"Point72 quants built models about New York Times Co. without much input from managers ... The models drew criticism from managers for failing to account for the real-world impact of the election of Donald Trump on the newspaper's circulation ..." Simon Foxman, Bloomberg, March 5, 2018. Here is the article.
This "failure to communicate" between the BigData folks and the seasoned traders is the latest problem Steve Cohen has encountered since he could solicit funds from outside investors. There had been a two-year ban. That had been negotiated with the SEC by BigLaw superlawyer David Boies.
Other obstacles have been that not as much money has been coming in as Point72 had predicted and it had been sued for alleged gender discrimination.
Also, there have cartoonish developments, given Cohen's hard-charging nature. At the top of the list is the installation of the nap room at Point72. Not that a nap room is dumb. It could boost productivity. It just isn't the right branding for a Cohen type.
On the BigData front, Cohen has done what is expected: He changed who's in charge of that operation. This isn't the first time he had had to do that.
The latest leader is Kirk McKeown. At Point72, he will oversee three groups:
- Data Sourcing and Strategy
- Point of the Spear.
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