Tudor's Jones Clarifies Controversial Comments On Women

May 24 2013 | 12:38pm ET

Tudor Investment Corp. founder Paul Tudor Jones sought to contain the furor sparked by his statements about female traders.

Jones said that his comments at a University of Virginia panel last month—which were videotaped and then posted yesterday on the Washington Post's Web site—were "off the cuff," and that he believes "that great success is possible in any field—from music to mathematics to macro trading—as long as a woman or man has the skill, passion and repetitions to work through the inevitable life events that arise along the way."

At the U. Va. roundtable in April, Jones said, "You will never see as many great women investors or traders as men. Period. End of story. And the reason why is not because they're not capable. They're very capable. Like, one of my No. 1 rules as an investor is, as soon as my manager, if I find out that manager is going through a divorce, redeem immediately. Because the emotional distraction that comes from divorce is so overwhelming. The idea that you could think straight for 60 seconds and be able to make a rational decision is impossible, particularly when their kids are involved."

"Take a girl that was my age at that point in time, particularly back in the '70s," the father of four continued. "I can think of two that actually started at E.F. Hutton with me. Within four years, by 1980, right when I was getting ready to launch my company, they both got married. Then they both had, which in my mind is as big of a killer as divorce is, they both had children. And as soon as that baby's lips touched that girl's bosom, forget it. Every single investment idea, every desire to understand what's going to make this go up or go down is going to be overwhelmed by the most beautiful experience which a man will never share about a mode of connection between that mother and that baby."

Yesterday, Jones sought to clarify his statements—without entirely retracting them.

"As I've told my three daughters, all of whom I've at one time encouraged to go into macro trading, any man or woman can do anything to which they set their heart and mind," he said. "My off-the-cuff remarks at the University of Virginia were with regard to global macro traders, who are on-call 24/7 and of whom there are likely only a few thousand successful practitioners in the world today. Macro trading requires a high degree of skill, focus and repetition. Life events, such as birth, divorce, death of a loved one and other emotional highs and lows are obstacles to success in this specific field of finance."

One of Jones' former protégés, Queen Anne's Gate Capital Management co-founder Kathleen Kelley, offered support for the man who she described as a "fantastic mentor" during her 11 years at Tudor, during which time she raised two children.

"I agree with his comments on the amount of focus it takes to be successful in this field, and without good help and support it would be impossible to do my job," she told Bloomberg News.


In Depth

Hedge Fund Selection: Sussex Partners’ Patrick Ghali Bullish On The Best Of The Best

Oct 2 2014 | 5:56am ET

Ten years ago, Patrick Ghali and Robin Nydes co-founded Sussex Partners with the...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.