BOSTON (Reuters) – Billionaire trader Steven A. Cohen is cautioning the staff of his investment firm, Point72 Asset Management, to remain cautious amid markets that have recovered slightly from coronavirus-driven lows.
FILE PHOTO: Steven Cohen, chairman and CEO of Point72 Asset Management, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson/File Photo
“Markets don’t come back in a straight line; after an earthquake there are tremors,” Cohen wrote to staff on Friday in an internal memo seen by Reuters.
“We need to continue to be disciplined. We are seeing plenty of opportunities to generate returns, but I don’t want us taking undue risks.”
Cohen also wrote that his $16 billion firm’s returns are “essentially flat for the year,” a result that “speaks to how well our investment professionals have managed risk in such a challenging environment.”
Point72 is best known for stock market…