Who is Steve Cohen?
Steve Cohen, the legend with Glenn Fuhrman: On Investing, Philanthropy and Art .
In 1978 after graduating from Wharton for Economics, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co.. His first day on the job at Gruntal & Co., he made an $8,000 profit. He would eventually go on to make the company around $100,000 a day.
In 1992, Cohen started S.A.C. Capital Advisors with $10 million of his own money, and another $10M from outside capital.
As of 2009, the firm managed $14 billion in equity.
For years Cohen ran SAC Capital, one of the most successful hedge funds ever.
In 2012 Steve Cohen was forced to shut down SAC Capital after the firm pleaded guilty to insider trading charges that cost Cohen $1.8 billion in penalties. He was banned by the SEC to manage “outside” money until 2018.
Investing morality aside, Cohen’s real-life results are undeniable. He was the third highest-earning hedge fund manager of 2012 when he personally made $1.4 billion.
In 2018, he recently founded Point72, and new hedgefund with currently 13 billion in assets under management. He made 700 million this year and still has one of the best track records ever for returns on assets.
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