October 12, 1492. July 4, 1776. July 21, 1969. All dates of such historical and cultural significance that if you asked someone where they were on that day, they’d surely be able to tell you. Because they weren’t just any old days; they were moments when everything changed. When seismic shifts in history occurred. When everything that came after it would be different than before. The day Christopher Columbus reached land; the day Congress the adopted the Declaration of Independence; the day we put two men on the moon. Today, another date will be added to the history books: April 7, 2014. The day SAC Capital changed its name to Point72 Asset Management.
They’ve changed the sign. They’ve changed the email address. And presumably they will soon be giving out new fleece jackets at Point72 Asset Management, the new family office that will trade billions of dollars of Steven A. Cohen’s money and is the legal successor to his once-mighty SAC Capital Advisors hedge fund. The retirement of the SAC name happened quietly over the weekend, and it does not appear that Mr. Cohen is planning any big celebration at his firm’s headquarters in Stamford, Conn., to celebrate the occasion.
You’re at your desk today, but on April 7, 2025, you’ll be enjoying the day off and explaining to your kids the origins of this national holiday. And that daddy’s not crying because he’s sad, he’s crying because he knows where he was the day investing changed, the day that altered the way he thought about the world, the day that food started tasting different. Then you’ll ruffle his hair and tell him your life is separated into two distinct parts: BP72 and AP72.
SAC Capital, Meet Point72 Asset Management [Dealbook]