“It’s Going To Be Crazy.”

This Will Be Fun… And Might Hurt A Little.

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“There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it’s the end of a bull market or the end of a bear market.”

— Paul Tudor Jones

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Paul Tudor Jones needs no introduction.

A brief, must-watch video of his CNBC interview this week: [LINK]

Partial Transcript:

PTJ: If I had to pick a period, we’ve got another year or two to run. And that’s my second favorite one, which is again we continue to feel like ‘99. If you look at multiples and earnings, we’re kind of where we were in October-November 1999. Whether you’re looking at the productivity miracle, and you want to look at it that way, where we’ve got another two years to run and 40% to go, or price analogs feel more like we’re back to fourth quarter ‘99, you’ve got another ramp to go. You got more runway.

Becky: What happens after that?

PTJ: It’s going to be crazy.

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Paul’s comments share many similarities with our core framework:

Today, we’ll present a series of special charts — continuing our work on the BIG Market Cycle.

Where is the market heading?

We uncover FASCINATING analogs and historic parallels, including some new ideas picked up from PTJ this week…

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There’s no training for this kind of market.

I think Paul is right — it’s going to get crazy.

In some ways, it already is.

So let’s look through history and our signals…

And let’s build a framework for what could be ahead.