Nothingness At SAC

Posted by Bess Levin, Sep 10, 2007, 4:55pm

Capital International, the largest fund in Stevie Cohen’s cabal at $8 billion, fell 3 percent in August, reducing its YTD return to (a measly, for Stevie) 10 percent. The insignificance of this fall (to a return that's still pretty damn good) is both welcome (everyone sick of “so and so is down” stories say “I,” unless it’s Pirate, because those guys have it coming) and depressing, because it means Stevie won’t think twice about purchasing the latest offering from Damien Hirst—$4,000 jeans decorated with a skull pattern made of Swarovski crystals. (To be fair, they really do make his ass look great.)

SAC also raised $1 billion from investors last month, increasing the firm’s assets to $15 billion.

SAC Raised $1 Billion in August as Fund Declined 3% [Bloomberg]

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Posted in: Hedge Funds, SAC Capital

Comments

Posted by , Sep 10, 2007 5:06PM

Wow Damien Hirst is so creative and original...

Posted by , Sep 10, 2007 5:10PM

Wonder if Cohen owns equity in Hirst, since, he, uh, singlehandedly made him quasi-relevent (emphasis on 'quasi').

Posted by Turkey Hunter, Sep 10, 2007 6:01PM

Bess - that would be "aye" not "I".

Posted by beenAround, Sep 10, 2007 7:28PM

As one who worked at SAC in the early years, this is a huge move down for them and not very common at all.

But, I still believe he is the smartest (if not the richest) one on the street and this one month loss has no real meaning on anything he does.

Posted by Mr. Irony, Sep 10, 2007 7:42PM

Why the fuck does SAC have a "spokesperson" who "declined to comment" on the story?

Next thing you know they'll start making employees wear personality flaw fixing clothing or some such.

Posted by I Have Waited, Sep 20, 2007 4:20PM

Let's just say that there are money-generating entities out there that are not actually all that talented but corrupt and wired beyond what anyone could ever imagine. That the regulatory system that is supposed to arrest this extreme corruption is itself, in on it, is the reason why the myth of talent continues to be embraced. Changes are in the wind. 50 lawyers and still no pass. I was there in the early years as well, I can't say I have any admiration for a blood-sucking predator who is entirely unredeeming in every possible way.

Posted by I Have Waited, Sep 20, 2007 4:21PM

Let's just say that there are money-generating entities out there that are not actually all that talented but corrupt and wired beyond what anyone could ever imagine. That the regulatory system that is supposed to arrest this extreme corruption is itself, in on it, is the reason why the myth of talent continues to be embraced. Changes are in the wind. 50 lawyers and still no pass. I was there in the early years as well, I can't say I have any admiration for a blood-sucking predator who is entirely unredeeming in every possible way.

Posted by DuB Ya, Sep 26, 2007 11:10AM

As one who worked at SAC in the early years, this is a huge move down for them and not very common at all.

But, I still believe he is the smartest (if not the richest) one on the street and this one month loss has no real meaning on anything he does.


This statement doesn't seem fitting for one who has worked @ SAC in the early years, or anyone in the hedge fund industry. Any loss is significant to an industry insider. The one month loss means that he's 3% farther from achieving his 40% average annual gains.

Posted by I Have Waited, Sep 28, 2007 4:49PM

As someone closely associated, I do not honestly believe that anyone considers him in high regard. Anyone who gets out, does not look back with any favor, especially because we all pay the vig one way or the other.

If a predatorial theif who would think little of grave-robbing is to be considered smart, then smart he is.
Immoral, malicious, corrupt, and vindictive can also be said.

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