Paul Tudor Jones has said that stocks could surge sharply before a “blow-off” top, comparing today’s setup to 1999’s tech bubble

Paul Tudor Jones, founder and CIO of Tudor Investment Corporation and founder of the Robin Hood Foundation, said that today’s market feels reminiscent of 1999.

In an interview with CNBC, he explained that the comparison to the dot-com bubble era was not made casually, noting that “all the ingredients are in place” for a similar setup. According to him, investors should be thinking about positioning themselves as if it were October 1999.

“Remember, the Nasdaq doubled between October ’99 and March 2000,” Jones remarked. “If it looks like a duck and quacks like a duck, it’s probably not a chicken.”

His view points to both opportunity and risk. While the environment could deliver outsized gains, he warned that taking part requires nimbleness because “there will be a really, really bad end to it.”

Jones also highlighted key differences with the late 1990s. Back then, the Federal Reserve was raising rates, while today markets expect rate cuts. Fiscal conditions have also shifted — the U.S. ran a budget surplus in 1999-2000, whereas the current deficit is around 6%.

He described today’s mix of accommodative fiscal and monetary policy as “a brew that we haven’t seen since.”