Paul Tudor Jones on Invest Like the Best (Apr 28, 2026): 3 directional theses extracted — Long BTC (best inflation hedge, hard cap vs gold), Long JPY / Short USD/JPY (grossly undervalued, political catalyst), Short S&P 500 (252% mkt-cap/GDP exceeds dot-com peak, IPO supply wave incoming).
originalAnd what was, of all of them, what was the best one at that point in time? It was Bitcoin. Bitcoin is unequivocally the best inflation hedge that there is, more than gold, because Bitcoin is finite. There's only so much Bitcoin that can be mined.
We're clearly in a sovereign debt bubble
A good one right now in the making that's going to be interesting, I think, is dollar-yen. The yen's grossly undervalued, has been for some time. What's the catalytic moment? That's really the point you've got to ask.
Well, the problem is that if you buy the S&P at this current valuation, the 10-year forward returns negative when you buy with the S&P PE of 22. That's what history shows.