Point72 Asset Management

Steve Cohen Not Crypto Enough For Local Luddite

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons Steve Cohen is trying, you guys. Trying to figure out these cryptocurrencies that were all the rage nine months ago. Trying to glean how to make money on them. Even trying to give other people a shot thereat. But the Big Guy is old school and it works for him. That means anyone who wants to join the revolution, or at least make (or lose!) a ton of money on it, is going to have to do so somewhere other than 72 Cummings Point Road. And that place is where dreamers and charlatans have flocked for a hundred years: Lipstick City, baby! That’s where ex-Point72er Travis Kling is heading to make his bitcoin billions. And his timing couldn’t be better, having quit at the top of the market back in December and planning to launch his Iki...

Unlike His Philistine Staff, Steve Cohen Likes Round Art

Sometimes it feels like we will never fully explore the cabinet of bizarre mysteries that is working for Steve Cohen. SAC is a mystery wrapped in an enigma wrapped in fleece vest. He loves deeply (silence, Chris Christie, trading with an edge, Guy Fieri), hates potently (ex-wives, the SEC, all other hedge fund managers) and is loaded up with idiosyncrasies (Zambonis, silence, Guy Fieri), but one thing that Steve Cohen has taken pains to make clear about himself over the years is that Steve Cohen is a man who knows and loves art. Cohen is a macher on the modern art scene, a power player in the world of paint and a man who knows what he likes. And if you need more evidence that SAC is the preeminent art critic of our time with a side hustle in the asset management racket, Bloomberg has you c...

The Poached Becomes The Poacher

A couple of years ago, Ken Griffin had a little bit of friendly advice for his buddy Steve Cohen, who—potentially on account of the unfortunateness—was having a little trouble finding non-idiots to yell at and humiliate. That advice was, “take it from somebody else,” with the unspoken addendum of “especially if they’re having some reputational problems… oh, wait, you can’t. Sorry.” History has not recorded Cohen’s undoubtedly understated and not-at-all roaring spit-geyser reaction to that bit of Windy City shade-throwing. Suffice it to say he was only too happy to take Griffin’s advice in staffing up his burgeoning quantitative efforts with one of Ken’s own. And now that KG is having his own staffing issues, the Big Guy would like to note that he’s having to beat the top-notch talent flock...

Steve Cohen Giving Point72 That New SAC Smell

Four years ago, amidst the, um, unpleasantness, Steve Cohen had to make quite a show of not running a “vertible magnet for market cheaters”/linguistic innovator in the field of insider trading. So he went and hired a McKinsey guy to head things, a new human resources guy to sift the black edge out of the applicant pool and an advisory board for good measure. Well, no one’s heard from that advisory board since the initial press release. And the McKinsey guy’s gone, either because in addition to being the architect of an ethical work environment he was also the architect of a hostile one, or because now that Steve Cohen’s a hedge fund manager again, he doesn’t need a babysitter. And that HR guy? Yea, he’s “decided to retire.” And in case you hadn’t gotten the message that the “review of Poin...

Steve Cohen’s Not-So-Crack Naming Unit Stumbles Upon Decent Handle

Ever since certain unfortunate circumstances persuaded Steve Cohen to abandon the perfectly good nom d’entreprise SAC Capital Advisers, the Big Guy’s quite frankly struggled with the name game. The monikers he’s come up with for his family-office-cum-hedge-fund and its disparate parts have ranged from the uninspired (Point72 Asset Management, Stamford Harbor Capital) to the puzzling (Creating Rubric Capital). More recently, team Cohen has all but given up on attempting the impossible by coming up with a decent name. Instead of heroic attempts and failures like Cubist Systematic Strategies, they’re just appending words to the Point72 brand, for example, dubbing the venture capital arm Point72 Ventures. This approach is certainly boring, but is at least safe from misfires like “EverPoint Ass...

Steve Cohen Spent The Weekend Partying With Charlie Rose And Woody Allen Because Sometimes These Write Themselves

Last week we learned that Steve Cohen’s new hedge fund is sitting on more than $3 billion in outside money less than four months into his post SEC-enforced timeout period. That’s a lot of money to raise in just a few weeks, and our eyebrow was definitely in a raised position considering that Steve managed to book all that cheddar despite his own public scrape with the #MeToo movement. But now that we hear who SAC is out on the town with these days, it makes sense that rumors of sexual harassment aren’t having a materially negative effect on Point72’s AUM… Thanks for this beautiful report, PageSix: Ousted CBS and PBS anchor Charlie Rose continues to be a fixture on New York’s social circuit.After Page Six exclusively reported he had dinner Wednesday with Sean Penn at one of NYC’s hottest ne...

Steve Cohen Buys The Dip In Self-Driving Cars

By an NTSB employee [Public domain], via Wikimedia Commons Like everyone else, Steve Cohen is a quant now, which means he’s totally hip to all the new things out there. Take these self-driving cars. They’re sort of like that car with the driver in front of his house, but for relatively poor people. They’re the future. Also, they occasionally kill people. That makes this a good time to get in on the ground floor for cheap, and is exactly the sort of opportunity for which Steve Cohen founded a venture-capital firm filled with people who know how to waterboard some skinny-jean-wearing tech bro. Billionaire hedge fund investor Steven Cohen’s venture capital group announced this week it had co-led a $15 million investment round in a Silicon Valley startup that is developing artificial-intellige...

Because It Worked So Well Last Time, Steve Cohen Will Be His Own Morality Sheriff At Point72

When Steve Cohen started unsubtly pitching Point72 Asset Management as the ethical sequel to his “less than totally clean” SAC Capital, we had some laughs. But Steve really made every attempt to sell the image of his new fund as the angel that killed the devil lurking in his soul. He even hired people to watch over him and ensure that he looked no further for the “Black Edge” but instead turned into the light where guys like former McKinsey samurai Doug Haynes would stop him from recording his employees with a “God cam” or accidentally coercing them into felonies. And for a while, it worked! But recently we found out that Steve’s hand-chosen morality minder had engaged is some less than gentlemanly behavior of his own, such as writing “Pussy” on a whiteboard in his office, leaving it up th...

Point72 Lawsuit Reveals Unacceptable Behavior That Constitutes Real Improvement For A Steve Cohen Hedge Fund

When Steve Cohen began to rise like a zaftig phoenix from the ashes of an SEC-mandated timeout, he made it unsubtly clear that SAC 2.0 would be a kinder, gentler, ethical an perhaps even totally legal version of the legend that he had created and tarnished. And thus, Point72 Asset Management was born. Steve’s new fund would be an ethical hothouse of edgeless edge, staffed by traders that Cohen grew himself, and were therefore untainted by working for guys like…Steve Cohen? Point72 would be a Woker place to trade, using only good people, good ideas and their own money to make billions on risk. Essentially, Point72 was going to be the hedge fund version of an evangelical megachurch founded by a reformed biker who used to deal meth. But while we were aware that some parts of the original Poin...