From Breakingviews - Even with alpha strikeout, Steve Cohen scores
. At SAC Capital Advisors, Cohen routinely outpaced Wall Street with average annual earnings of 30% before the firm pleaded guilty to insider trading charges in 2013.
Losers are often winners in sports, financially speaking. Dan Snyder just sold his woeful Washington Commanders for $6 billion; Snyder paid $800 million for the team and its stadium in 1999. Similarly, a group led by former basketball superstar Michael Jordan recently offloaded the pitiful Charlotte Hornets for $3 billion after buying the franchise in 2010 for just $275 million. The only insight required in sports is that the futures market for billionaires will keep growing.
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