don't craft goods and services practical for consumers at all income levels.

  7. wldnemesis
    wldnemesis
    16 dögum síðan

    we had the calm before the storm...we are now in the storm, hopefully, it will be quick and all will be fine

  8. grey one
    grey one
    17 dögum síðan

    PREACH MR. JONES

  9. shangpush
    shangpush
    18 dögum síðan

    Waiting and waiting for Joe to chime in with some good old-fashioned "profits at any cost" rhetoric. Sorry Joe: very encouraging comments about CEOs now willing to refocus business practices. It suggests to me that many more players in corporate America would embrace bottom up reform, and that, among the Democratic field, Michael Bloomberg would be the ideal Presidential candidate to bring that about.

  10. Mr. Milli
    Mr. Milli
    20 dögum síðan

    BTC ETH XRP ZEC

  11. kally1307
    kally1307
    20 dögum síðan

    US must collapse, US dollars must collapse and the world will be a better place without that poison.... For sure after a long time re construction but US is the poison of the world....!!! And this man is just talking, thinking of his interest.... you can tell how he is thinking of what he's gonna say... Disgunsting people, what do you do with so much money... Do you put it in your as*??? And don't worry for me i have a good life and take care of my people...!!!!!!

  12. Luke Ivers
    Luke Ivers
    21 degi síðan síðan

    Why all the layers? Are news studio's not heated in Switzerland?

  13. Jimmaculate
    Jimmaculate
    21 degi síðan síðan

    bernie is just another trump-hater embraced by the democrat trump-hating trump-fearing media.

  14. noIMspartacus
    noIMspartacus
    21 degi síðan síðan

    LOL… I do find all these “analysis” by that pathetic muppet with delusions of adequacy, alonf with so-called “financial experts” and presstitutes really entertaining sometimes - especially as they are now also blaming the corona virus for the "downturn in the markets". Meanwhile, back in the real world, the more they keep pumping up the ponzi bubble - again - the bigger the pop, it will make the criminal insanity of 2007 look like a fart in a bathtub… FFS, if the “united” states GDP is nearly 3/4 mindless, debt fuelled consummer spending and they are already maxed out in surging credit card and other forms of debt because they already have 3 or 4 or more TVs, phones etc. - and are also getting screwed on health care, student, car and now AGAIN on home loans - at the end of the day they can NOT afford to buy any more crap! And NO amount of absurd inflation or “employment” and “income” figures can change that! Therefore China WILL slowdown as their mindless consumption and increased debt won’t pick up the slack, which means they will be needing less raw materials which will affect many countries - especially Australia and Canada! And THAT “virus” will definitely spread around the world! Now add to that the fucking FED with Wall st. and the cesspit of London playing silly buggers with more “QE” (which makes other similar insanity look like small change in comparison) as well as the REPO fiasco and the parasites re-buy and trying to re-package - AGAIN - their grossly over valued crap, anyone really paying attention can see that the fan is now spinning out of control - AGAIN! So yeah, with many major players in recent years also grabbing as much gold as they can lay their hands on, what could possibly go wrong with the dollar?

    1. noIMspartacus
      noIMspartacus
      16 dögum síðan

      @Tudor Conciu Thanks for your contradictory reply... I found it also rather amusing...

    2. Tudor Conciu
      Tudor Conciu
      19 dögum síðan

      noIMspartacus Right now I would say that we are in risk off, that is why you see JPY, CHF and gold continuing to appreciate, and the high beta currencies continue to fall. And why are we in risk off, because of the coronavirus. I get what you are saying BUT right now the market is focused on the coronavirus, every time there is negative news regarding the virus the safe haven's continue to appreciate. Of course all of that can change depending on the progress made or lack of progress. The market isn't focused on what you are saying, and it clearly shows that by the way it's acting....... I rarely listen to people but when I do I listen to what Paul Tudor has to say, because he knows a LOT more than me and you! And why do I say that? Look at his accomplishments as a trader....... and being able to predict the outcome, enough said

  15. susan
    susan
    21 degi síðan síðan

    Trump2020

  16. susan
    susan
    21 degi síðan síðan

    Share holder started more with Obama was in ..took are job and shareholders started companys like aramark, sbm, gca, and took are job and payed lower wages..no good benefits treat employees like shit

  17. susan
    susan
    21 degi síðan síðan

    99 rate was so much higher .. Obama really f--ked this country

  18. david ouellette
    david ouellette
    22 dögum síðan

    THEY HAVE FOUND A WAY FOR MAS THEFT AND GET AWAY WITH IT

  19. Guenzburgh Dcl
    Guenzburgh Dcl
    22 dögum síðan

    Another hypocritical virtue signaler talking utter nonsense

  20. Frank Mayo
    Frank Mayo
    22 dögum síðan

    Why would anyone want to hold stock in any company that isn't putting their best interests first...buy gold people, this shit is gonna blow.

  21. Greg Massi
    Greg Massi
    22 dögum síðan

    I could of told you about sharing 30 years ago! You been sleeping, just spewing this bullshit because the game moneychangers have playing is being exposed??

  22. Greg Massi
    Greg Massi
    22 dögum síðan

    I don't buy a shitting thing from these money changers!

  23. Morten
    Morten
    23 dögum síðan

    i have seen a few interviews from CNBC Davos, and i find the guy to the left so anoying. please tell him to shut up and listen.

    1. Scott Segal
      Scott Segal
      18 dögum síðan

      Joe Kernan (the guy you are referring to) doesn’t listen. He asks “questions” without question marks. They are comments/opinions. He has no interest in actually hearing the answer. He’s why I generally watch bloomberg in the morning. When Kernan comes on, I change the channel.

  24. Christopher Dukes
    Christopher Dukes
    23 dögum síðan

    Buy puts on Carmax, buy good healthy companies with the proceeds if it cycles out.

  25. Scott M
    Scott M
    23 dögum síðan

    at the end where they tried to kill the interview with loud music just as he said our stakeholders should not only include shareholders, but also employees, community, environment, etc ... VOTE ANDREW YANG because thats exactly what hes fighting for , to rewrite the rules of our economy so that all of those things are equally aligned to create a more happier and efficient economy!

    1. LearnFaster
      LearnFaster
      21 degi síðan síðan

      "Isn't that though partially because there was no competition outside of the United States at that time. Well, so they could share it more with the employees and because they could have effectively higher rents if you will." Can't argue with that logic. We all know what's happening. The majority of low-skilled jobs in the US will be outsourced, made obsolete, or automated in the long run. Until I see low-skilled American workers live most of their lives in work dorms or work insane hours for little pay, I don't see US manufacturing come back. Gov't policy/money can't save everyone, especially in the long run. Unless the US reforms their k-12 education system to better prepare US children for more skilled work (ie: tech jobs), the middle class will continue to shrink. Foreign countries are catching up QUICK. There's record growth in real estate purchases by foreign individuals in highly dense and desirable areas in the US (like San Francisco) and in international students entering elite US universities and the US job market (signs that things will likely get harder for the average American). Nothing can save the US except education reform. Moving money from investment/investors to employees, the majority affected being low-skilled, will just decrease US global competitiveness.

  26. dis howie
    dis howie
    23 dögum síðan

    9:41

  27. utlcutl
    utlcutl
    23 dögum síðan

    Why is everybody wearing coats except the interviewés

    1. ABC Market
      ABC Market
      23 dögum síðan

      Because the hosts spend many hours outdoors in Alpine Davos, the guests just a few minutes.

  28. Baron R
    Baron R
    24 dögum síðan

    " I'm a trader not an investor. " Paul Tudor Jones. This man is responsible for me trading Futures. Thank you sir. My life has changed financially. Life is good.

    1. Baron R
      Baron R
      5 dögum síðan

      @Christopher Dukes 4 years...

    2. Baron R
      Baron R
      5 dögum síðan

      @Christopher Dukes 4 Years...

    3. Christopher Dukes
      Christopher Dukes
      23 dögum síðan

      How long have you been trading Futures?

  29. Professor Q
    Professor Q
    24 dögum síðan

    Joe says it all with just the look on his face, without saying a word - go Joe!

  30. fx green
    fx green
    24 dögum síðan

    Thank Paul you said I’m a trader not investor it’s stupid they called him a investor in the beginning

  31. Dude-Got REKT
    Dude-Got REKT
    24 dögum síðan

    What a great way to evaluate the economy right now...he brings up some extremely great issues...he is dead on...if companies weren't so fixated on shareholders, the economy would probably be in the 3.5% gdp or more...they just don't get it, and it just may cost Trump his election because it seems to me millennials are more persuaded by Bernie Sanders and his taxing companies...but if you look at it through Paul's eyes, you can see why

    1. LearnFaster
      LearnFaster
      21 degi síðan síðan

      "Isn't that though partially because there was no competition outside of the United States at that time. Well, so they could share it more with the employees and because they could have effectively higher rents if you will." Can't argue with that logic. We all know what's happening. The majority of low-skilled jobs in the US will be outsourced, made obsolete, or automated in the long run. Until I see low-skilled American workers live most of their lives in work dorms or work insane hours for little pay, I don't see US manufacturing come back. Gov't policy/money can't save everyone, especially in the long run. Unless the US reforms their k-12 education system to better prepare US children for more skilled work (ie: tech jobs), the middle class will continue to shrink. Foreign countries are catching up QUICK. There's record growth in real estate purchases by foreign individuals in highly dense and desirable areas in the US (like San Francisco) and in international students entering elite US universities and the US job market (signs that things will likely get harder for the average American). Nothing can save the US except education reform. Moving money from investment/investors to employees, the majority affected being low-skilled, will just decrease US global competitiveness.

  32. Matt P
    Matt P
    24 dögum síðan

    All these billionaires have their ties on like they got completely wasted the day before

  33. G Rigano
    G Rigano
    24 dögum síðan

    all white people. need more diversity for better thoughts

    1. Mark Mc
      Mark Mc
      23 dögum síðan

      Maybe but where are you going to get that diversity? Blacks make up a small percentage of the population. And they make up an even smaller percentage of people getting degrees in finance and engineering. There are basically zero great black investors and traders. I wish that weren't the case, but in the meantime I want to hear actual successful people.

    2. Morten
      Morten
      23 dögum síðan

      @G Rigano i find your comment racist. so what you are saying is to get better thoughts , we need non white people. bachause non white people think better than white people?

    3. tek tak
      tek tak
      24 dögum síðan

      I thought race shouldn't matter.

  34. Emma Bell
    Emma Bell
    24 dögum síðan

    Tudor Jones said it best. Instead of just shareholders, we should put focus on employees, the planet, and the community.

    1. LearnFaster
      LearnFaster
      21 degi síðan síðan

      "Isn't that though partially because there was no competition outside of the United States at that time. Well, so they could share it more with the employees and because they could have effectively higher rents if you will." Can't argue with that logic. We all know what's happening. The majority of low-skilled jobs in the US will be outsourced, made obsolete, or automated in the long run. Until I see low-skilled American workers live most of their lives in work dorms or work insane hours for little pay, I don't see US manufacturing come back. Gov't policy/money can't save everyone, especially in the long run. Unless the US reforms their k-12 education system to better prepare US children for more skilled work (ie: tech jobs), the middle class will continue to shrink. Foreign countries are catching up QUICK. There's record growth in real estate purchases by foreign individuals in highly dense and desirable areas in the US (like San Francisco) and in international students entering elite US universities and the US job market (signs that things will likely get harder for the average American). Nothing can save the US except education reform. Moving money from investment/investors to employees, the majority affected being low-skilled, will just decrease US global competitiveness.

    2. Christianity Boxing Mafia
      Christianity Boxing Mafia
      22 dögum síðan

      Donald Trump is in charge nothing to fear 👌🏻 kag 2020

    3. tek tak
      tek tak
      24 dögum síðan

      If companies didn't look out for the shareholders, there will be fewer companies, fewer jobs, & everyone would be worse off than they otherwise would be. Like the interviewer said, in the past, the wealth & jobs were concentrated in a few Western Capitalist countries, & now, that more of the world has moved towards capitalism, the wealth is being shared around the world but the average Americans seem to have this self-centered view that they somehow deserve more than the average person in developing countries with the same skill-set.

  35. Losizak_
    Losizak_
    24 dögum síðan

    These three anchors are literally the dumbest people on TV. They have some of the smartest, successful people on, and they *always* interrupt or miss the point. Brilliant. They and that dangerous circus act, Jim Cramer, need to go.

  36. vcash
    vcash
    24 dögum síðan

    The Healthcare problem of affordability in this country will drive people into Socialism.... #greed

    1. tek tak
      tek tak
      24 dögum síðan

      The biggest factor driving healthcare costs is high levels of obesity & most people not taking care of their own health as they should; if that changed, then healthcare costs would come way down.

  37. George Ilickovic
    George Ilickovic
    25 dögum síðan

    Wolds best Dear Prezindent Wolds History Donald Tramp

  38. fuski23
    fuski23
    25 dögum síðan

    A better analogy is you need to take care of the chickens (the employees and the community your business functions in), other wise you won't get any more damn eggs (profit). For too long the chickens have been doing there best, but we are at a breaking point. You can't expect the american people to consume your good's when they don't have a living wage, and they are up to their eyeballs in debt. It's not right to have a CEO making 200+% more then his/her average worker, as well as taking share in the company and getting even more of the pie that way (dividends/fake share price rise do to bond drive by backs of stock). Share holders are not the people making the produce your company sells (for the most part). like Paul said, the american economy is a confidence game, and the young people don't have any confidence in the system...

    1. LearnFaster
      LearnFaster
      21 degi síðan síðan

      "Isn't that though partially because there was no competition outside of the United States at that time. Well, so they could share it more with the employees and because they could have effectively higher rents if you will." Can't argue with that logic. We all know what's happening. The majority of low-skilled jobs in the US will be outsourced, made obsolete, or automated in the long run. Until I see low-skilled American workers live most of their lives in work dorms or work insane hours for little pay, I don't see US manufacturing come back. Gov't policy/money can't save everyone, especially in the long run. Unless the US reforms their k-12 education system to better prepare US children for more skilled work (ie: tech jobs), the middle class will continue to shrink. Foreign countries are catching up QUICK. There's record growth in real estate purchases by foreign individuals in highly dense and desirable areas in the US (like San Francisco) and in international students entering elite US universities and the US job market (signs that things will likely get harder for the average American). Nothing can save the US except education reform. Moving money from investment/investors to employees, the majority affected being low-skilled, will just decrease US global competitiveness.

  39. Josh Ladgrove
    Josh Ladgrove
    25 dögum síðan

    What a brilliant, rare man; a wealthy, successful man with a conscience.

  40. siv108
    siv108
    25 dögum síðan

    A specter is haunting the United States..

  41. Kj K
    Kj K
    25 dögum síðan

    I always never give these people credit. You can literally throw darts blindfolded at the market back in the 1960s and hold, to be extremely wealthy today. No credit to being an investor in the greatest economy known to man kind.

  42. 2WhenT1 2WhenT1
    2WhenT1 2WhenT1
    25 dögum síðan

    Translation: "Guys we've gotten waaaaay too fucking greedy and the masses are starting to catch on. Let's throw them a couple bones until things cool down. Then we can keep scalping."

  43. Jorge Ponce
    Jorge Ponce
    25 dögum síðan

    The title of this vid reads ' legendary INVESTOR Paul Tudor Jones'. And Tudor Jones calls himself in the video "I am a TRADER NOT AN INVESTOR" - 2:41

    1. Ko Ma
      Ko Ma
      21 degi síðan síðan

      @Shawn L They can call him Legendary Toilet cleaner for all we care.

    2. Shawn L
      Shawn L
      22 dögum síðan

      Good catch. For CNBC they are the same

  44. Pierluca Adesso
    Pierluca Adesso
    26 dögum síðan

    I have a M.sc in Finance and I have always been denied to work in the Front Office. I hope a new form of socialism or modified capitalism will come one day, as free market made me really angry.

    1. Eric Hughes
      Eric Hughes
      25 dögum síðan

      just trade your own money. if youre good you can double a 1k account a few times in a year.

  45. Chris Spark
    Chris Spark
    26 dögum síðan

    The SOURCERERS are kicking everybody s ass

  46. Joshua Israel
    Joshua Israel
    26 dögum síðan

    Is it China or chaaanaa?

    1. Joshua Israel
      Joshua Israel
      25 dögum síðan

      @joscaca lol I highly doubt it that "PJT" is Latino

    2. joscaca
      joscaca
      25 dögum síðan

      Both ! Chaaana is Latin. That’s how PTJ rolls !

  47. Ramon Benito
    Ramon Benito
    26 dögum síðan

    Paul is right. The equation has change. All five are important (Shareholder, Employees, Customers, Communities and the Planet) at the same time else we will perish.

  48. Daniel Purdy
    Daniel Purdy
    26 dögum síðan

    The fed CANNOT raise rates. And if they do the economy will crash. It’s down from here.

  49. Jorge Ponce
    Jorge Ponce
    26 dögum síðan

    6:40 to the end - WOW

  50. ニック
    ニック
    26 dögum síðan

    Kash, is Trash

  51. scrone888
    scrone888
    26 dögum síðan

    What a great guy.

  52. John Grear
    John Grear
    26 dögum síðan

    But if shareholders are the only ones who have a vote it is all just platitudes. If all the other interest groups had a vote, it would be a disaster. The only answer if for central banks to be dissolved as they are the sole cause of this disaster.

    1. tek tak
      tek tak
      24 dögum síðan

      Only shareholders get to vote because more than 90% of companies fail within the first 5 years, & it is the shareholders who take on those losses, whereas employees get paid during the whole time irrespective of whether the company is making profits or not. That's the difference between being an employer/owner & an employee, you trade the security of a fixed income/wages for the uncertainty of profits & losses. Would the employees who want a share in the profits of the companies be willing to bear the losses as well? If not, it's like wanting to have your cake & eat it. Besides, if one wants a share of the companies' profits, all they have to do is start buying their shares, & then realize that it's not as easy as it sounds to make money as shareholders.

  53. Aj Melbaus
    Aj Melbaus
    26 dögum síðan

    The "Promise" of "better sharing arrangements" just buys time for some to acquire more wealth in the "extraordinary environment". The peasants will happily believe the promise (the fools) and toil away for their masters for a few more years. By then we will dive into WW3 and new promises will be made.

  54. Dominik Placek
    Dominik Placek
    27 dögum síðan

    As long as the fed continues to print money, everything is golden.

  55. Scott Williams
    Scott Williams
    27 dögum síðan

    I like how you clipped him saying gold, then remind us he said gold, but he didn’t want that to be the headline. So it wasn’t. It was “Cash is Trash.” So...gold.

    1. CloverPickingHarp
      CloverPickingHarp
      25 dögum síðan

      Tbqf he said a small portion of a well diversified portfolio should be gold.

  56. paulj541
    paulj541
    27 dögum síðan

    Paul Tudor Jones = The Man !

  57. John Smith
    John Smith
    27 dögum síðan

    This guy is smart, he knows what's up.

  58. LULU H
    LULU H
    27 dögum síðan

    Why is the host just want to maintain share holders first and only?

    1. multiscan8
      multiscan8
      24 dögum síðan

      @Aiden W Maybe your retirement/pension is built on those shares, but there are great swaths of disenfranchised people that have been left behind. That is how Trump got elected, by talking to those people.

    2. Aiden W
      Aiden W
      26 dögum síðan

      Because everyones' retirement, pension, is built on those shares. If they are cut for the millennial generation the boomers will be screwed.

  59. Piotr
    Piotr
    27 dögum síðan

    thats hilarious what this guy is saying... Really the virus should make the investors nervous about their the businesses they are holding long-term. The virus is a very sad and dangerous issue, but how on earth can it influence wonderful businesses with consistent profits and high margins over the period of the next 5-10 years...

    1. Christopher Frey
      Christopher Frey
      26 dögum síðan

      He clearly states he is a trader, not an investor. PTD is probably the greatest speculator of all time, when he speaks, people listen.

  60. cycosteve2006
    cycosteve2006
    27 dögum síðan

    Cash is king!!!!!