Hedge fund legend and billionaire Paul Tudor Jones rarely gives interviews, but last night he appeared on 60 Minutes to discuss his charity, The Robin Hood Foundation.
The organisation funds charter schools, job training, food programs and more. It all started back in the 80s when Jones saw a 60 Minutes segment about another philanthropist and decided that he wanted to get involved with NYC school children. He threw money at one school for 5 years, but it was a flop.
“I felt like I had failed a great deal of those kids, but failure, a lot of times is the fire that forges the steel for success, right? There are going to be stops, there are going to be failures, there are going to be setbacks but you grow from those and you get better and it becomes transformative.”
That’s when Jones decided to apply quantitative goals and solutions to each charity he helped. Taking a page from Wall Street, he decided that all his charitable work should be driven by results — and so he formed The Robin Hood Foundation.
Robin Hood raised $57 million from the “1% of the 1%” at its annual charity event last year, but the point is that money isn’t spent willy-nilly. Jones and his team of analyst defund 5-10% of charities a year because they’re not getting results.
“It’s what you have to be at the forefront of actually finding a way to kick poverty’s arse,” Jones told 60 Minutes, adding later “intellectual capital always more important than financial capital.”
Watch the interview below:
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