“You don’t get much better than Stevie Cohen,” said Ed Butowsky, founder of Chapwood Investments, a private wealth management firm based in Dallas with client money invested in SAC. If Butowsky had his druthers, he would steer more investment assets to Cohen’s hedge fund, which he said has delivered three times the return as the “Oracle of Omaha” Warren Buffett with a third of the risk since 1994. “The very thought that people want to trash Stevie Cohen, who is one of the great legends in portfolio management, because of some allegations, shame on them,” Butowsky said. “If it was me and I had to live through this stuff the last three years, I would tell everybody to go jump off a boat.” [Greenwich Time, earlier]
If Area Man Were Steve Cohen, He’d Tell His Detractors To Take A Long Walk Off A Short Pier, Based On The Hopeful Assumption That They Don’t Know How To Swim Or Even Tread WaterBy Bess Levin
Things have been going prettay prettay prettay well for Richard Perry these last six months. His fund, Perry Capital, is up nine percent year to date, his beastly neighbors have quit bitching about the fact that he was burning their eyes out, and this past weekend, his daughter got married to a HBS grad who could potentially take over the family business one day (the SIL is an analyst at the Baupost Group). And speaking of the nuptials! Richie can be credited with not only making sure the celebration had the puffiest shrimp money could buy and a cake that was to die for but delightful ambiance and riveting entertainment for his guests as well. Read more »
It’s really disheartening to hear about consumers cutting back on spending when they should be, if anything, ramping up ridiculous, unnecessary, horrifically indulgent purchases, as if to say S a D, Nouriel Roubini. And yet they’re not, particularly in America because a. people here believe in this mythical “recession” and b. people here are pussies. Pussies that could learn a thing or two from the superwealthy in Eastern Europe, Russia, the Middle East, who currently snapping up not just yachts but thirty million dollar “megayachts” while John Devaney quietly weeps on his twenty-five foot power boat. I encourage every DealBreaker reader to get out there and pick up one of these things, whether or not you think 6,500 square feet of interior living space, 3,500 square of feet exterior space, and 15 bathrooms is a bit much. It’s not about you, it’s about the economy. If Jimmy “I’m Doing It For The Greater Good” Cayne can man up and start buying White Widow by the barrel, you can do this.
Related: When Hedge Fund Losses Hit Home
As Economy Slips, Yacht Sales Skyrocket [ABC]