Funny how Business Week finally picks-up on Stevie Cohen and says that he is the "most powerful trader on Wall Street that you never heard of . . ." Give us a break. Stevie Cohen has been hitting "Grand Slams" for the past 5 years now. His performance in the late 90's is well known to anyone on an institutional sales/trading desk.
I was let go cuz I was the low man on the board. During my time I made 300K and I guess it wasn't enough for him or he didnt like my attitude. you know he is a spitting image of george castanza
How the hell do you earn JUST 13% when you have information before people do? Correct me if I am wrong, but how hard is it to buy/short sector's leading and laggard stocks BEFORE analysts' upgrade/downgrade? Sounds like cheap easy money to me. 13%...that's just pathetic. Give me the same info and I turn a billion in no time.
You're forgetting that it's 13% on 4 BILLION $!!!! That's still pretty awesome! I mean, you can't exactly throw a $4 billion order in the market without showing your hand and getting yourself screwed by the vultures and hangers-on who scrutinize your every order.
Cohen averaged 40%+ in previous year with roughly the same nominal principal. According to the article, he's "disappointed." I would too! (with that kind of information). There are tons and tons of upgrades/downgrade/recommendations. $4 billion is pocket change in this market .. relatively speaking of course. Ivan Boesky made a fortune getting insider info. Cohen's info is a bit different but the effects are still the same. Adding is the fact that the market is increasingly becoming more reactive to analysts' report. Any modicum of pre-announcement info literally means arbitrage profits.
I'm still impressed. Buying or selling based on an anticipated upgrade/downgrade is still a 50/50 proposition based on my experience. Knowing a rating change a few hours (or days) before the public is NOT a sure thing!
Huh? Let me have that not so sure a thing! nitro :eek: BTW, your number of posts as I write this is 666 :eek:
I bet you had that number of the beast too somewhere in the past (and some other mega-posters as well) Wait a second, does this mean we all have that potential beast deep inside of us? :eek: