Early Life and Education
Steven A. Cohen was born on June 11, 1956, in Great Neck, New York. He grew up in a Jewish family as the third of eight children. His father worked in the garment industry, and his mother was a piano teacher. Cohen developed an interest in poker during high school, which he credits with teaching him how to take risks. He graduated from John L. Miller Great Neck North High School in 1974 and received a bachelor's degree in economics from the Wharton School of the University of Pennsylvania in 1978.
Rise to Success
Cohen's career began in 1978 as a junior trader in the options arbitrage department at Gruntal & Co. He quickly proved his aptitude for trading, managing a $75 million portfolio and making around $100,000 a day. In 1992, he founded S.A.C. Capital Advisors with $25 million. The fund grew rapidly, employing approximately 900 people globally and managing at least $14 billion in assets. During the late 1990s and early 2000s, Cohen gained recognition as a successful Wall Street trader.
Key Business Strategies
Cohen's success stems from his aggressive trading style and his ability to read market trends. His focus on high-volume, short-term trading strategies, combined with his use of sophisticated technology, has been instrumental in generating substantial returns. The creation of Point72 Asset Management, following the closure of S.A.C. Capital Advisors, shows his resilience. Point72 focuses on managing Cohen's personal wealth, and is known for utilizing advanced compliance systems and analytics.
Philanthropy
Cohen has given approximately $1 billion to philanthropic causes throughout his lifetime, with a strong emphasis on veteran's mental health and children's health. He and his wife, Alexandra, founded the Steven & Alexandra Cohen Foundation in 2001, which supports research on Lyme disease, underserved communities, and the arts. Cohen also founded the Cohen Veterans Network in 2015 to improve mental healthcare for veterans and their families.
