Learning from Legends: Mike Dever’s Insights on Working with Paul Tudor Jones

In an interview with Business Insider, Mike Dever with Brandywine Asset Management shared key lessons from his experience working with famed hedge fund investor Paul Tudor Jones. Mike engaged him to manage one of his funds back in the 1980s, during the early days of his renowned career.

One story Mike shared was Jones’ approach to losses in the bond market. Rather than holding on or “doubling down” – a common reaction of many traders when facing a setback – he swiftly closed his position. He described his strategy as putting himself in “bond jail,” pausing bond trading entirely until he regained clarity and confidence in how he understood that market.

As many seasoned investors advise, “Your first loss is your best loss,” underscoring the importance of disciplined risk management.

Read more about what Mike learned from Jones and other prominent investors in the full interview with Business Insider.