The Secret To Managing Successful Traders
SAC Capital is a powerful $10 billion hedge fund run by superstar trader Steven A. Cohen, one of Wall Street’s most prolific players who regularly takes home $500 million a year. What’s their secret? Telling their traders to swallow female hormones to trade better. It was alleged that one of Cohen’s top bosses at SAC chided traders for being too aggressive - and that they must use a soft feminine touch to score in their trading pitches.
One junior trader claimed that the boss, Ping Jiang, a key producer at the big hedge fund, demanded that the young trader take female hormone pills to help erase his aggressive male ways so he could be more effeminate in his trading style. Eventually, the hormones caused the junior trader, Andrew Tong, to start wearing dresses, avoid his wife’s touches altogether and allegedly begin a sexual relationship with his boss, the trader claims. Tong said that when he was instructed by Jiang to start taking an unspecified dosage of the pills to improve his trading. Tong had to search the illegal black market to find his hormone pills.
The method apparently worked for Jiang, who’s listed by Trader Monthly magazine as one of Wall Street’s top 100 traders, with estimated income of $100 million a year.
