Steven Cohen's Mommy Issues

When we started this thing over here at DealBreaker, one of our metrics for determining whether the existing financial journalism was doing a good job was whether or not people knew the name Steven Cohen. A man whose hedge fund, SAC Capital, can be responsible for up to 2% of all Wall Street trading activity on a given day surely deserves to be a household name. But, sadly, we discovered almost no-one outside of the immediate world of Wall Street and hedge funds knew about Cohen.
Part of this was Cohen’s doing, so it’s not entirely fair to blame the financial press. He’s been famously media shy. So we were pleasantly surprised on Saturday morning to open up our copy of the Wall Street Journal’s weekend edition and find a profile of the Greenwich resident. Not just any profile—but a lengthy profile that included interviews with Cohen, his family members, as well as looks inside his home and office.
Our favorite part was learning that Cohen’s mother—until her death last year—regarded Cohen as lazy. She believed that the family’s foremost financial expert was Cohen’s brother, a Florida accountant. Never mind that Cohen was the fourth highest paid hedge fund manager. Why wasn’t he in a nice, normal and secure profession like accounting?
Less juicy, but perhaps more relevant to the markets, is the news that Cohen might be switching strategies. Long famous as a fast-trigger trader, getting in and out of positions quickly based on market direction predictions, Cohen indicates he may be moving to other strategies, including holding some positions for up to a year. His reasoning is clear enough—with more and more funds looking to make fast money on under-priced assets, the opportunities are becoming ever scarcer.
The Hedge-Fund King Is Getting Nervous [Wall Street Journal]