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Steve Cohen and team mascot Mr. Met. 

Steve Cohen and team mascot Mr. Met. 

Photographer: Mary Altaffer/AP
Wealth
The Big Take

Steve Cohen’s New Edge Is Hedge Fund Moneyball at Playoff-Bound Mets

The billionaire investor has turned from high-stakes trading to professional baseball and is pressing his advantage by spending big to win.

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It’s make-or-break time for Steve Cohen’s version of Moneyball.

Since buying the New York Mets two years ago, the hedge fund titan has wasted little time flexing his $12.8 billion fortune, building the most expensive roster in Major League Baseball so quickly that owners and players imposed a new cost — the so-called “Cohen tax” — for big spenders. It’s a far cry from the strategy of Billy Beane, a former Mets first-round draft pick, who popularized sabermetrics some two decades ago by making the most of a tight budget with the Oakland Athletics.