Point72 didn't do so hot in February and you know who's to blame? All y'all, for failing to come up with your own ideas and not getting off his jock. Hope you're happy.
Billionaire investor Steven Cohen said that too many hedge funds placing the same types of bets contributed to sharp losses for his $11 billion Point72 Asset Management earlier this year. "One of my biggest worries is that there are so many players out there trying to do similar strategies," Cohen said Monday, speaking at the Milken Institute Global Conference in Los Angeles. "If one of these highly levered players had a rough run and took down risk, would we be collateral damage?" Cohen said. "In February we drew down 8 percent which for us is a lot. My worst fears were realized."