Early Life
Steve Cohen was born on June 11, 1956, in Great Neck, New York. He was the third of eight children in a Jewish family. His father worked as a dress manufacturer, and his mother was a piano teacher. Cohen's interest in the financial markets started early; he began trading stocks as a teenager and honed his risk-taking skills through poker.
Rise to Success
Cohen's career in finance began at Gruntal & Co. in 1978, where he quickly proved his trading acumen, earning a significant profit on his first day. He progressed rapidly, managing a substantial portfolio and a team of traders. In 1992, Cohen founded SAC Capital Advisors, which grew into a highly successful hedge fund. The firm's success was marked by impressive returns, making Cohen a prominent figure in the financial world. The company eventually transitioned to Point72 Asset Management in 2014 after a legal settlement.
Key Business Strategies
Cohen's success stems from his ability to make quick, decisive trading moves. SAC Capital's strategy initially involved high-frequency trading, exploiting short-term market inefficiencies. Over time, the firm diversified into other strategies, including long/short equity and global macro approaches. Point72 continues to use a disciplined, research-driven approach and is known for its highly competitive compensation packages.
Philanthropy
Cohen is also known for his extensive philanthropic work, contributing over $715 million to various causes. He and his wife, Alexandra, founded the Steven & Alexandra Cohen Foundation, supporting health, education, the arts, and the New York community. He also created the Cohen Veterans Network to improve mental healthcare for veterans. In 2020, Cohen acquired the New York Mets, demonstrating his commitment to sports and the community.
