PERFECT FAILURE COMMENCEMENT ADDRESS TO GRADUATING CLASS OF THE BUCKLEY SCHOOL June 10, 2009 When I was asked to give the commencement address to a graduating class of 9th graders, I jumped at the chance. You see, I have four teenagers of my own and I feel like this is the point in my life when I am supposed to tell them something profound. So thank you Buckley community for giving me this opportunity. I tried this speech out on them last night and am happy to report that none of them fell asleep until I was three quarters done. http://www.scribd.com/doc/16588637/Paul-Tudor-Jones-Failure-Speech-June-2009 "F" like failure !
"Quite often the dragon of failure is really chasing you off the wrong road and on to the right one."
The following quote reminds me of "Reminiscences Of A Stock Operator": "The next time the dragon of failure reared his ugly head was in 1978. I was working in New Orleans for one of the greatest cotton traders of all time, Eli Tullis. Now, New Orleans is an unbelievable city. It has the Strawberry Festival, the Jazz Festival, the Sugar Bowl, Mardi Gras, and just about every other excuse for a party that you can ever imagine. Heck, in that town, waking up was an excuse to party. I was still pretty fresh out of college, and my mentality, unfortunately, was still firmly set on fraternity row. It was a Friday morning in June, and I had been out literally all night with a bunch of my friends. My job was to man the phone all day during trading hours and call cotton prices quotes from New York into Mr. Tullis' office. Around noon, things got quiet on the New York floor, and I got overly drowsy. The next thing I remember was a ruler prying my chin off my chest, and Mr. Tullis calling to me, "Paul. Paul." My eyes fluttered opened and as I came to my senses, he said to me, "Son, you are fired." I'd never been so shocked or hurt in my life. I literally thought I was going to die for I had just been sacked by an iconic figure in my business. My shame turned into anger. I was not angry at Mr. Tullis for he was right. I was angry at myself. But I knew I was not a failure, and I swore that I was going to prove to myself that I could be a success. I called a friend and secured a job on the floor of the New York Cotton Exchange and moved to the City. "