Steve Cohen is a hedge fund manager and owner of the New York Mets. He is currently the co-founder of hedge funds Point 72 Asset Management and S.A.C. Capital Advisors, both located in Stamford, Connecticut. Before he co-founded the hedge funds he managed, he worked as a commodities markets trader and became a minority owner of the Brooklyn Dodgers.
He made his first major investing purchase at the Dodgers when he purchased 55 acres of land for an eventual mixed-use and development project. As the owner, he developed the complex system that the team now plays on and has since used to make even more money.
The primary activity of Steve Cohen‘s hedge funds is to buy and manage money that would otherwise be lost or failing to earn interest by investors. To do this, they have developed an extremely efficient system that allows them to generate high interest through investments that have a much lower risk factor than more traditional investments. Their track record has also proven very impressive, with nearly 15 percent annual returns on their investments. This is only slightly behind the S&P 500 return rate, which stands at almost 15 percent, making their performance all the more impressive.
The average hedge fund’s portfolio consists of about two hundred million dollars. Of that amount, nearly fifteen billion dollars comes from clients who are wealthy individuals. This includes such notable individuals as Warren Buffet and Carl Icahn. Other clients who commonly use the funds are retail traders. These traders may trade stocks, options, futures, or currencies. Retail traders include such well-known names as Johnnie Brown and Michael E. Gerber.
Although Steve Cohen‘s net worth is notably higher than the combined gross incomes of many average individuals, he perceives his wealth as “no big deal.” Instead, he sees it as the product of his incredible intellect. His most successful hedge funds have been managed by fewer people than the average family has. While he considers himself a brilliant investor and businessperson, he freely admits that most of what he does is “spooky-type stuff.” He also refers to some of his deals as “a little bit of gambling.”
Steve Cohen’s hedge funds’ primary focus is to pick the right stocks for the correct times. Although this may seem simple in theory, it is often a challenging task to accomplish. Retail traders, for instance, may become enamored with a particular company. However, their enthusiasm may quickly turn sour if the market takes a turn against it.
To be successful, Steve Cohen must recognize these turning points and be prepared to act on them. Because most hedge funds are not technically involved in the day-to-day trading on Wall Street, they are rarely subjected to abrupt market changes. This, of course, presents unique challenges to investors who wish to invest in these types of funds. One of the primary reasons that Steve Cohen and his colleagues at Waddell & Reed can manage the enormous amounts of money that they do is due to the rigorous research they perform.
Steve Cohen is not the only member of Congress with interest in Tennessee real estate. As a resident of the 9th Congressional district, Representative Steve Cohen is a strong supporter of President George W. Bush and Tennessee’s home loan modification initiative. As a result, when the state’s real estate market was collapsing just as rapidly as on Wall Street, Representative Cohen not only remained focused on his job, but he stayed committed to the initiative.
Despite being contacted several times by concerned constituents about the mortgage rescue plan, Steve Cohen continued to promote the industry, warning that foreclosures on homes in the 9th Congressional district would occur “as fast as one Tennessee home auction.” When asked what his biggest concern regarding the loan workout plan, Representative Cohen responded with confidence, stating that he was “working as hard as I can to make sure it will work as well for the minority minorities as well as the upper-income folks in Tennessee.”
For many of us who have been watching the decline of the American economy, Steve Cohen represents a unique politician. Unlike most members of our elected leadership team, Steve Cohen seems entirely unconcerned about many of his fellow Congress members’ dismal stock market performance. Indeed, given the incredible number of personal injuries that have been reported in the news over the past few years – some of which could have been avoided if the politicians would have just paid closer attention to their investments – it appears that the best that can be done for Steve Cohen and other members of Congress is to continue looking upwards rather than downwards.
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