Introduction to Steve Cohen

Steve Cohen, the billionaire owner of the New York Mets, is one of the most successful figures in the world of hedge funds. Known as the "hedge fund king," Cohen has built a reputation for his aggressive trading strategies and impressive returns. His journey from a young trader to the helm of Point72 Asset Management and the Mets is a testament to his business acumen and passion for success.

Early Career and SAC Capital

Cohen began his career in finance at Gruntal & Co., where he quickly made a name for himself as a skilled trader. In 1992, he launched SAC Capital Advisors with an initial investment of $25 million. SAC Capital became renowned for its high-risk, high-reward trading strategies, often involving rapid buying and selling of large volumes of stocks. By the early 2000s, SAC was managing billions in assets and accounted for a significant portion of stock market activity[3][5].

Key Achievements of SAC Capital:

• High Returns: SAC Capital achieved remarkable annual returns, averaging 25% from 1992 to 2013[3].
• Market Influence: At its peak, SAC's trading accounted for about 2% of all stock market activity[5].
• Strategic Evolution: The firm expanded its strategies to include long/short equity portfolios, fixed income, and global quantitative strategies[3].

Insider Trading Controversy and the Rise of Point72

However, SAC Capital's success was marred by allegations of insider trading. In 2013, the firm pleaded guilty to securities fraud and paid nearly $2 billion in fines. Cohen was not charged but agreed to a two-year ban from managing outside money. Following the ban, he transformed SAC into a family office and launched Point72 Asset Management in 2014. Point72 began managing external funds again in 2018, marking Cohen's return to the hedge fund scene[1][3].

Ownership of the New York Mets

In 2020, Steve Cohen purchased the New York Mets for $2.4 billion, marking a significant shift in his career from finance to sports. As the owner of the Mets, Cohen has brought his competitive spirit and financial resources to the team, aiming to win a championship within a few years[4]. His ownership has also highlighted his more approachable side, as he engages with fans on social media and focuses on building a winning team[4].

Impact on the Mets:

• Financial Muscle: Cohen's wealth allows him to invest heavily in top talent, potentially changing the team's dynamics in Major League Baseball[2].
• Fan Engagement: His active Twitter presence has made him more relatable to fans, showcasing a side of Cohen beyond his financial prowess[4].

Personal Life and Evolution

Cohen has been married twice, first to Patricia Finke and then to Alexandra Garcia, with whom he has four children. His personal life has been subject to legal disputes, including allegations from his first wife regarding financial improprieties, which were ultimately dismissed[5].

In recent years, Cohen has evolved from a hard-nosed trader to a more approachable figure, embracing work-from-home policies and focusing on mentoring the next generation of financial leaders through Point72's training programs[4]. This transformation has been evident in his role as the Mets owner, where he balances his desire for success with a more public persona.

Conclusion

Steve Cohen's career is a testament to his resilience and adaptability. From building SAC Capital into a financial powerhouse to navigating legal challenges and eventually becoming the owner of the New York Mets, Cohen has consistently demonstrated his ability to evolve and succeed in different environments. As he continues to shape the future of both Point72 and the Mets, his legacy as a hedge fund legend and sports owner continues to grow.