Steven Cohen - Net worth $9.2 billion
#Binance
Steven Cohen was born in 1957, graduated from the University of Pennsylvania with a degree in economics. He played poker while in high school and spent the money he earned on buying stocks. After 6 years of trading, he earned $75 million from managing trades. From that moment, his business rise began.
After achieving financial independence and saving some money for the future, Steven founded his hedge fund 'SAC Capital Partners', initially only raising $13 million in management. After that, hedge funds took 20% of investors' profits as a bonus. Cohen had higher management fees than the average hedge fund at that time. However, investors did not know the returns that the fund would achieve.
Over more than 20 years, from 1992 to 2013, SAC achieved an average return rate of 29% with a management fee of 3% and a performance fee of 50%. After that period, a scandal regarding insider trading fees emerged. The SAC management later pleaded guilty and paid $1.2 billion in penalties. As a result, Cohen decided to establish a new company called 'Point72 Asset Management' which ultimately acquired SAC.
Steve now has a personal capital of $9.2 billion according to Bloomberg's billionaire index, he is 62 years old, and his money is managed by Point 72 Asset Management.
His major achievements:
Set new profitability standards for hedge funds.
Founded the unique Point72 Academy to train hedge fund managers.
Predicted the 2008 crisis, but he was only wrong about its size. Despite knowing this, the fund lost 19%.
