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Where Hedge Fund Mogul Steve Cohen Learned to Trade

Steven A. Cohen, founder and CEO of SAC Capital Advisors LP, speaks during the 2011 SkyBridge Alternatives conference in Las Vegas
Steven A. Cohen, founder and CEO of SAC Capital Advisors LP, speaks during the 2011 SkyBridge Alternatives conference in Las VegasPhotograph by Ronda Churchill/Bloomberg

Before the billions in personal wealth, the Jeff Koons sculptures, the mansion with its own hockey rink, and the withering scrutiny of the Securities and Exchange Commission, SAC Capital founder Steven Cohen made his name as a trader at a firm called Gruntal & Co. It had a rocky history, to say the least.

Gruntal went out of business in 2003. But when Cohen joined the small brokerage house in 1978, it was on the brink of a lucrative run, eventually growing through the bull market of the 1980s to become the 14th largest brokerage in the country, with more than 30 locations and hundreds of employees.