TED2015
Paul Tudor Jones II: Why we need to rethink capitalism
Paul Tudor Jones: Hvorfor vi skal gentænke kapitalisme
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Paul Tudor Jones elsker kapitalismen. Det er et system som har tjent ham rigtigt godt i flere årtier. Ikke desto mindre er hedge fund chefen og filantropen bekymret over det laserfokus som er på profit, og som han siger det, "Truer hele vores samfund". I denne tankefulde, passionerede talk, skitserer han sin planlagte modoffensiv, som er centeret om konceptet om retfærdighed.
Paul Tudor Jones II - Investor
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist. Full bio
Paul Jones is founder of Tudor Investment Corporation and an active philanthropist. Full bio
Double-click the English transcript below to play the video.
00:13
This is a story about capitalism.
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Dette er en historie om kapitalisme.
00:16
It's a system I love
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Det er et system jeg elsker
00:18
because of the successes and opportunities
it's afforded me and millions of others.
it's afforded me and millions of others.
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pga. de succéser og muligheder det har
givet mig og millioner andre.
givet mig og millioner andre.
00:23
I started in my 20s trading commodities,
cotton in particular, in the pits,
cotton in particular, in the pits,
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I mine 20´ere startede jeg med at sælge
råvarer, især bomuld, på gulvet på børsen
råvarer, især bomuld, på gulvet på børsen
00:30
and if there was ever a free market
free-for-all, this was it,
free-for-all, this was it,
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og om der nogensinde var frit marked for
alle, var det her,
alle, var det her,
00:33
where men wearing ties
but acting like gladiators
but acting like gladiators
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hvor slipsemænd opførte sig
som gladiatorer
som gladiatorer
00:37
fought literally
and physically for a profit.
and physically for a profit.
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sloges bogstaveligt talt og
fysisk for profit.
fysisk for profit.
00:41
Fortunately, I was good enough
that by the time I was 30,
that by the time I was 30,
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Jeg var så heldig da jeg var blevet 30
at være god nok til
at være god nok til
00:44
I was able to move into the upstairs
world of money management,
world of money management,
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at blive forfremmet til topafdelingen
i finansverdenen,
i finansverdenen,
00:48
where I spent the next three decades
as a global macro trader.
as a global macro trader.
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hvor jeg brugte de næste tre årtier
som en global macro erhvervsmand.
som en global macro erhvervsmand.
00:51
And over that time, I've seen
a lot of crazy things in the markets,
a lot of crazy things in the markets,
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Gennem tiderne har jeg set mange
skøre ting på markedet,
skøre ting på markedet,
00:54
and I've traded a lot of crazy manias.
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og jeg har solgt mange skøre manier.
00:59
And unfortunately,
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Og desværre,
01:01
I'm sad to report that right now
we might be in the grips
we might be in the grips
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er jeg ked af at sige at lige nu
kan det være at vi er i kløerne
kan det være at vi er i kløerne
01:04
of one of the most disastrous,
certainly of my career,
certainly of my career,
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af en af de mest destruktive,
ihvertfald i min karriere,
ihvertfald i min karriere,
01:08
and one consistent takeaway is
manias never end well.
manias never end well.
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og en gennemgående lektie er
at manier slutter aldrig godt.
at manier slutter aldrig godt.
01:12
Now, over the past 50 years,
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Gennem de sidste 50 år
01:15
we as a society have come to view
our companies and corporations
our companies and corporations
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er vi som samfund begyndt at se
firmaer og korporationer
firmaer og korporationer
01:21
in a very narrow, almost
monomaniacal fashion
monomaniacal fashion
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på en meget smal, næsten monomanisk måde
01:26
with regard to how we value them,
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med hensyn til hvordan vi
sætter pris på dem
sætter pris på dem
01:30
and we have put
so much emphasis on profits,
so much emphasis on profits,
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og vi har lagt så megen vægt på profit
01:33
on short-term quarterly
earnings and share prices,
earnings and share prices,
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på korttids kvartalsindtjening
og aktiekurser
og aktiekurser
01:36
at the exclusion of all else.
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på bekostning af alt andet.
01:39
It's like we've ripped the humanity
out of our companies.
out of our companies.
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Det er som om at vi har fjernet
menneskeligheden fra vore firmaer.
menneskeligheden fra vore firmaer.
01:44
Now, we don't do that --
conveniently reduce something
conveniently reduce something
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Dette gør vi ikke --
bekvemt at reducere noget
bekvemt at reducere noget
01:48
to a set of numbers that you
can play with like Lego toys --
can play with like Lego toys --
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til tal som du kan lege
med ligesom legoklodser --
med ligesom legoklodser --
01:51
we don't do that in our individual life.
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vi gør det ikke i vore individuelle liv.
01:53
We don't treat somebody or value them
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Vi behandler ikke nogen eller
værdsætter dem
værdsætter dem
01:57
based on their monthly income
or their credit score,
or their credit score,
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baseret på deres månedlige indtægt
eller deres kreditværdi,
eller deres kreditværdi,
02:01
but we have this double standard
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men vi har denne dobbelt standard
02:03
when it comes to the way
that we value our businesses,
that we value our businesses,
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når det kommer til måden vi værdsætter
vore forretninger,
vore forretninger,
02:05
and you know what?
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og ved I hvad?
02:07
It's threatening the very
underpinnings of our society.
underpinnings of our society.
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Det underminerer selve grundlaget
for vort samfund.
for vort samfund.
02:10
And here's how you'll see.
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Og nu skal I se hvordan.
02:11
This chart is corporate profit margins
going back 40 years
going back 40 years
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Dette skema viser profitmargenerne hos
korporationer de sidste 40 år
korporationer de sidste 40 år
02:16
as a percentage of revenues,
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som et procenttal af indtægter,
02:18
and you can see that we're
at a 40-year high of 12.5 percent.
at a 40-year high of 12.5 percent.
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og I kan se at vi har slået en 40-årig
rekord med 12.5 procent.
rekord med 12.5 procent.
02:22
Now, hooray if you're a shareholder,
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Hurra, hvis du er en aktieejer,
02:26
but if you're the other side of that,
and you're the average American worker,
and you're the average American worker,
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men hvis du er på den anden side, en
gennemsnitlig amerikansk borger,
gennemsnitlig amerikansk borger,
02:30
then you can see it's not
such a good thing.
such a good thing.
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kan du se at det ikke er en god ting.
02:33
["U.S. Share of Income Going to Labor vs.
CEO-to-Worker Compensation Ratio"]
CEO-to-Worker Compensation Ratio"]
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("U.S. Indtægtsdel Går Til Arbejde vs.
Chef-Arbejder Kompensationsratio")
Chef-Arbejder Kompensationsratio")
02:37
Now, higher profit margins
do not increase societal wealth.
do not increase societal wealth.
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Større profitmargener forhøjer ikke
samfundsrigdom.
samfundsrigdom.
02:40
What they actually do is they
exacerbate income inequality,
exacerbate income inequality,
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Hvad de gør er at forhøje indtægtsulighed,
02:45
and that's not a good thing.
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og det er ikke en god ting.
02:48
But intuitively, that makes sense, right?
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Men intuitivt set giver det mening, ikke?
02:50
Because if the top 10 percent
of American families
of American families
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For hvis amerikanske familier i
top ti procentdelen
top ti procentdelen
02:54
own 90 percent of the stocks,
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ejer 90 procent af aktierne
02:56
as they take a greater share
of corporate profits,
of corporate profits,
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tager de jo en større del af
profitten fra korporationerne
profitten fra korporationerne
02:59
then there's less wealth left
for the rest of society.
for the rest of society.
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og der er mindre rigdom tilovers
til resten af samfundet.
til resten af samfundet.
03:03
Again, income inequality
is not a good thing.
is not a good thing.
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Indtægtsulighed er ikke en god ting.
03:06
This next chart,
made by The Equality Trust,
made by The Equality Trust,
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Det næste skema, lavet af
The Equality Trust,
The Equality Trust,
03:08
shows 21 countries from Austria
to Japan to New Zealand.
to Japan to New Zealand.
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viser 21 lande lige fra Østrig til Japan
og New Zealand.
og New Zealand.
03:13
On the horizontal axis
is income inequality.
is income inequality.
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Horisontalt står indtægtsuligheden.
03:16
The further to the right you go,
the greater the income inequality.
the greater the income inequality.
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Jo længere til højre,
des større indtægtsulighed.
des større indtægtsulighed.
03:20
On the vertical axis
are nine social and health metrics.
are nine social and health metrics.
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Vertikalt står ni sociale og
sundhedsmålinger.
sundhedsmålinger.
03:23
The more you go up that,
the worse the problems are,
the worse the problems are,
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Jo længere op, des større
sundhedsproblemer,
sundhedsproblemer,
03:26
and those metrics include life expectancy,
teenage pregnancy, literacy,
teenage pregnancy, literacy,
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og disse målinger inkluderer livslængde,
teenagegraviditet, læseførlighed,
teenagegraviditet, læseførlighed,
03:31
social mobility, just to name a few.
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social mobilitet, for at tage nogle
få eksempler.
få eksempler.
03:34
Now, those of you in the audience
who are Americans may wonder,
who are Americans may wonder,
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I iblandt publikummet, der er
amerikanere, kan spørge sig selv,
amerikanere, kan spørge sig selv,
03:37
well, where does the United States rank?
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hvor rangerer USA?
03:39
Where does it lie on that chart?
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Hvor ligger det i dette skema?
03:41
And guess what?
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Og ved I hvad?
03:43
We're literally off the chart.
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Vi ligger højt ovenover skemaet.
03:45
Yes, that's us,
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Ja, det er os,
03:47
with the greatest income inequality
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med den højeste indtægtsulighed
03:49
and the greatest social problems,
according to those metrics.
according to those metrics.
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og de største sociale problemer,
ifølge disse målinger.
ifølge disse målinger.
03:54
Now, here's a macro forecast
that's easy to make,
that's easy to make,
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Her er en makroprognose
der er nem at lave,
der er nem at lave,
03:56
and that's, that gap between
the wealthiest and the poorest,
the wealthiest and the poorest,
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som er, at forskellen mellem de rigeste
og fattigste
og fattigste
04:00
it will get closed.
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vil udlignes.
04:02
History always does it.
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Historisk set sker det altid.
04:04
It typically happens in one of three ways:
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Typisk sker det på én ud af tre måder:
04:06
either through revolution,
higher taxes, or wars.
higher taxes, or wars.
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enten gennem revolution,
højere skatte, eller krige.
højere skatte, eller krige.
04:12
None of those are on my bucket list.
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Ingen af disse er på min ønskeliste.
04:14
(Laughter)
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(Latter)
04:16
Now, there's another way to do it,
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Der findes en anden måde at gøre det,
04:18
and that's by increasing justness
in corporate behavior,
in corporate behavior,
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og det er at forhøje retfærdighed
i korporationsopførsel,
i korporationsopførsel,
04:22
but the way that we're
operating right now,
operating right now,
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men som vi gør det i øjeblikket,
04:24
that would require
a tremendous change in behavior,
a tremendous change in behavior,
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ville det kræve en kæmpestor
forandring i opførselen,
forandring i opførselen,
04:28
and like an addict trying to kick a habit,
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og ligesom når en afhængig skal
aflægge en vane,
aflægge en vane,
04:32
the first step is to acknowledge
that you have a problem.
that you have a problem.
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er det første skridt at indse,
at man har et problem.
at man har et problem.
04:36
And let me just say,
this profits mania that we're on
this profits mania that we're on
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Og lad mig sige, at
denne profitmani vi har
denne profitmani vi har
04:40
is so deeply entrenched
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er så dybt indgroet
04:42
that we don't even realize
how we're harming society.
how we're harming society.
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at vi ikke indser hvor meget
vi skader samfundet.
vi skader samfundet.
04:45
Here's a small but startling example
of exactly how we're doing that:
of exactly how we're doing that:
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Her er et lille men sigende eksempel
på præcis hvordan dette sker:
på præcis hvordan dette sker:
04:49
this chart shows corporate giving
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dette skema viser gavmildhed
hos korporationer
hos korporationer
04:52
as a percentage of profits,
not revenues, over the last 30 years.
not revenues, over the last 30 years.
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som en procentdel af profit, ikke
indtægter, gennem de seneste 30 år.
indtægter, gennem de seneste 30 år.
04:57
Juxtapose that to the earlier chart
of corporate profit margins,
of corporate profit margins,
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Sammenlign dette med skemaet før,
af korporations-profitmargener,
af korporations-profitmargener,
05:03
and I ask you, does that feel right?
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og så spørger jeg, føles dette rigtigt?
05:08
In all fairness, when I
started writing this, I thought,
started writing this, I thought,
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Når jeg startede med at skrive
dette, tænkte jeg,
dette, tænkte jeg,
05:11
"Oh wow, what does my company,
what does Tudor do?"
what does Tudor do?"
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"Hvad gør mit firma, Tudor så?"
05:14
And I realized we give one percent
of corporate profits
of corporate profits
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Og jeg indså at vi giver én procent
af korporationsprofitten
af korporationsprofitten
05:19
to charity every year.
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til velgørenhed hvert år.
05:21
And I'm supposed to be a philanthropist.
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Og jeg skal forestille at være
en filantrop.
en filantrop.
05:25
When I realized that, I literally
wanted to throw up.
wanted to throw up.
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Når jeg så dette, fik jeg bogstavelig
lyst til at kaste op.
lyst til at kaste op.
05:31
But the point is, this mania
is so deeply entrenched
is so deeply entrenched
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Men pointen er, at denne mani
er så indgroet
er så indgroet
05:34
that well-intentioned people like myself
don't even realize that we're part of it.
don't even realize that we're part of it.
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at velmenende mennesker som mig selv
ikke engang ser, at vi er en del af det.
ikke engang ser, at vi er en del af det.
05:39
Now, we're not going
to change corporate behavior
to change corporate behavior
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Vi kan ikke forandre opførselen
hos korporationer
hos korporationer
05:42
by simply increasing corporate
philanthropy or charitable contributions.
philanthropy or charitable contributions.
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ved at forhøje filantropien hos dem eller
velgørenhedsbidrag.
velgørenhedsbidrag.
05:47
And oh, by the way,
we've since quadrupled that,
we've since quadrupled that,
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Siden har vi firedoblet dem,
05:50
but -- (Applause) -- Please.
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men -- (Bifald) -- Tak.
05:54
But we can do it by driving
more just behavior.
more just behavior.
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Men vi kan gøre det ved at opmuntre
mere retfærdig opførsel.
mere retfærdig opførsel.
05:58
And one way to do it is actually trusting
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Og en måde at gøre det er at
virkelig stole på
virkelig stole på
06:01
the system that got us
here in the first place,
here in the first place,
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systemet, som bragte os her
til at starte med,
til at starte med,
06:04
and that's the free market system.
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og det er systemet med det frie marked.
06:06
About a year ago,
some friends of mine and I
some friends of mine and I
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Omkring et år siden startede jeg og
nogle af mine venner
nogle af mine venner
06:08
started a not-for-profit
called Just Capital.
called Just Capital.
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et non-profit firma kaldet Just Capital.
06:12
Its mission is very simple:
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Dets mission er meget enkel:
06:13
to help companies and corporations
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at hjælpe firmaer og korporationer til
06:15
learn how to operate in a more just
fashion by using the public's input
fashion by using the public's input
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at lære at fungere på en mere retfærdig
måde ved at bruge det almenes input
måde ved at bruge det almenes input
06:21
to define exactly what the criteria are
for just corporate behavior.
for just corporate behavior.
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til at definere præcis hvad kriterierne er
for retfærdig opførsel hos korporationer.
for retfærdig opførsel hos korporationer.
06:27
Now, right now, there's
no widely accepted standard
no widely accepted standard
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Lige nu er der ingen accepteret standard
06:29
that a company or corporation can follow,
and that's where Just Capital comes in,
and that's where Just Capital comes in,
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som et firma eller korporation kan følge,
og dér indtager Just Capital scenen,
og dér indtager Just Capital scenen,
06:34
because beginning this year and every year
we'll be conducting a nationwide survey
we'll be conducting a nationwide survey
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for i år og alle efterfølgende år vil vi
foretage en national undersøgelse
foretage en national undersøgelse
06:39
of a representative sample
of 20,000 Americans
of 20,000 Americans
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af en repræsentativ prøve af
20,000 amerikanere
20,000 amerikanere
06:43
to find out exactly what they think
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for at finde ud af præcis hvad de synes
06:46
are the criteria for justness
in corporate behavior.
in corporate behavior.
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er kriterierne for retfærdighed i
opførselen hos korporationer.
opførselen hos korporationer.
06:50
Now, this is a model that's going
to start in the United States
to start in the United States
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Dette er en model der starter i USA
06:53
but can be expanded
anywhere around the globe,
anywhere around the globe,
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men kan udvides til alle steder
på planeten
på planeten
06:56
and maybe we'll find out
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og måske finder vi ud af
06:58
that the most important
thing for the public
thing for the public
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at det vigtigste for folket
07:00
is that we create living wage jobs,
or make healthy products,
or make healthy products,
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er at vi skaber levebrød eller producerer
sunde produkter
sunde produkter
07:06
or help, not harm, the environment.
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eller hjælper, ikke skader, miljøet.
07:09
At Just Capital, we don't know,
and it's not for us to decide.
and it's not for us to decide.
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Hos Just Capital ved vi ikke dette,
og det er ikke op til os at afgøre.
og det er ikke op til os at afgøre.
07:13
We're but messengers,
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Vi er kun budbringere
07:15
but we have 100 percent confidence
and faith in the American public
and faith in the American public
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men vi stoler 100 procent på,
at folket i Amerika
at folket i Amerika
07:19
to get it right.
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vil finde ud af det.
07:21
So we'll release the findings
this September for the first time,
this September for the first time,
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Vi udgiver resultaterne første
gang i september,
gang i september,
07:25
and then next year, we'll poll again,
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og næste år vil vi igen undersøge,
07:27
and we'll take the additive step this time
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og så vil vi tilføje et nyt aspekt,
07:30
of ranking the 1,000
largest U.S. companies
largest U.S. companies
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nemlig at rangere de 1,000
største firmaer i USA
største firmaer i USA
07:33
from number one to number 1,000
and everything in between.
and everything in between.
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fra nummer 1 til nummer 1,000
og alt derimellem.
og alt derimellem.
07:37
We're calling it the Just Index,
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Vi kalder det Just Index,
07:40
and remember, we're an independent
not-for-profit with no bias,
not-for-profit with no bias,
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og husk, at vi er et uafhængigt
upartisk non-profit firma,
upartisk non-profit firma,
07:45
and we will be giving
the American public a voice.
the American public a voice.
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og vi vil give Amerikas folk en røst.
07:50
And maybe over time, we'll find out
that as people come to know
that as people come to know
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Måske, med tiden, finder vi ud af,
at dersom folk vil vide
at dersom folk vil vide
07:55
which companies are the most just,
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hvilke firmaer er mest retfærdige,
07:57
human and economic resources
will be driven towards them,
will be driven towards them,
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vil folk og deres økonomi
tiltrækkes mod dem,
tiltrækkes mod dem,
08:01
and they'll become the most prosperous
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og de vil blive de mest fremgangsrige
08:03
and help our country
be the most prosperous.
be the most prosperous.
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og hjælpe vort land at blive
det mest fremgangsrige.
det mest fremgangsrige.
08:07
Now, capitalism has been responsible
for every major innovation
for every major innovation
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Kapitalismen har været ansvarlig
for alle de største innovationer
for alle de største innovationer
08:11
that's made this world a more inspiring
and wonderful place to live in.
and wonderful place to live in.
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der har gjort verden til et bedre og
mere inspirerende sted at leve.
mere inspirerende sted at leve.
08:16
Capitalism has to be based on justice.
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Kapitalisme må og skal være baseret
på retfærdighed.
på retfærdighed.
08:19
It has to be, and now more than ever,
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Det må den, og nu mere end nogensinde,
08:21
with economic divisions
growing wider every day.
growing wider every day.
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med den økonomiske forskel,
der bliver større hver dag.
der bliver større hver dag.
08:25
It's estimated that 47 percent
of American workers
of American workers
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Der estimeres, at 47 procent af alle
arbejdere i Amerika
arbejdere i Amerika
08:28
can be displaced in the next 20 years.
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vil være erstattet de næste 20 år.
08:31
I'm not against progress.
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Jeg er ikke imod udvikling.
08:33
I want the driverless car and the jet pack
just like everyone else.
just like everyone else.
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Jeg vil have den førerløse bil og jet
raketten ligesom alle andre.
raketten ligesom alle andre.
08:38
But I'm pleading for recognition
that with increased wealth and profits
that with increased wealth and profits
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Men jeg påberåber en indsigt om,
at med større rigdom og profit
at med større rigdom og profit
08:44
has to come greater
corporate social responsibility.
corporate social responsibility.
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må der komme et større socialt ansvar
hos korporationerne.
hos korporationerne.
08:49
"If justice is removed," said Adam Smith,
the father of capitalism,
the father of capitalism,
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"Hvis retfærdighed fjernes,"
sagde Adam Smith, kapitalismens fader,
sagde Adam Smith, kapitalismens fader,
08:55
"the great, the immense fabric
of human society must in a moment
of human society must in a moment
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"vil selve stoffet, det gigantiske stof,
af det menneskelige samfund
af det menneskelige samfund
09:01
crumble into atoms."
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smuldre til atomer."
09:05
Now, when I was young,
and there was a problem,
and there was a problem,
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Da jeg var ung og der var et problem,
09:09
my mama used to always
sigh and shake her head and say,
sigh and shake her head and say,
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plejede min mor at sukke og ryste med
hovedet og sige
hovedet og sige
09:13
"Have mercy, have mercy."
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"Hav nåde, hav nåde."
09:17
Now's not the time for us,
for the rest of us to show them mercy.
for the rest of us to show them mercy.
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Nu er ikke tiden for os, for resten af os
til at vise dem nåde.
til at vise dem nåde.
09:22
The time is now for us
to show them fairness,
to show them fairness,
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Det er tid for os at vise dem retfærdighed
09:25
and we can do that, you and I,
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og vi kan gøre det, du og jeg,
09:27
by starting where we work,
in the businesses that we operate in.
in the businesses that we operate in.
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ved at starte hvor vi arbejder,
firmaerne som vi fungerer i.
firmaerne som vi fungerer i.
09:33
And when we put justness
on par with profits,
on par with profits,
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Og når vi sætter retfærdighed
på linje med profit,
på linje med profit,
09:36
we'll get the most wonderful thing
in all the world.
in all the world.
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vil vi få det mest vidunderlige
ting i hele verden.
ting i hele verden.
09:40
We'll take back our humanity.
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Vi vil tilbagetage vor menneskelighed.
09:43
Thank you.
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Tak skal I have.
09:46
(Applause)
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(Bifald)
ABOUT THE SPEAKER
Paul Tudor Jones II - InvestorPaul Jones is founder of Tudor Investment Corporation and an active philanthropist.
Why you should listen
Paul Tudor Jones II started to work on Wall Street in 1976. "If there was ever a free market free-for-all, this was it," he says. "Men wearing ties but acting like gladiators fought literally and physically for a profit." Jones emerged victorious, and as founder of Tudor Investment Corporation and other companies within the Tudor Group, he engages in trading in the fixed income, equity, currency and commodity markets. Headquartered in Greenwich, Connecticut, Tudor manages some $13.7 billion and employs almost 400 people.
Jones is an active philanthropist, including founding the Robin Hood Foundation and the Excellence Charter School, and he sits on the Boards of Just Capital, National Fish and Wildlife Foundation, Everglades Foundation, and Sonima Foundation. He is also a trustee of NYU's Langone Medical Center.
Paul Tudor Jones II | Speaker | TED.com