Steve Cohen summed up his predictions for the coming year in one word in his end of the year letter to investors: “reasonable.”And last year, accordingly, was, “strange.”
From MarketWatch, who got a copy of the letter:
Cohen described a slew of new trading teams that are joining SAC and predicted a reasonable year for the stock market in 2011, after calling 2010 “strange,” according to the letter, dated Jan. 31.
Of course the billionaire hedge fund manager also mentioned being subpoenaed by the FBI and what it means for the firm.
In its Jan. 31 letter to investors, Cohen said SAC’s management company will bear any costs related to the investigation. “Accordingly, we are confident there will be no financial impact to our investors,” Cohen wrote. “While this investigation plays out, I and the other portfolio managers remain focused on managing the assets entrusted to us,” he added in the letter. “We are confident that our ability — and my ability — to do so will not be affected.”
Earlier today: Steve Cohen lost $23 million in 30 minutes