334 · Andrew Perry - What $450M Portfolio Manager Learned From Paul Tudor Jones
Summary
Andrew Perry, founder of Macro Pillars, shares his 35-year career in global macro trading, including his time at Tudor Investment Corporation. He discusses the critical role of emotional discipline and risk management, noting that top traders often win only 55-57% of the time but maximize winners. Perry introduces his five-pillar framework, which integrates government policy, liquidity, and technicals to navigate market shifts. He also highlights the importance of understanding non-traditional liquidity events, such as Treasury duration changes, that drive asset prices.
Topics discussed
Sponsor: Trade the Pool and performance metrics
Introduction to Andrew Perry and Macro Pillars
The 1987 crash and emotional construct in trading
Life events, pressure, and psychological coaching at Tudor
Discipline, structure, and lessons from Paul Jones
Risk management: cutting losses and running winners
Hiring process and capital allocation at Tudor
Managing trader concentration and style diversity
The importance of timeframe alignment in trading
Sponsor: Trade the Pool and Rocket Mortgage
Position sizing and scaling capital
Combining technicals with fundamental liquidity analysis
Liquidity shifts and the March 2020 market reversal
Key market dates and the role of liquidity in crypto
Quantitative Easing: good vs. bad policy impacts
Building confidence through pillars and gold trades
Volatility, collateral, and Value at Risk models
Adjusting risk for volatility and current market crosswinds
The danger of over-leverage during major crises
Session analysis and the importance of trading journals
Key dates: BoJ intervention and Treasury refunding
Price response and upcoming economic data events
Patience, adaptability, and learning from mistakes
Matching trading style to emotional construct
Adaptability and the non-negotiable nature of risk management
The reality of trading: mental health and lifestyle
Practical steps: liquidity, timeframe, and journaling
Where to find Macro Pillars and closing remarks
Sponsor: Checkout.com
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