who knowswhy stocks sometimes go down? maybe a fund liquidating its holdings?
BOSTON (Reuters) - Billionaire investor Steven A. Cohen's SAC Capital Advisors is ending its life as a hedge fund with a 20.10 percent gain this year, marking one of the industry's best returns even after SAC pleaded guilty to insider trading charges, a source familiar with the numbers said.For two decades, Cohen, 57, has delivered some of Wall Street's best returns with average annual earnings of 30 percent. While Cohen charged some of the highest fees -- including a 50 percent performance fee -- his gains nonetheless attracted dozens of wealthy investors including the Blackstone Group. But the returns also sparked what has become a years-long government inquiry into exactly how Cohen and his traders managed to deliver such strong returns so consistently.