Hedge Fund genius, Stevie Cohen, bought a tiny cottage in The Hamptons. According to the New York Observer, It's a trifling 10-bedroom, two-acre estate at 96 Further Lane, listed for $19.95 million by Corcoran Group.
Cohen, whose net worth is about $3 billion, has had more good stock bets than bad ones. His investment in AC Moore Arts & Crafts Inc. (NASDAQ: ACMR) has risen 19% to $22.47 a share since I posted about it last September. On the other hand, his bet on Bally Total Fitness Holding Corp. (Pink Sheets: BFTH) has not fared as well. I was right last November in calling it a good short -- it would be worth a 272% return if you closed off your $2.53 a share position at today's $0.68.
New York's elite is stunned by the modesty of Cohen's Further Lane real estate score. Although Cohen's new estate is "a schlep" from the water, "his schlepping" will be on a short, private ocean-access pathway. He decided not to buy a grander place because he decided that Further Lane will be his interim summer spot until he finds something a tad more spectacular on the ocean: "He didn't want to rent, and this is what he bought."
Even though he's made some bad bets, Cohen's net worth testifies to his fantastic track record. So what's a little schlep to the water?
Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned in this post.
Before the bell: Futures sharply lower on Dubai's debt problems
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
