May 24 Billionaire investor Paul Tudor Jones,
who riled both Wall Street and Main Street when he said that
women will never quite rival men in investing or trading,
apologized on Friday, noting that he has encouraged his
daughters to pursue careers on Wall Street.
"Much of my adult life has been spent fighting for equal
opportunity, and the idea that I would support limiting
opportunity for any segment of society, particularly women, is
antithetical to who I am and what I have done," Jones, who runs
the $13 billion Tudor Investment Corp, said in a statement. " My
remarks offended, and I am sorry."
Last month Jones, who has three daughters, speaking at the
University of Virginia, said that having children can turn a
woman's attention away from macro trading, where investors seek
to profit from moves in currencies, interest rates and stocks.
"As soon as that baby's lips touch that girl's bosom, forget
it," he said, according to a video taken at the event. The
Washington Post posted the video on its website on Thursday.
A survey commissioned by accounting and audit firm Rothstein
Kass shows that women-run hedge funds earned a 9 percent return
in the first three quarters of 2012 while the average fund was
up only 2.7 percent.
Jones, who has been called one of the world's best global
macro investors, said his remarks were "off the cuff."
He also said he has encouraged his daughters to follow in
his professional footsteps and give macro trading a try. But
even in his apology he underscored the difficulty of his line of
Global macro traders are on call 24/7, he said, noting that
the work "requires a high degree of skill, focus and
repetition. And there is no more important time for skill
acquisition than the first 10 formative years of a young
person's career," Jones said.
"Life events, such as birth, divorce, death of a loved one
and other emotional highs and lows are obstacles to success in
this specific field of finance but pass with time."