Steve Cohen

Frontrunning: March 15

  • What to watch at the Fed meeting (FT)
  • Dutch vote in test of anti-elite sentiment in Europe (Reuters)
  • Where Are the Battlegrounds in the Dutch Election? (BBG)
  • Erdogan says Dutch have ‘rotten character’ as row escalates (FT)
  • How the Fed Convinced Markets It’ll Raise Rates This Week (BBG)
  • GOP Senators Say Health Bill Won’t Pass Unless Changed (WSJ)

When It Comes To Wall Street, Preet Bharara Is No Hero

The prominent U.S. attorney fired by Donald Trump this weekend has been justly acclaimed for his pursuit of political corruption. But his treatment of the Wall Street executives involved in the financial meltdown was far less confrontational.

The Algos Are Winning Again (In Trading The Brexit Chaos)

As we warned heading into the Brexit vote, it appeared that many human investors had quite a bit of misplaced confidence in the Remain vote, and it ultimately turned out that we were right. It also turns out that the algos have traded the event better than humans as well.

Despite "The Biggest F##king Bailout Ever" This Analyst Says S&P Will Drop 80%

"I can't tell you how long it's going to take but I'm anticipating an 80% drop or 70% drop, something in that neighborhood. Tobin's Q got down to 0.54 in 2009...The reason it didn't go lower is because we had the biggest fucking bailout ever orchestrated in the history of the banking system..."

Is Steve Cohen Back To His Criminal Ways

We were hoping that Mr. Cohen, who surely would not want his name dragged back into another insider trading scandal as he prepares to move back to managing other people's money which he will be allowed to do in two years time, now that the SEC has granted him a reprieve from the isolation of a family office, will provide us with the required information, the same information which several years ago was material enough for the Feds to unleash the most historic crackdown on a legendary hedge fund in modern capital market history.

Cornering Russia - Risking World War III

Official Washington is awash with tough talk about Russia and the need to punish President Putin for his role in Ukraine and Syria. But this bravado ignores Russia’s genuine national interests, its “red lines,” and the risk that “tough-guy-ism” can lead to nuclear war. In short, Russia is being offered only the binary choice: to acquiesce to the “benevolent” hegemon, or to prepare for war.

Bad News Piles On For Hedge Fund Hotel SunEdison: First $315MM Margin Call, Now Mass Layoffs

It has been a long way up and quick ride down for SunEdison but bad news keeps piling up for the hedge fund hotel even as it dead-cat-bounces again. As the stock bounces, just as it bounced in September after Steve Cohen's Point72 exposed their stake and JPM jumped to the rescue, uncertainty remains extreme. Amid a surge in debt and increasingly negative operating cash-flow, the plunge in stock (asset) price may have triggered a cross-collateral margin call of around $315 million. Furthermore, mass layoffs are on the cards as the CEO attempts to "optimize" the business.