Steven Cohen was born in 1956 in Great Neck, New York, where his father was a clothing manufacturer in the garment district of Manhattan, and his mother was a part-time piano teacher. Growing up in a large Jewish family among seven brothers and sisters, he became accustomed to focusing on the essentials from an early age. Young Cohen credits his willingness to take risks to his love of poker, which he played extensively in high school. He graduated with a degree in Economics from the Wharton School at the University of Pennsylvania, where he opened a brokerage account with $ 1,000 with the help of a friend. The corridor rumor is that the money had been reserved for registration.
At the age of 21, the future billionaire got a job on Wall Street as a junior trader in the options department of Gruntal & Co. Legend has it that he made $ 8,000 in profits on his first day at work. Only 6 years later, his earnings reached $ 100,000 a day, and he finally managed a $ 75 million portfolio and a team of six traders. In 1992, Cohen founded his own company called S.A.C. Capital Partners with $ 20 million from their own pockets. How often do you know people who have a fortune of $ 20 million at the age of 35? The firm managed $ 14 billion in capital as of 2009. He was nicknamed the “king of hedge funds” in a Wall Street Journal article in 2006, ranking 94th on Time’s 100 Most Influential People’s List. next year.
Everything changed drastically in 2013, when Mr. Cohen faced civil charges for not preventing the use of privileged information in S.A.C. Capital Advisors. He pleaded guilty to these violations, paid a fine of $ 1,800 million and agreed to stop managing funds for clients until 2018. However, it is known to maintain a net worth of $ 12,700 million according to data from May 2017. To Steven A. Cohen He was prohibited from managing money for outside investors for two years after not properly controlling the shares of a trader in his old company, SAC Capital Advisors. The ban expired on December 31.
For two years, Mr. Cohen has been patiently planting seeds for his return. He registered a new fund, Stamford Harbor Capital, in 2016. He hired a marketing company to meet with potential investors. And he showed up in Las Vegas in early 2017 for one of the most prominent conferences in the hedge fund industry. In this way, the king of hedge funds returns to the stage again.
Originally posted 2020-12-20 05:36:32.