Insider Monkey

12 Stocks Billionaire Steve Cohen Just Bought and Sold

Alexandr Oleinic
11 min read

In This Article:

In this article, we're going to take a look at 12 stocks billionaire Steve Cohen just bought and sold. To jump ahead to see the top picks that made our list, follow this link to read about the 5 Stocks Billionaire Steve Cohen just Bought and Sold.

Billionaire Steve Cohen is one of the most renowned hedge fund managers on the Street. In 1992, Cohen launched S.A.C Capital Advisors and grew its Assets Under Management from $25 million to mode than $16 billion in 2008. At one point SAC employed around 800 people. The fund's growth was spurred by Cohen and his team's investment acumen. SAC Capital Advisors was one of the best performing hedge funds, managing at one point to net 70% in annual returns two years in a row. Historically, between 1992 and 2013, SAC Capital's average annual returns amounted to 30%, outperforming many other hedge funds and the market.

However, things turned to worse when in 2010, the Securities and Exchange Commission opened an investigation into SAC on insider trading allegations and several employees were indicted on insider trading charges. In 2013, the firm pleaded guilty to insider trading charges and paid more than $1.0 billion in penalties. A year later, several former employees of SAC were convicted, one of whom, Mathew Martoma was accused of running one of the largest insider transactions in history, which allegedly generated $276 million in profit. As part of a separate lawsuit in 2016, Cohen was prohibited from managing money for outside investors for two years.

In 2014, Cohen established Point72 Asset Management as a family office to manage his own capital. In 2018, two years after Cohen's ban and the shutdown of SAC Capital Advisors, Point72 became a hedge fund that started to accept outside investors' money. Currently, Point72 has more than $31 billion in Assets Under Management and employs more than 2,800 people, according to its website. The firm has seven offices in the US, four locations in Europe and Middle East, and five in the Asia-Pacific region. In 2022, Point72 generated a return of 10.3%, earning its investors around $2.40 billion, according to Financial Times.

Stocks to Sell in 2023 According to Billionaire Steve Cohen
Stocks to Sell in 2023 According to Billionaire Steve Cohen

Steven Cohen in addition to making a fortune estimated at almost $20 billion is also known for his rather lavish art collection. One of the exhibits in this collection is a 14-foot shark preserved in formaldehyde, designed by Damien Hirst and titled "The Physical Impossibility of Death in the Mind of Someone Living". In 2004, Cohen purchased this artwork for $8 million. Cohen's collection also includes or included paintings by Picasso, artwork by Andy Warhol, and others. Cohen also has several hundred millions worth of real estate in New York, Connecticut and California. In 2020, Cohen also purchased New York Mets baseball team for $2.4 billion and is currently in profit as the team's value is currently estimated at $2.9 billion.

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