In late 2011, the hosts of CNBC’s “Squawk on the Street” discussed a story I had written the previous day about Memphis native Paul Tudor Jones, who today is a prominent hedge fund manager, because of some of his assessments about the economy Jones had given me.
Melissa Lee, one of the three hosts, wondered on air “Why is he talking to the local paper?” Her co-host Carl Quintanilla chimed in, “I think it’s a local-boy-done-good-story.” And finally, Jim “Mad Money” Cramer, piped up – “Yeah, REAL good!”
And it’s true, Jones – the brother of Peter Schutt, president and CEO of The Daily News Publishing Co. Inc. – has “done good.” He’s one of the richest men in America. He’s renowned for reasons that include his correctly predicting the stock market convulsion of 1987.
Jones was on CBS’ “60 Minutes” in recent days to talk about his work with the Robin Hood Foundation, the group he founded that fights poverty in New York City. Twenty-five years after its founding, the organization has given away more than $1.25 billion.
“You cannot have significance in this life if it’s all about you,” Jones told CBS’ Scott Pelley. “The only way to break the cycle of poverty is higher levels of education attract higher levels of income.”