Goldman Sachs Exchanges How to win: Steve Cohen on markets and the Mets
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Jun 12, 2025 
Steve Cohen, the founder and CEO of Point72 and majority owner of the New York Mets, shares his insights on trading and sports management. He delves into his childhood passion for the stock market and the traits that drove his success. Cohen discusses navigating market dynamics and the vital role of AI in optimizing investments. He also emphasizes the importance of mentorship in trading, drawing parallels between business and sports as he reflects on team dynamics and fan engagement strategies during a pennant race.
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Early Market Start and Style
- Steve Cohen started hanging out in a brokerage firm at age 14, learning to watch the tape and recognize price patterns early.
- By 21, he took risks without hedging, pioneering a fresh trading style distinct from the macro hedge funds of his time.
Traits for Success
- Love what you do and be excited to work; passion drives success in trading.
- Stay adaptable and keep learning, as markets constantly evolve and rigidity leads to failure.
Evolution of Hedge Fund Landscape
- Alpha was more abundant and risk tolerance higher 30 years ago during a bull market.
- Today's markets are tighter, more competitive, requiring conservative risk management and scalability.