*"The Michael Jordan of Hedge Fund Managers".
25% net return to investors annually since inception w/an average Sharpe Ratio of 2.5.
"This man has returned 3x the returns of Warren Buffet with a third of the risk"
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The Lance Armstrong of money managers perhaps.
That only happens if it's 7 years and counting (Enron much?)
They still have to prove Cohen knew about any of it. How much it impact his returns, I don't know.
In Before NorthSider :D
That cohen was using insider trading to achieve SAC's returns has been a relatively open secret for a very long time. Stevie is very smart, but he cheats.
This. The line between getting an edge over the market and "cheating" according to the letter of the later is one that's tough to see. But when you're in a crowd of people and one person is the farthest in the direction of that blurry line and reaping the benefits...you can make the deduction
Glad to see you guys are on a first name basis and you're fully aware of the insider trading. Preet Bharara could sure use a hand putting him in jail. He's only been able to fleece "Stevie" for 1bn+ but is still struggling to convict him of anything in a court of law.
"good at not getting caught cheating" =/= "not cheating"
Lol of course he's cheating his returns are like 1000x better than anyone else's you can be good but not100x better than anyone else.
everybody on the street knows that guys at SAC regularly push the boundaries even if they aren't openly insider trading. The comparison to Warren Buffett is not accurate though; he has created over 290bn of wealth, while SAC has generated an order of magnitude less that. The more capital you have, the harder it is to generate returns...
That SAC is a cheater's den has been the worst kept secret on wall st for over 10 years. pre-crisis SAC used to pay ~$250m/year to the street, outside of regular trading costs, to get research reports 30-60 minutes before other clients. In the early days they were big into engineering short squeezes, and other brute force trading strategies. Whether any of these activities (separately or in combination with the insider allegations) are illegal or not is a question for somebody else... but certainly Stevie's results are not the consequence of great genius. the guy doesn't belong on a pedestal next to buffett, soros, icahn, etc.
Interesting. I wonder if the lawsuit from Cohen's ex-wife would shed any light on these activities. She was with him before he founded SAC and claims that Cohen had been doing insider trading since the 80s.
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