Steven A. Cohen (born in 1956) manages a hedge fund and established SAC Capital Advisors, a hedge fund which focuses mainly on equity market strategies.
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Early life
Cohen’s father worked as a dress manufacturer in the Manhattan garment district and his mother taught piano. The Cohens lived in Great Neck, New York. In high school he became fascinated with poker and bet with his own money in poker tournaments. He asserts that poker taught him how to take risks. In 1978, he graduated with a B.S. in economics from the Wharton School of Business. During University, he used $7,000 of tuition money to start a brokerage account.
Business Experience
After graduation, Steven Cohen worked in the options arbitrage department as a junior trader at Gruntal and Company. He worked his way up to manage a portfolio of $75 million and six traders. By 1984, Cohen was managing his own trading group within Gruntal and was making about $100,000 per day for the company.
Wealth
According to Forbes Magazine the Net worth of Steven Cohen was approximately $11.4 billion in 2009, making him the 27th richest of the world’s billionaires.
In 1998, the Cohens bought a home with a 14 acre estate in Greenwich, Connecticut.In 2005, his compensation was reportedly $1 billion.
Personal life
Steven Cohen lives at 30 Crown Lane in Greenwich, Connecticut, with his wife, Alexandra, and seven children.
Cohen is a Trustee of Brown University and the Robin Hood Foundation in New York.
In 2000, he published a book: Getting Started In Hedge Funds (Wiley).