A Quote by Paul Tudor Jones

I always believe that prices move first and fundamentals come second — © Paul Tudor Jones
I always believe that prices move first and fundamentals come second
Fundamentals might be good for the first third or first 50 or 60 percent of a move, but the last third of a great bull market is typically a blow-off, whereas the mania runs wild and prices go parabolic... There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.
There is first the literature of knowledge, and secondly, the literature of power. The function of the first is--to teach; the function of the second is--to move, the first is a rudder, the second an oar or a sail. The first speaks to the mere discursive understanding; the second speaks ultimately, it may happen, to the higher understanding or reason, but always through affections of pleasure and sympathy.
I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.
Fundamentals, fundamentals, fundamentals. You’ve got to get the fundamentals down because otherwise the fancy stuff isn’t going to work.
In life and business, there are two cardinal sins, the first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.
I came second in a 1,500-metre running race at school. I knew I couldn't have come first, so second was my version of first.
There are lots of imposters in this earth, and to very first there always comes a second, to every reality there always come a fantasy, and the fantasy wants to come and live the life of the reality
If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.
The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.
Family and personal life always come first and career second.
Two thoughts occur to just about any parent whose child is about to enter college. The first is, 'I can't believe how quickly the years have gone by.' The second: 'I can't believe how much it costs.' As one of those parents, I did my best to get past the disturbing first thought and tried to calm my churning stomach while dealing with the second.
Something that is unique to coaching young people is there is such a range of talent, skill development and personality. And it's important to coach age-appropriately. You want to instill the fundamentals, always. But the right fundamentals.
In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.
Without either the first or second amendment, we would have no liberty; the first allows us to find out what's happening, the second allows us to do something about it! The second will be taken away first, followed by the first and then the rest of our freedoms.
It's quite clear that stocks are cheaper than bonds. I can't imagine anybody having bonds in their portfolio when they can own equities, a diversified group of equities. But people do because they, the lack of confidence. But that's what makes for the attractive prices. If they had their confidence back, they wouldn't be selling at these prices. And believe me, it will come back over time.
I believe the second half of one's life is meant to be better than the first half. The first half is finding out how you do it. And the second half is enjoying it.
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