Business
After Wharton, Cohen got a Wall Street job as a junior trader in the options arbitrage department at Gruntal & Co. in 1978, where he eventually managed a $75 million portfolio and six traders.
His first day on the job at Gruntal & Co., he made an $8,000 profit. He would eventually go on to make the company around $100,000 a day. Cohen was running his own trading group at Gruntal by 1984, and continued running it until he started his own company, SAC.
In 1992, Cohen started SAC Capital Partners with $20 million of his own money; today the firm manages $14 billion in equity. Originally known as a rapid-fire trader who never held trading positions for extended periods of time, Cohen now holds an increasing number of equities for longer periods of time.
Read more about this topic: Steven A. Cohen
Famous quotes containing the word business:
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