LAS VEGAS—Legendary hedge fund manager Steve Cohen expects that the markets will “pause” this summer.
Speaking to the audience at Skybridge Alternative Investment Conference Tuesday afternoon, Cohen said that the run up in the S&P 500, which has gone from around 1000 to around 1500 since last just, is probably coming to an end.
“We’ve had a good run and I think we’ll see a little pause,” he said.
Cohen, who founded hedge fund giant SAC Capital, rarely speaks publicly and was one of the most hotly anticipated names on the roster of speakers at the conference.
He made some macro-economic predictions as well. The second half of 2011 could see more robust growth than the first half, he said.
“We could see 4 per cent growth in the second half,” he said.
But that growth won’t last, according to Cohen.
“I’m more worried about 2012 as some of the stimuluses wear off,” he said. “But we’ll worried about it when we get there.”