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TED, Paul Tudor Jones II: Why we need to rethink capitalism

Paul Tudor Jones II: Why we need to rethink capitalism

0:12 This is a story about capitalism. It's a system I love because of the successes and opportunities it's afforded me and millions of others.

0:22 I started in my 20s trading commodities, cotton in particular, in the pits, and if there was ever a free market free-for-all, this was it, where men wearing ties but acting like gladiators fought literally and physically for a profit.

0:40 Fortunately, I was good enough that by the time I was 30, I was able to move into the upstairs world of money management, where I spent the next three decades as a global macro trader. And over that time, I've seen a lot of crazy things in the markets, and I've traded a lot of crazy manias. And unfortunately, I'm sad to report that right now we might be in the grips of one of the most disastrous, certainly of my career,and one consistent takeaway is manias never end well.

1:11 Now, over the past 50 years, we as a society have come to view our companies and corporations in a very narrow, almost monomaniacal fashion with regard to how we value them, and we have put so much emphasis on profits, on short-term quarterly earnings and share prices, at the exclusion of all else. It's like we've ripped the humanity out of our companies. Now, we don't do that -- conveniently reduce something to a set of numbers that you can play with like Lego toys -- we don't do that in our individual life. We don't treat somebody or value them based on their monthly income or their credit score, but we have this double standard when it comes to the way that we value our businesses, and you know what?It's threatening the very underpinnings of our society. And here's how you'll see.

2:10 This chart is corporate profit margins going back 40 years as a percentage of revenues, and you can see that we're at a 40-year high of 12.5 percent. Now, hooray if you're a shareholder, but if you're the other side of that, and you're the average American worker, then you can see it's not such a good thing. ["U.S. Share of Income Going to Labor vs. CEO-to-Worker Compensation Ratio"] 2:36 Now, higher profit margins do not increase societal wealth. What they actually do is they exacerbate income inequality, and that's not a good thing. But intuitively, that makes sense, right? Because if the top 10 percent of American families own 90 percent of the stocks, as they take a greater share of corporate profits, then there's less wealth left for the rest of society.

3:02 Again, income inequality is not a good thing. This next chart, made by The Equality Trust, shows 21 countries from Austria to Japan to New Zealand. On the horizontal axis is income inequality. The further to the right you go, the greater the income inequality. On the vertical axis are nine social and health metrics. The more you go up that, the worse the problems are, and those metrics include life expectancy, teenage pregnancy, literacy, social mobility, just to name a few. Now, those of you in the audience who are Americans may wonder, well, where does the United States rank? Where does it lie on that chart?And guess what? We're literally off the chart. Yes, that's us, with the greatest income inequality and the greatest social problems, according to those metrics.

3:53 Now, here's a macro forecast that's easy to make, and that's, that gap between the wealthiest and the poorest, it will get closed. History always does it. It typically happens in one of three ways: either through revolution, higher taxes, or wars. None of those are on my bucket list. (Laughter)

4:15 Now, there's another way to do it, and that's by increasing justness in corporate behavior, but the way that we're operating right now, that would require a tremendous change in behavior, and like an addict trying to kick a habit, the first step is to acknowledge that you have a problem. And let me just say, this profits mania that we're on is so deeply entrenched that we don't even realize how we're harming society. Here's a small but startling example of exactly how we're doing that: this chart shows corporate giving as a percentage of profits, not revenues, over the last 30 years. Juxtapose that to the earlier chart of corporate profit margins, and I ask you, does that feel right?

5:07 In all fairness, when I started writing this, I thought, "Oh wow, what does my company, what does Tudor do? " And I realized we give one percent of corporate profits to charity every year. And I'm supposed to be a philanthropist. When I realized that, I literally wanted to throw up. But the point is, this mania is so deeply entrenched that well-intentioned people like myself don't even realize that we're part of it.

5:38 Now, we're not going to change corporate behavior by simply increasing corporate philanthropy or charitable contributions. And oh, by the way, we've since quadrupled that, but -- (Applause) -- Please.But we can do it by driving more just behavior. And one way to do it is actually trusting the system that got us here in the first place, and that's the free market system. About a year ago, some friends of mine and I started a not-for-profit called Just Capital. Its mission is very simple: to help companies and corporations learn how to operate in a more just fashion by using the public's input to define exactly what the criteria are for just corporate behavior. Now, right now, there's no widely accepted standard that a company or corporation can follow, and that's where Just Capital comes in, because beginning this year and every year we'll be conducting a nationwide survey of a representative sample of 20,000 Americans to find out exactly what they think are the criteria for justness in corporate behavior. Now, this is a model that's going to start in the United States but can be expanded anywhere around the globe, and maybe we'll find out that the most important thing for the public is that we create living wage jobs, or make healthy products, or help, not harm, the environment. At Just Capital, we don't know, and it's not for us to decide. We're but messengers, but we have 100 percent confidence and faith in the American public to get it right. So we'll release the findings this September for the first time, and then next year, we'll poll again, and we'll take the additive step this time of ranking the 1,000 largest U.S. companies to number one to number 1,000 and everything in between. We're calling it the Just Index, and remember, we're an independent not-for-profit with no bias, and we will be giving the American public a voice. And maybe over time, we'll find out that as people come to know which companies are the most just, human and economic resources will be driven towards them, and they'll become the most prosperous and help our country be the most prosperous.

8:06 Now, capitalism has been responsible for every major innovation that's made this world a more inspiring and wonderful place to live in. Capitalism has to be based on justice. It has to be, and now more than ever, with economic divisions growing wider every day. It's estimated that 47 percent of American workers can be displaced in the next 20 years. I'm not against progress. I want the driverless car and the jet pack just like everyone else. But I'm pleading for recognition that with increased wealth and profits has to come greater corporate social responsibility.

8:48 "If justice is removed," said Adam Smith, the father of capitalism, "the great, the immense fabric of human society must in a moment crumble into atoms." 9:04 Now, when I was young, and there was a problem, my mama used to always sigh and shake her head and say, "Have mercy, have mercy. " Now's not the time for us, for the rest of us to show them mercy.The time is now for us to show them fairness, and we can do that, you and I, by starting where we work, in the businesses that we operate in. And when we put justness on par with profits, we'll get the most wonderful thing in all the world. We'll take back our humanity.

9:42 Thank you.

9:45 (Applause)


Paul Tudor Jones II: Why we need to rethink capitalism Paul Tudor Jones II: Por qué debemos replantearnos el capitalismo ポール・チューダー・ジョーンズII世:資本主義を再考する必要がある理由 폴 튜더 존스 2세: 자본주의에 대해 다시 생각해야 하는 이유 Paul Tudor Jones II: Porque é que precisamos de repensar o capitalismo Пол Тюдор Джонс II: Почему нам нужно переосмыслить капитализм Пол Тюдор Джонс II: Чому нам потрібно переосмислити капіталізм 保罗·都铎·琼斯二世:为什么我们需要重新思考资本主义

0:12 This is a story about capitalism. 0:12 Esta es una historia sobre el capitalismo. It’s a system I love because of the successes and opportunities it’s afforded me and millions of others. Es un sistema que amo por los éxitos y las oportunidades que me brinda a mí y a otros millones.

0:22 I started in my 20s trading commodities, cotton in particular, in the pits, and if there was ever a free market free-for-all, this was it, where men wearing ties but acting like gladiators fought literally and physically for a profit. 0:22 Comencé en la década de los 20 para comerciar con productos básicos, el algodón en particular, en los pits, y si alguna vez hubo un mercado libre para todos, este fue el lugar donde hombres con corbatas pero que actuaban como gladiadores lucharon literal y físicamente por una ganancia.

0:40 Fortunately, I was good enough that by the time I was 30, I was able to move into the upstairs world of money management, where I spent the next three decades as a global macro trader. And over that time, I’ve seen a lot of crazy things in the markets, and I’ve traded a lot of crazy manias. En in die tijd heb ik veel gekke dingen op de markten gezien en veel gekke manieën verhandeld. And unfortunately, I’m sad to report that right now we might be in the grips of one of the most disastrous, certainly of my career,and one consistent takeaway is manias never end well. Y, lamentablemente, lamento informar que ahora mismo podríamos estar en las garras de uno de los más desastrosos, ciertamente de mi carrera, y una conclusión constante es que las manías nunca terminan bien.

1:11 Now, over the past 50 years, we as a society have come to view our companies and corporations in a very narrow, almost monomaniacal fashion with regard to how we value them, and we have put so much emphasis on profits, on short-term quarterly earnings and share prices, at the exclusion of all else. 1:11 Ahora, en los últimos 50 años, como sociedad hemos llegado a ver a nuestras empresas y corporaciones de una manera muy estrecha, casi monomaníaca con respecto a cómo las valoramos, y hemos puesto mucho énfasis en las ganancias, en Ganancias trimestrales a corto plazo y precios de las acciones, con exclusión de todo lo demás. 1:11 现在,在过去的 50 年里,作为一个社会,我们已经开始以一种非常狭隘、近乎偏执的方式来看待我们的公司和公司,我们如何看待它们,我们非常重视利润,不包括其他所有因素的短期季度收益和股价。 It’s like we’ve ripped the humanity out of our companies. Es como si hubiéramos arrancado a la humanidad de nuestras compañías. Now, we don’t do that -- conveniently reduce something to a set of numbers that you can play with like Lego toys -- we don’t do that in our individual life. Ahora, no lo hacemos, reducimos convenientemente algo a un conjunto de números con los que puedes jugar como los juguetes de Lego, no lo hacemos en nuestra vida individual. 现在,我们不这样做——方便地将一些东西简化为一组你可以玩的数字,比如乐高玩具——我们在个人生活中不会这样做。 We don’t treat somebody or value them based on their monthly income or their credit score, but we have this double standard when it comes to the way that we value our businesses, and you know what?It’s threatening the very underpinnings of our society. No tratamos a nadie ni lo valoramos en función de sus ingresos mensuales o su puntaje de crédito, pero tenemos este doble estándar en lo que respecta a la forma en que valoramos nuestras empresas, y ¿saben qué? Está amenazando los fundamentos de nuestra sociedad. . And here’s how you’ll see. Y así es como lo verás.

2:10 This chart is corporate profit margins going back 40 years as a percentage of revenues, and you can see that we’re at a 40-year high of 12.5 percent. 2:10 Esta tabla es un margen de ganancias corporativas que se remonta a 40 años como porcentaje de los ingresos, y se puede ver que estamos en un máximo de 40 años de 12.5 por ciento. Now, hooray if you’re a shareholder, but if you’re the other side of that, and you’re the average American worker, then you can see it’s not such a good thing. Ahora, hurra si eres un accionista, pero si eres el otro lado de eso, y eres el trabajador estadounidense promedio, entonces puedes ver que no es algo tan bueno. ["U.S. Share of Income Going to Labor vs. CEO-to-Worker Compensation Ratio"] Proporción de ingresos que van al trabajo frente al índice de remuneración de CEO a trabajador "] 2:36 Now, higher profit margins do not increase societal wealth. What they actually do is they exacerbate income inequality, and that’s not a good thing. Lo que realmente hacen es exacerbar la desigualdad de ingresos, y eso no es algo bueno. But intuitively, that makes sense, right? Pero intuitivamente, eso tiene sentido, ¿verdad? Because if the top 10 percent of American families own 90 percent of the stocks, as they take a greater share of corporate profits, then there’s less wealth left for the rest of society. Porque si el 10 por ciento superior de las familias estadounidenses posee el 90 por ciento de las acciones, ya que toman una mayor proporción de las ganancias corporativas, entonces queda menos riqueza para el resto de la sociedad.

3:02 Again, income inequality is not a good thing. This next chart, made by The Equality Trust, shows 21 countries from Austria to Japan to New Zealand. El siguiente gráfico, realizado por The Equality Trust, muestra 21 países desde Austria hasta Japón y Nueva Zelanda. On the horizontal axis is income inequality. En el eje horizontal está la desigualdad de ingresos. The further to the right you go, the greater the income inequality. Cuanto más a la derecha vaya, mayor será la desigualdad de ingresos. On the vertical axis are nine social and health metrics. The more you go up that, the worse the problems are, and those metrics include life expectancy, teenage pregnancy, literacy, social mobility, just to name a few. Cuanto más aumenta, más graves son los problemas, y esas métricas incluyen la esperanza de vida, el embarazo en la adolescencia, la alfabetización, la movilidad social, solo para nombrar algunos. Now, those of you in the audience who are Americans may wonder, well, where does the United States rank? Ahora, aquellos de ustedes en la audiencia que son estadounidenses pueden preguntarse, bueno, ¿dónde se clasifica Estados Unidos? Where does it lie on that chart?And guess what? ¿Dónde se encuentra en esa tabla? ¿Y adivina qué? We’re literally off the chart. Estamos literalmente fuera de la lista. Yes, that’s us, with the greatest income inequality and the greatest social problems, according to those metrics.

3:53 Now, here’s a macro forecast that’s easy to make, and that’s, that gap between the wealthiest and the poorest, it will get closed. 3:53 Ahora, aquí hay un pronóstico macro que es fácil de hacer, y esa es la brecha entre los más ricos y los más pobres, se cerrará. History always does it. It typically happens in one of three ways: either through revolution, higher taxes, or wars. Por lo general, ocurre en una de tres formas: a través de la revolución, impuestos más altos o guerras. None of those are on my bucket list. Ninguno de esos está en mi lista de deseos. (Laughter)

4:15 Now, there’s another way to do it, and that’s by increasing justness in corporate behavior, but the way that we’re operating right now, that would require a tremendous change in behavior, and like an addict trying to kick a habit, the first step is to acknowledge that you have a problem. 4:15 Ahora, hay otra forma de hacerlo, y eso es mediante el aumento de la justicia en el comportamiento corporativo, pero la forma en que estamos operando ahora mismo, requeriría un tremendo cambio en el comportamiento, y como un adicto que intenta dejar un hábito , el primer paso es reconocer que tiene un problema. And let me just say, this profits mania that we’re on is so deeply entrenched that we don’t even realize how we’re harming society. Y permítanme decir, esta manía de ganancias en la que estamos está tan arraigada que ni siquiera nos damos cuenta de cómo dañamos a la sociedad. Here’s a small but startling example of exactly how we’re doing that: this chart shows corporate giving as a percentage of profits, not revenues, over the last 30 years. Aquí hay un pequeño pero sorprendente ejemplo de cómo lo estamos haciendo: este gráfico muestra las donaciones corporativas como un porcentaje de las ganancias, no de los ingresos, durante los últimos 30 años. Juxtapose that to the earlier chart of corporate profit margins, and I ask you, does that feel right? Yuxtaponga eso al gráfico anterior de los márgenes de ganancias corporativas, y le pregunto, ¿se siente bien?

5:07 In all fairness, when I started writing this, I thought, "Oh wow, what does my company, what does Tudor do? 5:07 Para ser justos, cuando comencé a escribir esto, pensé: "Oh, wow, ¿qué hace mi empresa, qué hace Tudor? " And I realized we give one percent of corporate profits to charity every year. "Y me di cuenta de que damos el uno por ciento de las ganancias corporativas a la caridad cada año. And I’m supposed to be a philanthropist. Y se supone que soy un filántropo. When I realized that, I literally wanted to throw up. Cuando me di cuenta de eso, literalmente quería vomitar. But the point is, this mania is so deeply entrenched that well-intentioned people like myself don’t even realize that we’re part of it. Pero el punto es que esta manía está tan arraigada que las personas bienintencionadas como yo ni siquiera nos damos cuenta de que somos parte de ello.

5:38 Now, we’re not going to change corporate behavior by simply increasing corporate philanthropy or charitable contributions. 5:38 Ahora, no vamos a cambiar el comportamiento corporativo simplemente aumentando la filantropía corporativa o las contribuciones caritativas. And oh, by the way, we’ve since quadrupled that, but -- (Applause) -- Please.But we can do it by driving more just behavior. Y, por cierto, desde entonces hemos cuadruplicado eso, pero ... (Aplausos) - Por favor. Pero podemos hacerlo conduciendo un comportamiento más justo. And one way to do it is actually trusting the system that got us here in the first place, and that’s the free market system. Y una forma de hacerlo es confiar en el sistema que nos trajo aquí en primer lugar, y ese es el sistema de libre mercado. About a year ago, some friends of mine and I started a not-for-profit called Just Capital. Hace aproximadamente un año, algunos de mis amigos y yo empezamos una organización sin fines de lucro llamada Just Capital. Its mission is very simple: to help companies and corporations learn how to operate in a more just fashion by using the public’s input to define exactly what the criteria are for just corporate behavior. Su misión es muy simple: ayudar a las empresas y corporaciones a aprender cómo operar de una manera más justa utilizando los comentarios del público para definir exactamente cuáles son los criterios para el comportamiento corporativo. Now, right now, there’s no widely accepted standard that a company or corporation can follow, and that’s where Just Capital comes in, because beginning this year and every year we’ll be conducting a nationwide survey of a representative sample of 20,000 Americans to find out exactly what they think are the criteria for justness in corporate behavior. Ahora, en este momento, no hay una norma ampliamente aceptada que una empresa o corporación pueda seguir, y ahí es donde entra en juego Just Capital, porque a partir de este año y cada año realizaremos una encuesta nacional de una muestra representativa de 20,000 estadounidenses para encontrar exactamente lo que creen que son los criterios de equidad en el comportamiento corporativo. Now, this is a model that’s going to start in the United States but can be expanded anywhere around the globe, and maybe we’ll find out that the most important thing for the public is that we create living wage jobs, or make healthy products, or help, not harm, the environment. Ahora, este es un modelo que va a comenzar en los Estados Unidos pero se puede expandir a cualquier parte del mundo, y tal vez descubramos que lo más importante para el público es que creamos empleos con salarios dignos o creamos productos saludables. , o ayudar, no dañar, el medio ambiente. At Just Capital, we don’t know, and it’s not for us to decide. We’re but messengers, but we have 100 percent confidence and faith in the American public to get it right. No somos más que mensajeros, pero tenemos un 100% de confianza y fe en el público estadounidense para hacerlo bien. So we’ll release the findings this September for the first time, and then next year, we’ll poll again, and we’ll take the additive step this time of ranking the 1,000 largest U.S. Así que daremos a conocer los resultados este mes de septiembre por primera vez, y luego el año que viene, realizaremos una nueva encuesta, y daremos el paso aditivo esta vez para clasificar a los 1,000 más grandes de EE. UU. companies to number one to number 1,000 and everything in between. We’re calling it the Just Index, and remember, we’re an independent not-for-profit with no bias, and we will be giving the American public a voice. Lo llamamos Índice Justo, y recuerde, somos una organización sin fines de lucro independiente sin sesgo, y le daremos una voz al público estadounidense. And maybe over time, we’ll find out that as people come to know which companies are the most just, human and economic resources will be driven towards them, and they’ll become the most prosperous and help our country be the most prosperous. Y tal vez con el tiempo, descubriremos que a medida que las personas sepan qué compañías son las más justas, los recursos humanos y económicos se dirigirán hacia ellas, se convertirán en las más prósperas y ayudarán a nuestro país a ser el más próspero.

8:06 Now, capitalism has been responsible for every major innovation that’s made this world a more inspiring and wonderful place to live in. Capitalism has to be based on justice. El capitalismo tiene que estar basado en la justicia. It has to be, and now more than ever, with economic divisions growing wider every day. Tiene que ser, y ahora más que nunca, con divisiones económicas cada día más amplias. It’s estimated that 47 percent of American workers can be displaced in the next 20 years. Se estima que el 47 por ciento de los trabajadores estadounidenses pueden ser desplazados en los próximos 20 años. I’m not against progress. No estoy en contra del progreso. I want the driverless car and the jet pack just like everyone else. Quiero el auto sin conductor y el jet pack como todos los demás. But I’m pleading for recognition that with increased wealth and profits has to come greater corporate social responsibility. Pero estoy pidiendo que se reconozca que con el aumento de la riqueza y las ganancias tiene que venir una mayor responsabilidad social corporativa.

8:48 "If justice is removed," said Adam Smith, the father of capitalism, "the great, the immense fabric of human society must in a moment crumble into atoms." 8:48 "Si se elimina la justicia", dijo Adam Smith, el padre del capitalismo, "el gran tejido inmenso de la sociedad humana debe en un momento convertirse en átomos". 9:04 Now, when I was young, and there was a problem, my mama used to always sigh and shake her head and say, "Have mercy, have mercy. 9:04 Ahora, cuando era joven y había un problema, mi mamá solía suspirar y negar con la cabeza y decir: "Ten piedad, ten piedad". " Now’s not the time for us, for the rest of us to show them mercy.The time is now for us to show them fairness, and we can do that, you and I, by starting where we work, in the businesses that we operate in. "Ahora no es el momento para nosotros, para el resto de nosotros para mostrarles misericordia. Ahora es el momento para que les mostremos justicia, y podemos hacer eso, usted y yo, comenzando donde trabajamos, en los negocios que operar en. And when we put justness on par with profits, we’ll get the most wonderful thing in all the world. Y cuando ponemos la justicia a la par con las ganancias, obtendremos la cosa más maravillosa de todo el mundo. We’ll take back our humanity. Retomaremos nuestra humanidad.

9:42 Thank you.

9:45 (Applause)