Ninety-six to ninety-eight percent of the people sending Point72 Asset Management résumés should reevaluate their lives/apologize for offending Cohen et al with their cover letters.
Steven Cohen, the billionaire trader whose former hedge fund had racked up average annual returns of 30 percent before it pleaded guilty to securities fraud in 2013, said he’s astounded by the limited number of skilled people in the industry. “Frankly, I’m blown away by the lack of talent,” Cohen said at the Milken Institute Global Conference in Beverly Hills, California, on Monday. “It’s not easy to find great people. We whittle down the funnel to maybe 2 to 4 percent of the candidates we’re interested in. Talent is really thin.”