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Steven A. Cohen’s Newest Bet: Do-It-Yourself Computer Traders - WSJ
July 27, 2016

Steven A. Cohen is betting as much as as $250 million that mechanical engineers and nuclear scientists can come up with market-beating mathematical models in their spare time. He's investing in a hedge fund launched by Boston investment firm Quantopian that provides money to do-it-yourself traders who come up with the best computerized investing methods, giving a share of any profits to the creators.

Mr. Cohen, chief executive officer of Point72 Asset Management LP, is also making an undisclosed investment in Quantopian itself through his family-office venture arm Point72 Ventures.

The billionaire’s new commitments are part of a broader push in the money- management world to embrace quantitative investing, which relies mainly on math-based models to bet on statistical relationships or patterns in stocks, bonds options, futures or currencies......Point72 Asset Management oversees the personal wealth of Mr. Cohen, his family and employees. It already has an internal team devoted to computer-driven trading strategies......Quantopian says it has 85,000 users signed up from 180 countries who have created more than 400,000 algorithms on the company’s free web-based platform. So far, the firm has only selected 10 of those to trade a few hundred thousand dollars on behalf of Quantopian. The platform is only for U.S. equities trading so far, but Quantopian plans to expand to other asset classes.
algorithms  quantitative  Wall_Street  Steven_Cohen  beat_the_market  hedge_funds  DIY  SAC_Capital  money_management  investing  Point72  asset_classes  family_office 
july 2016 by jerryking
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