Hedge Fund Billionaire Video Paul Tudor Jones Disparaging Women
Today a video became widely distributed from a University of Virginia symposium held in late April where hedge fund billionaire Paul Tudor Jones was asked why the panel only featured “rich, white, middle-aged men”. The panel featured U-Va. professor David Mick, Paul Tudor Jones of Tudor Investment Corporation, Julian Robertson of Tiger Management, John Griffin of Blue Ridge Capital and moderator Jeff Walker, chairman of the U-Va. Council of Foundations
One could not help but to be flabbergasted by Mr. Jones’ response. Mr. Jones made several ‘troglodyte’ type statements about women careers. The entire question was, “Please reflect on the makeup of the panel, rich, white, middle-aged men, who were mentored by the same and what it takes for someone different to have a seat at the table and finally share their voices from a powerful place.” Jones said that one would never see many great women investors or traders as men. He said it is not that they are not capable but that they do not because of some of the following realities or similarities.
- Just like when one of his managers is going through a divorce especially if he has children he cannot think straight for sixty seconds he implies womanhood is distracting.
- When he was 21 he had a ‘PhD’ in probabilistic theory because he loved and played monopoly, solitaire, checkers, and other games.
- In his twenties he was exposed to the pits (trading floor)
- When women get married, having children is a career killer because as soon as the baby’s lip touches the woman’s bosom every single investment idea or action will be seen through the eyes of the baby.
After Jones was done being oblivious that he had put his foot in his mouth by articulating his inner prejudice, the moderator stated that it was women in his firm that kept the place together. He said they were less transactional and looked out for the longer term.
Firstly, Jones statement shows that he is completely blind to the realities of why the panel was comprised solely of white middle aged men. The first reason was articulated in his response. The good old boys adopt a stereotype of a group and then make it their reality. Unfortunately for Jones, there are studies out there that dispute his assertion about women. Actually women make better investors and traders.
One should be disturbed that he also was unable to understand the question which was sufficiently “leading” about diversity in his field not only about women, but Asians, Blacks, Latinos, and everyone in between. Did he not understand what was meant by “rich, white, middle-aged men who were mentored by the same”? Non-white men are generally not on these panels either. And guess what, non-white men cannot have children either. Wall Street and the industry is primarily a good old boy network that as the question implies virally breads itself in its own image.
Traders, investors, & bankers love to give themselves an aura of superiority. This is completely unwarranted. These guys’ are gamblers and traders of capital, money, & paper. They do not create a product or provide any service of societal value. Their sole intent is to maximize profits at all cost without any regards to consequences. Teachers transfer the knowledge of society to the next generation. Scientists discover the laws that govern nature and materials. Engineers use the discovered laws of nature to create products & services. Doctors heal. Garbage men/women keep our environment clean. Everything in society in the past was accomplished without these guys, the current titans of finance. Every stock market crash, bubble, or financial crisis had its genesis in their ignorance. At some point in history the fraud they have played on the world’s economy will be realized and they will be naked for all to see.
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Since when can men not have children (be they black, white, …) ? I far as I am informed they are one half of the decision and what comes with it.