Archive for the ‘Steven A. Cohen’ Category

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OMG! This is priceless.  Here’s a  video gem excerpt of SAC Capital’s Steven Cohen — with a full head of hair — and his wife Alex, a month into their marriage, as they appeared on the talk show “Christina” in a 1992 segment entitled “He Acts Like Her Husband, Too”.  They discussed how he was still involved with his ex-wife  Patricia (and apparently still sleeping with her some of the time, though that’s not included in the video excerpt).   Sex with the  former Mrs. Cohen ended after he and Alex got engaged.  During his marriage to Patricia, Cohen admitted there were some “financial difficulties”.   Cohen starting SAC Capital in 1992 — the same year as the below footage.   Now his  ex is suing him for guzillions and alleging that he engaged in insider trading.

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  • Steven Cohen’s ex-wife dished to FBI
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  • As Goldman Thrives, Some Say an Ethos has Faded
  • An Unwelcome Spotlight Falls on SAC Capital
  • Person of the Year 2009: Ben Bernanke
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The NY Observer has a piece on Julie Macklowe, the 31 year old high fashion socialite wife of Billy Maclowe (of the real estate family).  A ‘99 graduate of UVa, she did LBO’s (in some unstated capacity), then worked for Metropolitan Capital, landed at one of Steve Cohen’s funds at  SAC Capital — Sigma Capital  — as a portfolio manager and was ultimately laid off when the economy fell apart.   Now’s she’s seeded with $250 million from Millennium Capital’s Izzy Englander at her own firm, Macklowe Asset Management (JMACK Capital).   And she wears lots of designer labels.   Zac Posen.  Chanel. Balenciaga.  Dolce & Gabbana. She wears thigh high boots.   And she’s been known to dress outrageously in Lady Gaga-esque get ups (“a pant-less Lady Gaga look with the Rodarte blazer and Chanel combat boots”).  Does she make money?  Who knows — the article doesn’t really go into that.  But her specialty is retailers (who knew?), and they’ve mostly rocked this year. Read the rest of this entry »

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Steve Wynn “60 Minutes” interview ($WYNN)

Posted by WSF On April - 13 - 2009


Charlie Rose interviewed casino king Steve Wynn.  Among the topics, which of course included the difficulties that the casino industry currently faces, was his now famous elbowing of one of his paintings, La Reve, which he had sold to SAC Capital’s Steve Cohen:

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FINalternatives has culled through the Forbes list for all of the alternative investment guys who are represented.  Notably missing: Allen Stanford.  Here's the list:

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Open GateIn a refreshing contrast to the scores of funds, large and small, that have locked the gates to prevent investors from withdrawing their cash, SAC Capital is actually letting people withdraw early if they so choose….

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13F Hedge Fund Chart Study: SAC Capital

Posted by WSF On November - 24 - 2008

Here are charts for the top 200 stocks (of around 568) in the recently released 13F for
Steve Cohen's SAC Capital.  Note that SAC has been said to have closed out
many of its positions and moved largely to cash since the filing was made. 
So take it for what it's worth.

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While many hedge funds are getting materially smaller from big losses and redemptions this year, there are a few that have been able to raise money.  According to Bloomberg, funds raking in billions include SAC Capital, Greenlight Capital, Elliott Managemet and Brevan Howard….

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  • Hedge funds fear bankruptcy after Porsche squeeze
  • Porsche and VW share row: how Germany got revenge on the hedge fund 'locusts' 
  • German regulators cringing after Porsche debacle
  • Now Porsche should concentrate on carmaking
  • VW and hedge funds: Squeezing the accelerator

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Volkswagen stock prices starting to fall to earth

According to WSJ sources, those caught in the move include Greenlight Capital, SAC Capital, Glenview Capital, Marshall Wace, Tiger Asia, Perry Capital and Highside Capital.

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MattressMoney-001

With all of the turmoil and new game changers appearing when you least expect
it causing tremendous market volatility, some of the best known hedge funds have been heading for cash for the year’s final stretch.  Some of
those stuffing the mattresses are SAC Capital’s Steve Cohen, Millenniumm
Partners’ Izzy Englander, and Paulson Capital’s John Paulson.

While that might be prudent, at least for the short run, that’s not why most
funds get paid the big bucks, especially with what’s paid on cash these
days.  Those guys will probably be able to get away with it since even
through the turmoil, they’ve fared better than most.  However, if smaller
funds try it, they might not be so successful.  In the hedge fund world,
it’s a game of ‘use it or lose it’ if you’re not justifying those fees.

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Hedge fund 13F Charts have been updated

Posted by WSF On July - 7 - 2008

Even some of the largest, most well heeled hedge funds are doing less bond business these days.  So if you’re looking for a job on that side of the business, other than the new distressed funds that may be hiring, pickings may be slim.  BreakingViews reports in the WSJ that even Stevie Cohen’s $16 billion SAC Capital has gotten rid of many of its bond geeks, with a more narrow focus on fixed income and that may reflect more pervasive hedge fund trends…

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Hedge Fund 13F Chart Study: SAC Capital

Posted by WSF On June - 10 - 2008

We got a request to put up charts of SAC Capital’s 13F.  Given how large Steve Cohen’s portfolio is — over 1750 stocks — we show the top 200 holdings.  We may put the entire portfolio up in pdf form at a later time.  Here’s the link.

Here is a link to other portfolios we’ve posted.

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StevenCohenAndCrossDressers-002a

According to CNBC’s Charlie Gasparino, it’s ‘case closed’ for the Federal Equal Employment Opportunity Commission, investigating those bizarre claims made by former SAC Capital trader Andrew Tong that he was forced by another former trader, Ping Jiang, to take female hormones.  That, Tong claimed in a scandalous lawsuit that had all of Wall Street convulsing in laughter, caused him to start wearing women’s clothing, and hurt his marriage. The case still goes on, but without the EEOC.

The charges were filed in a discrimination
lawsuit by former SAC trader Andrew Tong against his supervisor, former star
trader Ping Jiang and SAC Capital, the big hedge fund. They included allegations
that Jiang, who has since left the firm, sexually assaulted Tong and forced him
to take female hormones which led to Tong wearing women’s clothing.

But on Monday, the EEOC alerted Tong through a "dismissal and notice of
rights" that it was "unable to conclude that the information obtained
establishes violations of the statutes." The notice said that "it does
not certify that the respondent (SAC) is in compliance with the (equal
opportunity) statues. No finding is made as to any other issues that might be
construed as having been raised by this charge."

Still, it doesn’t prevent us from having a bit of fun with Photoshop, imagining what dress down Friday might be like with SAC manly men traders displaying their softer sides….

And speaking of men who like wearing women’s undies, here’s an oldie but goodie that always makes us laugh…

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Testosterone and you…..

Posted by WSF On April - 15 - 2008

A study of London traders reveals that high
testosterone levels equals more money but also shows that the mood swings behind
market bubbles and crashes may be influenced by testosterone along with another
hormone cortisol, linked with uncertainty in markets and profits, explaining why
people caught up in bubbles and crashes often find it difficult to act
rationally.   

Dr John Coates lead author of the study, warns that a real danger in the present
credit crisis is not merely the extent of the market’s fall but its duration.

The longer volatility stays high, the greater the cortisol exposure experienced
by traders, and this can lead to a condition psychologists term "learned
helplessness" when they avoid any and every risk.

This work raises the speculative idea that one day City firms may try to
engineer the hormones of their traders – using drugs such as Flutamide (which
cuts the effects of testosterone) – if a market is spiralling out of control.

This "terrifies me," he says. A better approach to evening out the
behaviour of traders, he explains, would be to have more women and older people
on trading floors, who have a different response to that typified by hormonally
charged twenty something male.

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And no suprise here, John Paulson, who shorted sub-prime related issues in arguably the best trade in history, tops the list at $3 billion plus….

To make the top 100, you had to make at least $75 million….

Here’s the top 10:

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Elves-HedgeFunders-001

We continue to be fascinated by the festive OfficeMax dancing elves,  so we present to you our troop of hedge fund heads for your entertainment: SAC Capital’s Steve Cohen, Renaissance Technologies’ Jim Simons, Citadel’s Ken Griffin, and Icahn & Co’s Carl Icahn shaking and shimmying…

Prior post: The Dancing Wall Street Elves

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It’s now on display at the Museum of Modern art where the Damian Hirst creation is on loan from SAC Capital’s boss…   

A completely different sculptural experience awaits at the Metropolitan Museum of Art, where Damien Hirst’s formaldehyde- preserved tiger shark has gone on display for a three-year term (loaned by SAC Capital’s Steven A. Cohen, its owner).

For all its notoriety, the recently rebuilt 1991 work, titled “The Physical Impossibility of Death in the Mind of Someone Living,” is as startling a confrontation with mortality as one is likely to find this side of Hades. Floating in a glass tank whose blue-green liquid turns fluorescent in daylight, it doesn’t actually look very real, but as a victim of human curiosity it elicits both sympathy and repugnance


Hirst’s Dead Shark, Puryear’s Stairway to Nowhere Liven Up N.Y
. – Bloomberg

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New York Magazine’s new Money Issue (actually the cover is titled "Dirty Money" for the likes of the David Glass Insider ring   and "Lords of Dopetown" stories) focuses on the Robin Hood Foundation and it’s board of 29 directors in one of its pieces ("Do-Good Money").  How do you get on the board?  You either have lots and lots and lots of money like the hedge fund managers (Steve Cohen, Glenn Dubin, Danny Och, Paul Tudor Jones, etc.) or banking/ other big money firm moguls (Lloyd Blankfein, Alan Schwartz, Richard Fuld, Jeff Immelt, Ken Langone) be very famous with connections so that you can help raise lot and lots of money (Gwyneth Paltrow, Diane Sawyer, Tom Brokaw). 

In addition to the privilege of being among
the anointed, membership does have its costs. The board, which now numbers 29,
underwrites the entire administration of the foundation, so that 100 percent of
donations goes to the charities Robin Hood supports; in 2007, the foundation
will spend $138 million on anti-poverty efforts. The full board meets four times
a year—usually near a program it funds, not in a Wall Street boardroom—and
additional committee meetings mean that every member has at least half a dozen
commitments in total. It has a rotating chair, currently occupied by Bob
Pittman, and exceedingly low turnover. In the nineteen years since Robin Hood
was founded, only four members have stepped down: Lachlan Murdoch, George Soros
sidekick Stanley Druckenmiller, Ted Forstmann, and Jann Wenner. (John F. Kennedy
Jr. was also a member.) Gifts from board members last year totaled $35 million;
the figures cited on the following pages reflect only that money given through
family foundations and may not represent the full amount of each member’s
giving.

Here are descriptions of some of the big money board members:

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The NY Post has great headlines. Today we almost fell off our chair when we read their latest on the brewing same sex sexual harassment scandal at SAC Capital: "Two In The SAC".  Funny stuff.  (Although Steve Cohen et al may not be laughing quite so hard as we did).  In any case, this morning, the Post reports that the fund is being probed by the Equal Opportunity Employment Commission over the allegations that trader Andrew Tong was forced to take female hormones by SAC trading ace Ping Jiang, said to be SAC’s second highest producer who earns upwards of $150 million. And there’s a bit more on the relationship between the two traders:

The trader, Andrew Tong, 37, had studied
for his doctorate in computer science at Columbia University, and his boss, Ping
Jiang, 41, also was a computer brainiac who pioneered the use of computer-run
"macro trading," which hedge funds wield to move global markets in
just seconds.

They met nine years ago as young traders at
Lehman Brothers, and moved on to other top firms over the years, all the while
remaining friendly and occasionally socializing. They reunited a year ago at
SAC.

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Trader told to get in touch with his feminine side?: A CNBC report by Charlie Gasparino detailed the salacious and bizarre details of a sexual harassment suit engulfing SAC Capital. Naturally SAC has denied the charges:

The case involves a sexual harassment lawsuit filed by a Andrew Z. Tong, a former junior trader at SAC Capital, the powerful Greenwich, Conn., hedge fund, against one of SAC’s top producers, a trader named Ping
Jiang.

A New York State judge has sealed the case and sent the lawsuit into arbitration, where both sides would battle it out in private. He even cancelled oral arguments that were scheduled for Thursday following an appeal by Tong’s lawyers, who want the case to remain in state court.

  • After being hired at SAC, Tong alleges that Jiang came to him and told him he had a trading method in which his traders must not be too aggressive; that traders must be more effeminate and to do so, he directed Tong to begin taking female hormones.

  • Tong says he then took the female  hormones that he bought on the black market.

  • Tong then alleges he suffered emotional  and physical distress. The hormones, he says, caused him to begin wearing
      women’s clothes. He also could not perform sexually with his wife, who wanted
      to have a baby.

  • Tong says the sexual harassment included sexual relations between the two men.

Details Emerge in SAC Capital Sex Harassment Case – CNBC

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Like many funds caught with their pants down last month amid the market turmoil, Steve Cohen’s SAC Capital didn’t have such a great August.  The main fund was said to be down around 3%, cutting the year to date gains down to around 10%.  But compared to many other funds it sure could have been worse.  There was some good news though.  He was able to scrounge up another $1 billion from investors, bringing funds under management to around $15 billion. 

“A number of really good managers who had
been closed to new investment had a rough month, and there were so many places
they were excited about putting money to work that they were comfortable taking
new money,” said Brett Barth, a partner at New York-based BBR Partners, which
invests clients’ money in hedge funds. “If you’re a long-term investor, you
want to be a buyer on dips, not a seller during bad times,” said Barth, who
isn’t an SAC investor.

SAC Capital Raised $1 Billion in August as Fund Declined 3% – Bloomberg

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