Steve Cohen Tells Investors 2010 Was A Real Trip
Not to worry, though- 2011 will be all good. The Big Guy guarantees it.
Steven A. Cohen, head of SAC Capital Advisors, told investors they won't suffer losses or incur costs from a government investigation into potential insider trading in the hedge fund industry, according to a year-end letter obtained by MarketWatch on Tuesday. Cohen also described a slew of new trading teams that are joining SAC and predicted a reasonable year for the stock market in 2011, after calling 2010 "strange," according to the letter, dated Jan. 31. Cohen said SAC's management company will bear any costs related to the investigation. "Accordingly, we are confident there will be no financial impact to our investors," Cohen wrote. "While this investigation plays out, I and the other portfolio managers remain focused on managing the assets entrusted to us," he added in the letter. "We are confident that our ability -- and my ability -- to do so will not be affected." Cohen stressed that SAC has a "stable" capital base, partly because a lot of the money the firm oversees is its own internal capital.
