He was interviewed by Jack Shawagger. Back then, the interview centered around his obsession about the markets, looking at tons of charts, getting an edge, and using similar tactics as other Market Wizards. If you're throwing around $150 million in commissions, that should buy you an incredible edge. Wasn't it 13% minus his 50% fees? 63% is a world class return, especially on $4 billion!
"Critics claim that Cohen operates what they call a "reverse desk." Former traders say it works like this: The firm purchases a relatively small amount of the stock, then starts selling it off through various Wall Street brokers. "When word gets out that SAC is selling, the Street goes nuts and also starts unloading big blocks," says one. Then Cohen swoops to buy. Sources familiar with SAC say that this type of trading or a reverse desk have never existed." Jeezy peezy, I've never seen that type of trading before.
============================================= Marketsurfer is right, great motivating read ! Trading approximately 3% of NYSE total volume, & 1% of NasdaQQQ opens a lot of doors no doubt for Mr.Cohen & hedge fund.Business week mispelled Nasdaq. ======================= Interesting the number 666 came up somehow on my truck insurance policy this year. To add insult to injury the policy came up a few buck HIGHER than quoted. Got the number lower than the original quote by insuring myself on the car rental reimburse.
Steve Cohen is still the best. We've never heard of him? The man is a legend. That would be like Sports Illustrated telling us Wayne Gretzky is the best centre-iceman we've never heard of. Cancel my subscription.... oh wait I never had one.