This guy is Forbes' new billionares list. He made his money trading and now does fund management. Just wondering whats the story with this guy, anyone know it?
He was in cover story in Business Week. Pays millions of dollar a year in commissions. A super-trader.
pays top $ to get the scoop before anyone else isn't this borderline , or based on everything else out there on the street its ok
He admits to paying about $150M a year in commish. Fascinating operation, huge trading floor - has about $4B under mgmt last I read. All employees sign huge non-disclosure agreements. He basically says he pays full price to brokers so that he gets the first call when there is news. I think he also takes about 50% of profits and his funds are closed. That's right, 50%. Check back through the archives here, should be a few threads with more details...also on SAC Capital...that's his firm.
i have the businessweek mag with him in it. theres a picture of his house/estate ..... you wouldnt even believe how huge it is .... very insane
Out of Stamford, Connecticut. Goes by the name of "Stevie"- - - 47 years old. Graduated from Wharton. Grew up in Great Neck, NY. One of the few Funds that actually grew assets during the market peak back in 2000. Had $1.3 billion in 1999 and was +70% on the year. Has been known to trade 1% of the NAZ volume during the day, along with up to 3% of the NYSE volume, on occasion for a total of 20 million shares. Charges a whopping 50% performance fee. Was up 25% in the first quarter of 2001 when the Tremont Hedge Fund Index was flat and the Nasdaq lost 25.5% and the S&P 500 fell 12.1%. Without a doubt, the greatest trader of the late 90's bull market. http://www.backtrackreports.com/Steve Cohen.html
Definitely walks a fine line. http://www.businessweek.com/magazine/content/03_29/b3842001_mz001.htm peace axeman
My favorite part is their "disinformation" desk that is rumored to make counter trades to throw the market off....