Steven A. Cohen graduated from Wharton School of Business and joined Gruntal & Co. as an options trader. One his first day, he made $8,000, which was a respectable yearly salary back then. As the story goes, he continued to earn a lot of money for the company until he founded S.A.C. Capital Partners in 1992. S.A.C. is a $12 billion hedge fund based in Connecticut, and rumor has it that it keeps 50% of yearly returns, which have been an estimated 40% annually. That's quite high among hedge funds, but it explains why Mr. Cohen is listed among America's, and the world's, billionaires.
Steven A. Cohen graduated from Wharton School of Business and joined Gruntal & Co. as an options trader. One his first day, he made $8,000, which was a respectable yearly salary back then. As the story goes, he continued to earn a lot of money for the company until he founded S.A.C. Capital Partners in 1992. S.A.C. is a $12 billion hedge fund based in Connecticut, and rumor has it that it keeps 50% of yearly returns, which have been an estimated 40% annually. That's quite high among hedge funds, but it explains why Mr. Cohen is listed among America's, and the world's, billionaires.