Paul Tudor Jones’ Call for 2027 & Vibes 10/13/26

Paul Tudor Jones expects a year-end rally but says 2027 could bring a bear market as AI-related issuance crowds out equity flows and sovereign debt.

• 2027 warning: Paul Tudor Jones predicts a strong Q4 rally post-midterms but calls 2027 "really, really challenging" due to the most negative equity flow picture since 2002.
• Flow math: PTJ nets buybacks/M&A against IPOs, secondaries and unlocks (citing SpaceX, OpenAI, Anthropic) and finds the worst corporate-support backdrop since 2009.

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