Chewy's founder piled most of a $3.4 billion fortune into just 2 stocks after selling the company
The move goes against the one cardinal rule of investing: diversification. Yet Cohen felt strong enough in his choices to take the risk.
While the trades certainly back up Cohen's claim, they haven't yet minted massive profits. He piled into Wells Fargo in the second half of 2017, Bloomberg reported, when shares traded at roughly $54. The stock has since slid alongside most others through the coronavirus pandemic and opened at $31.25 on Friday.
The Chewy founder also bucked tradition by not establishing a so-called family office for his trades. Such private firms have served as the go-to methods for wealthy individuals to manage investments. Should Cohen's foregoing of a family office spark a new trend, private wealth managers stand to lose swaths of profits.
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