Paul Tudor Jones' Wisdom

Paul Tudor Jones is among the greatest traders in the history of trading. The master trader called the 1987 crash perfectly, relying on the similarity in the technical analysis between a previous crisis and the one that was about to happen. On that day he shorted the market reportedly netting $100 million, thus making this trade one of the greatest of all time.

Here are his 15 best pearls of investment insight.

"The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge."

"Intellectual capital will always trump financial capital."

"The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?" (P/E is price to earnings ratio.)

"Every day I assume every position I have is wrong."

"Losers average losers."

"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."

“You adapt, evolve, compete or die.”

"Trading is very competitive and you have to be able to handle getting your butt kicked."

"If trading is like chess, then macro is like three-dimensional chess."

“The whole world is simply nothing more than a flow chart for capital.”

"Failure was a key element to my life’s journey."

"Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt."

“After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference.”

"I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms."

"At the end of the day, the most important thing is how good are you at risk control."