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Point72’s Steve Cohen is stepping back from trading his own book

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7 months ago

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Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB’s New York Mets, in Queens, New York, on Feb. 10, 2021.

Brendan McDermid | Reuters

Billionaire investor Steve Cohen is retiring from the trading floor at his hedge fund Point72.

The prominent hedge fund investor, who also owns the New York Mets, will continue his role as the co-chief investment officer at Point72, which Cohen converted from S.A.C. Capital Advisors in 2014 after lofty insider-trading settlements.

“He is taking a break from trading his own book and he feels he can have a greater impact by focusing on running the firm, driving strategic initiatives, and mentoring and coaching the next generation of talent,” a spokesperson at Point72 said.

Point72, which uses long/short, macro and systematic strategies, manages more than $35 billion. Most recently, the firm is planning to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom.

Earlier this year, Cohen came out as a long-term AI bull. He has called AI a “really durable theme” for investing, comparing the rise to the technological developments in the 1990s.

“There’s huge value in having Steve as an impactful mentor for our investment professionals; he’s been doing this for 40 years and he’s seen a lot,” Point72 said. “That’s what gives him the most satisfaction these days — helping people succeed and seeing it make a difference — and where he feels he can add the most value.”

Bloomberg News first reported on Cohen’s move away from trading earlier Tuesday.

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American Express cardholders still spending despite Trump tariffs

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7 hours ago

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April 17, 2025

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American Express‘s affluent cardmembers are showing few signs of curbing their spending, and younger customers drove growth in first-quarter transaction volumes, Chief Financial Officer Christophe Le Caillec told CNBC.

Billed business on AmEx cards rose 6% in the period, or 7% when adjusted for the impact of leap year, the company reported Thursday, which shows that the bump in spending late last year continued into 2025, according to Le Caillec.

Those trends have continued into April, the CFO said, despite sharp declines in stocks this month amid concerns that President Donald Trump’s tariff policies will cause a recession.

The dynamic, which helped AmEx top expectations for first-quarter profit, shows that the company’s wealthier customer base may help to insulate it from concerns about tariffs and stubborn inflation. On the other end of the credit spectrum, Synchrony Financial, which offers store cards for dozens of popular retailers, has warned of a spending slowdown.

“There’s a lot of stability and strength, despite the news and the environment,” Le Caillec said.

Growth at AmEx came from younger cardholders, with millennial and Gen Z members spending 14% more in the quarter. Gen X and Baby Boomer cardholders showed more caution, registering 5% and 1% increases, respectively.

Le Caillec said it’s difficult to discern whether cardmembers were pulling forward purchases because of the looming tariffs, creating an artificial boost to purchase volumes, as JPMorgan executives said last week. But some small businesses may be doing so to build inventory because of concerns about the duties increasing costs, he added.

Airline slump

One category in particular gave Le Caillec confidence that the spending trends may be durable.

“Restaurant spend is up 8%,” the CFO said. “This is the ultimate discretionary expense, it’s not something you can bring forward, and so it’s really a good indicator of the strength of our cardmember base and the confidence they have.”

If there was a weak area besides the spending slowdown from older Americans, it was in airline transactions, according to the company’s earnings presentation. The category grew just 3%, or 4% when adjusted for leap year, after climbing 13% in the fourth quarter.

But while airlines, retailers and other corporations have pulled their earnings guidance on tariff uncertainty, AmEx was holding firm.

It maintained its guidance for revenue growth of 8% to 10% and earnings of $15 to $15.50 per share this year, Le Caillec said.

In the company’s presentation, though, it added a new caveat to its guidance: “Subject to the Macroeconomic Environment.”

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