If you want your kid to grow up and to run a hedge fund and have a net worth somewhere around $13 billion, give that special kid the steak and let the rest of your kids eat hot dogs for dinner….this little piece of information about Steve Cohen is from the new book Black Edge, by Sheelah Kolhatkar. Cohen didn’t grow up wealthy, there wasn’t enough steak to go around, and he seemed to develop a desire to make money trading stocks at a very young age. Cohen first started making money playing Poker and then got into trading stocks. There was also talk of him getting a tip in 1985 about the impending takeover of RCA, which essentially enabled him to go out on his own and start a hedge fund – with the money he’d made in buying options on the RCA take over.
What’s crazy is his Mom was right, Cohen did end up making enough money to take care of his family and then some. Steak for everyone! While S.A.C Capital was shut done and Cohen had to pay a fine of nearly $2 billion, it’s said he’s back trading again and buying millions of dollars worth of art. I’m sure he’s eating plenty of steak too.