They all look like geniuses on bull markets that go up one way. They start to believe the lie themselves. Now that the markets are a bit more volatile all of the sudden its tough to make money.
Point72's Cohen Wins Dismissal of Divorce-Related Suit May 19 2016 | 10:04pm ET (Reuters) - Billionaire investor Steven A. Cohen on Thursday won the dismissal of a long-running lawsuit in which his former wife accused him of cheating her out of millions of dollars in their 1990 divorce. Chief Judge Loretta Preska of the U.S. District Court in Manhattan said Patricia Cohen failed to show that her former husband fraudulently hid $5.5 million from a soured 1986 New York City real estate transaction, enabling him to lowball his net worth. The divorce came two years before Steven Cohen created his Stamford, Connecticut-based hedge fund firm SAC Capital Advisors LP, where he made his name on Wall Street and his fortune. Forbes magazine estimates his net worth at $12.7 billion. "We respectfully disagree with the decision," said Gerald Lefcourt, a lawyer for Patricia Cohen. "If all the evidence were put before a jury we believe a jury would find for Mrs. Cohen. Fortunately, she can choose to pursue an appeal." The decision for now removes another legal overhang for Cohen, who converted SAC into Point72 Asset Management LP after SAC pleaded guilty in 2013 to criminal insider trading charges and paid $1.8 billion in settlements with U.S. authorities. Cohen was not criminally charged, and under a January settlement with the U.S. Securities and Exchange Commission can resume managing outside money in January 2018. Point72 is a family office that oversees mostly his own fortune. In her lawsuit, Patricia Cohen accused Steven Cohen and his brother Donald, who was also the couple's accountant, of falsely understating the value of the real estate investment during the divorce proceedings. Patricia Cohen claimed she was entitled at least half of the $5.5 million at stake, plus interest. But the judge found "no evidence that Steven concealed any assets from Patricia during the divorce," and that no reasonable jury could find that he committed fraud. Preska also said the record showed that Patricia Cohen "suspected Steven of fraud in 1991 and 2006," more than two years before she sued in December 2009, and that the statute of limitations had run out. Mark Herr, a spokesman for Steven Cohen, said: "We're pleased with the court's thorough and thoughtful decision." Last month, Steven Cohen disclosed his ownership of a new firm, Stamford Harbor Capital LP, that can accept outside money, but said he would not act as a supervisor. A spokesman said the arrangement was consistent with the SEC accord. from FINALTERNATIVES
Investing in Hedge Funds is a Coin Toss | Truth or Skepticism fast forward to minute 24:02 on-wards where Tom Sosnoff and Dylan Ratigan talk about the death of edge....
Dr. Pippa Malmgren says 80% of the crowd funding investment comes from hedge funds because of better returns than investing in the financial markets. Start watching at 40:15 on-wards.
... and this is where HFT ultimately leads IMO. I wrote in the past about whales scaring the fish and the strip mining of the seas so no need to repeat it here. Sad, trading still needs TWO parties - one sucker and one insider. There has been a dearth in suckers I guess. I have been pondering the meaning of so many hedge funds getting poor results. Is it a bad sign when Cohen complains? What's happening with IEX?
Steven Cohen's Passive Aggressiveness "Frankly, I'm blown away by the lack of talent," he said earlier this year at the Milken Institute Global Conference in California. “It’s not easy to find great people. ... Talent is really thin.” http://finance.yahoo.com/news/steven-cohens-passive-aggressiveness-193458687.html
Hedge funds end year with positive returns In spite ofdifficult market conditionsin the first six months of last year, average hedge fund returns ended 2016 in the black. Index returns for 2016 were releasedMondayby Hedge Fund Research.(Pensions & Investments)