There's something humbling about the fall of a hedge fund titan
Paul Tudor Jones was once the epitome of a hedge fund titan. He's worth more than $3 billion and pioneered Macro trading, famously making $100 million on Black Monday.
He's rode high through up and down markets over a generation but it looks like he's lost his touch.
Bloomberg reports that his main fund is down 1.9% despite the bull market and clients pulled 15% of their assets from his fund in Q2. Assets in that funds are down to $3.6 billion, half of what they were a year ago. Total assets in all his funds have fallen to $8 billion, compared to $14 billion in June 2015.
In the process, he has cut fees and staff.
Could he have lost his touch? From 2008 through last year, his funds averaged a 4.7% return. That compares to 26% from 1987 through 2007.
Or is he just waiting to pounce? In April, he told clients it wasn't quite time to short stocks but he has been warning about the dangers of low interest rates for years.
Here are three tips for forex traders from Paul Tudor Jones.