Steven A. Cohen : biography
Steven A. Cohen (born June 11, 1956) is an American hedge fund manager. He is the founder of SAC Capital Advisors, a Stamford, Connecticut-based hedge fund focusing primarily on equity market strategies.
He has an estimated net worth of $9.3 billion as of March 2013, ranked by Forbes as the 106th richest man in the world. Cohen is 35th overall in the U.S. In November 2012, he began to be implicated in a large criminal insider trading scandal; he is currently under investigation but has not been charged.
After Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co. in 1978, where he eventually managed a $75 million portfolio and six traders.
His first day on the job at Gruntal & Co., he made an $8,000 profit. He would eventually go on to make the company around $100,000 a day. Cohen was running his own trading group at Gruntal by 1984, and continued running it until he started his own company, SAC. Vickers, Marcia, "The Most Powerful Trader on Wall Street You've Never Heard Of" cover story, Business Week, July 21, 2003, Retrieved July 25, 2006
In 1992, Cohen started SAC Capital Partners with $20 million of his own money; today the firm manages $14 billion in equity. Originally known as a rapid-fire trader who never held trading positions for extended periods of time, Cohen now holds an increasing number of equities for longer periods of time.
Cohen is one of the minority owners of the New York Mets, holding a 4% stake in the baseball team.
Cohen began collecting art in 2000, and has since become a prominent collector, appearing on Art News magazine's "Top 10" list of biggest-spending art collectors around the world each year since 2002, "Top 10" article, Art News magazine, Summer 2006 issue; also see the "Past Issues" section, Summer 2005, Summer 2004, Summer 2003, Summer 2002, Retrieved July 25, 2006 and Forbes magazine's "Top Billionaire Art Collectors" list in 2005. Haden-Guest, Anthony, "Top Billionaire Art Collectors," Web page, Forbes magazine Web site, March 8, 2005, Retrieved July 25, 2006 To date, Cohen has bought around $700 million worth of artwork;http://www.thefirstpost.co.uk/index.php?menuID=2&subID=1026&p=2 in 2003, the New York Times reported that in a five-year period, Cohen spent 20% of his income at art auctions.http://www.safran-arts.com/42day/art/art4mar/art0303.html
Cohen owns between 4.7% and 5.9% of the stock of Sotheby's auction house, which has been described as a "significant stake."Marion Maneker, "," Art Market Monitor, March 6, 2009
He is reportedly building a private museum for some of his artwork on his Greenwich property.http://www.artnet.com/magazineus/news/artnetnews/artnetnews10-26-06.asp In the winter of 2005, it became known that in 1999 Cohen had bought Edvard Munch's Madonna. Reportedly, this was for $11.5 million.
His tastes in collecting changed quickly from Impressionist painters to contemporary art. He also collects 'trophy' art—signature works by famous artists—including a Pollock drip painting from David Geffen for $52 million and Damien Hirst's The Physical Impossibility of Death in the Mind of Someone Living, a piece that the artist had bought back from Charles Saatchi for $8 million., video, Beth Harris, Sal Khan and Steven Zucker commentators, 7:49. accessed December 19, 2012 In the last two years, he reportedly paid $25 million each for a Warhol and a Picasso. He is a major patron of the Marianne Boesky art gallery.
He has purchased some unusual art works. In 2006, Cohen remarked that repairing his suspended shark artwork, a cost estimated to be a minimum of $100,000, was an "inconsequential" expense. Since the shark itself is over 10 years old, it has begun to rot and requires replacement.http://www.dallasnews.com/sharedcontent/dws/ent/stories/DN-hirst_1002gl.ART.State.Edition1.3e4aa3b.html The replacement shark has already been caught;http://www.brown.edu/Students/INDY/cms/content/view/305/35/ once the exhibit is fixed, Cohen will have it moved into his SAC office. Cohen has also placed Marc Quinn's Self, a head sculpture made of frozen blood, in the SAC lobby.
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