Every retail trader is chasing a 90% win rate, but how do the most elite hedge funds in the world actually operate? In this institutional masterclass, 30-year Hedge Fund Manager Jason Shapiro sits down with Andrew Perry, a 40-year market veteran who spent seven years trading at Paul Tudor Jones’ legendary firm. Andrew breaks down the brutal reality of risk management, exposing why the greatest traders in the world only win about 57% of the time, and why your emotional capacity to handle drawdowns matters more than your chart setup. Andrew also reveals the 5 Macro Pillars his firm uses to track non-traditional liquidity. He explains why the VIX is a distraction, why the MOVE index is the true signal for global collateral stress, and why current global liquidity is dangerously tight. Jason and Andrew also compare the current AI stock run to the 1999 Dot-Com bubble, and break down exactly how to use COT data as a risk manager rather than a crystal ball.
CHAPTERS: 0:00 - Inside Paul Tudor Jones' Fund: Risk & Discipline 4:30 - The "High Win Rate" Lie: Why elites only win 57% of the time 8:00 - The 2020 Liquidity Explosion (And what we learned) 10:50 - The 5 Macro Pillars: Tracking the real institutional story 11:00 - Forget the VIX: Why the MOVE Index controls the market 14:50 - The 1999 Tech Bubble vs. The 2026 AI Boom 22:20 - Why trading is 90% emotional control 28:00 - The end of Quantitative Easing & Fiscal Dominance 31:30 - The Ags Trade: Shorting energy-dependent countries 47:30 - How to actually use COT Data (Risk Management vs. Prediction)
Watch now as Jason Shapiro provides powerful insights into his unique price action trading strategies and contrarian approach to reading trader positioning charts across the stock market, futures, and currencies. We’ll explore the exact methods Jason uses—as a successful trader and featured Market Wizard—to fade crowded positioning, navigate extreme volatility, and identify high-reward/low-risk opportunities by watching the tape. Learn how to ignore the "fake narratives" and focus on the news failures and positioning data that actually move the needle in today’s markets.
NOT FINANCIAL ADVICE. FOR EDUCATIONAL PURPOSES ONLY Disclaimer: CMR Publishing LLC dba Crowded Market Report (CMR) is a content provider and publisher and is not a registered with the Commodity Futures Trading Commission (CFTC) as a commodity trading advisor (CTA) or in any other capacity. CMR is exempt from registration as a CTA under CFTC Regulation 4.14(a)(9) because CMR does not direct client accounts and does not provide commodity trading advice based on, or tailored to, the commodity interest or cash market positions or other circumstances or characteristics of any particular client.
Jason Shapiro, one of the principals of CMR, is also listed as a principal and is registered as an associated person of JS Trading LLC, a registered CTA and member firm of the National Futures Association. Any materials and information presented through CMR is solely the responsibility of CMR. JS Trading LLC disclaims all responsibility for such materials and information.
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