Reuters – Steven Cohen, the billionaire founder of SAC Capital Advisors, said in an interview with the Wall Street Journal that there may eventually be a sharp fall in the stock market, exacerbatedby hedge funds crowding into similar shares.
In the interview, published on Sunday, the 50-year-old head of one of the world’s most closely watched investment firms also said he was now making bigger bets and holding stocks for a longer time.
“It’s hard to find ideas that aren’t picked over, and harder to get real returns and differentiate yourself,” Cohen said in the interview. “We’re entering a new environment. The days of big returns are gone.”
