New York (HedgeCo.Net) – In a recent Ted Talk, hedge fund manager Paul Tudor Jones II spoke about fairness in the investing arena and how a focus solely on profits is, as he puts it, “threatening the very underpinnings of society.” Jones is estimated to have a net worth of $4.3 billion by Forbes Magazine and ranked as the 108th richest America.
Jones founded a not-for-profit called Just Capital, its mission statement: to help companies and corporations learn how to operate in a more just fashion by using the public’s input to define exactly what the criteria are for just corporate behavior.
“Income inequality is not a good thing. Higher profit margins do not increase societal wealth.” The hedge fund manager and philanthropist said in the talk. “What they actually do is they exacerbate income inequality… intuitively, that makes sense, right? Because if the top 10 percent of American families own 90 percent of the stocks, as they take a greater share of corporate profits, then there’s less wealth left for the rest of society.”
“It’s estimated that 47 percent of American workers can be displaced in the next 20 years. I’m not against progress. I want the driverless car and the jet pack just like everyone else.” Jones said. “But I’m pleading for recognition that with increased wealth and profits has to come greater corporate social responsibility.”
“Now, when I was young, and there was a problem, my mama used to always sigh and shake her head and say, “Have mercy, have mercy.” Now’s not the time for us, for the rest of us to show them mercy.” Jones said. “The time is now for us to show them fairness, and we can do that, you and I, by starting where we work, in the businesses that we operate in. And when we put justness on par with profits, we’ll get the most wonderful thing in all the world. We’ll take back our humanity.”
Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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