Adapt or die

In the first year that Jim Pallotta joined Tudor Investment Corporation, the $9.4bn hedge fund firm founded by Paul Tudor Jones, he learned how his boss managed to rack up one of the best performance records of any hedge fund manager.

Pallotta, 46, says he was talking to Jones one day in 1994 at around 6pm, when Jones told him he had made a large bet that the US dollar would rise against the yen. "It's my favourite position," Pallotta remembers him saying.

When Pallotta woke up the next day he

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