1/ Steve Cohen is the hedge fund manager that owns the New York Mets. Worth $14B, he's also the inspiration behind Bobby Axelrod from the TV show "Billions".
The day-to-day details of Cohen as a trader are quite interesting.
Here some takeaways🧵
2/ The rundown of Cohen's trading tactics come from Andrew Beresin, who worked at Cohen's firm (SAC Capital Advisors) at the turn of the century.
Beresin worked "four feet from Cohen" and has vidid memories of the experience.
3/ The elephant in the room: some of the tactics described led to an insider trading scandal.
◻️SAC paid a $1.8B fine for it
◻️ One of SAC's traders (Matthew Martoma) was sentenced to 9yrs in prison
1/ A Redditor who runs in high net worth circles writes on the "gradations of rich".
He explains in minute detail the difference between being worth $10m+ and $1B+.
It' a doozy 🧵
2/ As background: the Redditor says while he's not super rich himself, he counts 8 billionaires as close friends.
He says there are 4 major breaking points of "rich:
◽ $10m-$30m
◽ $30m-$100m
◽ $100m-$1B
◽ $1B+
3/ At $10m to $30m
◽Needs met
◽Fly 1st class
◽Very nice house
◽Live 4/5 star life anywhere
◽ You can surive a financial disaster
◽At lower end, you still have to be "prudent"
◽Business stress remains (never goes away)
◽Banks don't classify you as ultra high net worth