Steven A. Cohen is a millionaire hedge fund manager and investor from the United States who is recognised for using high-risk, high-reward trading tactics. Cohen started his investment career as a trader with Gruntal & Co., where he made significant profits for both the company and himself.
Steve Cohen was born in 1956 in Great Neck, New York, to a middle-class family of ten. His father was a dressmaker, while his mother was a stay-at-home mom. Cohen left New York after high school to attend the University of Pennsylvania’s Wharton School of Business, where he earned a bachelor’s degree in economics in 1978.
Steve made his money by using high-risk and high-reward trading tactics in his business.
SAC Capital Advisors, his hedge fund, was founded in 1992. The firm, which was funded with $25 million of Cohen’s money, used an aggressive, high-volume trading approach to investment management at first.
Stock positions were held for 2 to 30 days, or even hours, in some situations. Cohen said in 1999 that SAC traded 20 million shares per day daily. By 2006, the firm’s stock market trading amounted to 2% of total stock market activity.
Point72 Asset Management, his other firm, presently manages $21.8 billion in assets, and he also runs a family office that invests in private firms, venture capital, and real estate. The majority of Cohen’s fortune is derived from his holdings in hedge funds operated by Point72 Asset Management.