Did PTJ just run an ad for the new ReturnStacked Stocks+Gold+Bitcoin ETF?

July 16, 2025 rcm-alternatives 0 comment  Like
Market Commentary

When PTJ talks, people listen:

It sure seems like world renowned investor Paul Tudor Jones (PTJ)  was pitching the exact product the smart folks over at ReturnStacked ETFs launched. 

PTJ is known for calling the 1987 market crash, and generally having big opinions on big market moves over the years.  He was mostly right (gold and bitcoin) last November, while somewhat wrong (or maybe just early) saying Commodities were underpriced. (see our old post here). 

And now he’s adding equities to the mix, telling Bloomberg in a recent interview¹ that the U.S. may be heading into a “debt-trap,” a period where policymakers could rely on negative real rates to erode public debt.

PTJ’s Preferred Portfolio Mix

His preferred mix for that backdrop:

  • U.S. equities for growth potential.
  • Gold as a time-tested store of value.
  • Bitcoin for asymmetric upside.

 

Click on thumbnail below or use this link to view full interview: Bloomberg Television: Tudor Jones on Next Fed Chair, Trump Budget, Markets, AI (Skip to minute 11:00 for the “debt trap” discussion)

This happens to be damn near the exact approach the Return Stacked® US Stocks & Gold/Bitcoin ETF (RSSX) is taking. 

Rather than force investors to choose between growth and protection, RSSX is looking to offer:

  • Capital Efficiency: For every $1 invested, you access both US stocks and a volatility-balanced gold/bitcoin strategy.
  • Dynamic Risk Balance: The gold/bitcoin sleeve is not static—it adapts so each asset’s risk contribution is balanced, echoing Jones’ call for volatility-aware allocation.
  • Diversification for the 2020s: In a world where traditional diversification is less effective, RSSX’s hard asset exposure provides a contemporary hedge.

 

This looks like just the sort of portfolio architecture Jones is advocating for—one that recognizes today’s unique risks, but also the new toolkit available to investors. 

Quick list of ETFs providing unique Gold and Crypto exposure = 

 

And here’s our recap of the key PTJ  insights:

Inflation Isn’t Just a Headline, It’s the New Baseline

Jones’ central argument isn’t that inflation is a risk, but that it’s now the default setting for the US economy. This isn’t just about rising prices, but a deliberate policy choice: the US government, facing an historic debt burden, is boxed in. According to Jones, “negative real rates are here to stay,” not as an accident, but as the only politically viable way to manage the debt trap.

The Strategic Portfolio: Volatility Is the Real Enemy

So how to invest in this environment? Jones’ answer isn’t radical, but it’s nuanced. He champions a blend of stocks, gold, and Bitcoin, but not in fixed weights. Instead, he argues for balancing the volatility of each asset. With Bitcoin’s rollercoaster price swings, it doesn’t make sense to give it the same portfolio weight as S&P 500 stocks or bullion. For Jones, defense against inflation comes from a portfolio where no one asset can “blow you up.”

A Dovish Turn at the Fed?

With President Trump in office, Jones warned that the Federal Reserve could soon shift even further toward easy-money policies. He highlighted Trump’s open threats to replace the current Fed Chair and suggested that Scott Bessent, a close ally focused on growth and market liquidity, could be tapped for the role. In Jones’ view, this likely move toward an even more dovish central bank only strengthens the case for holding real assets like gold and Bitcoin.

AI, Disruption, and Social Risks

The conversation wasn’t just about markets. Jones warned that unchecked AI adoption, especially if it leads to mass job losses, could deepen social fractures. He called on policymakers to get ahead of the curve, lest the benefits of technology accrue only to a wealthy few while society fractures.

Fiscal Reality & Market Consequences

Jones flagged another looming problem: the normalization of 6% federal budget deficits. Such persistent red ink, he cautioned, could become a major drag on equity markets. For investors, this means that hedging against inflation isn’t just smart, it’s essential, at least until fiscal discipline returns.

He’s just one man, and nobody has a crystal ball. But there sure seems to be good logic here and for our two cents, diversifying the ReturnStacked way always makes good sense:

See here for more on the Return Stacked Approach:

Podcasts:

  1. A Four-Stack Pod, Talking Stacking assets with ReturnStacked ETFs

  2. Researching the Risks of return stacking with Corey Hoffstein & Rodrigo Gordillo – The Derivative episode 

Blogs:

  1. Return Stacking: From Theory to Practice – A 2024 Perspective

  2. What is Return Stacking? 

 

Or check out their site and dig in: returnstacked.com

 

 

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