资讯人物：华尔街的“不倒翁”

Portfolio Manager A was the coy description of Steven Cohen used by the Securities and Exchange Commission as it this week made its allegations in the largest case of insider trading in US history.

美国证交会(SEC)本周对美国历史上最大的一起内幕交易案提出指控，在指控中使用“投资组合经理A作为史蒂文·科恩(Steven Cohen)的代称。

But there is no doubt that the mystery manager is the founder of SAC Capital, the $14bn hedge fund at the heart of the alleged scheme.

但毫无疑问，这位神秘经理就是SAC资本(SAC Capital)的创始人，而这家规模140亿美元的对冲基金公司是被控阴谋案的核心。

Away from his beloved trading desk, the 56-year-old Mr Cohen, balding with eyes that betray decades of early mornings, is a direct but unimposing presence. At the desk, however, he is a snarling and aggressive trader, one revered and feared across Wall Street.

56岁的科恩谢了顶，一双眼睛暴露出他数十年来坚持早起的习惯。离开了深爱的交易台，他看上去是一个直率而平凡的人。但在工作时，他却摇身成为一名愤怒、好斗的交易员，整个华尔街对他又敬又怕。

Surrounded by computer screens at the centre of SAC’s 20,000 sq ft Greenwich, Connecticut, trading floor, kept cool (69F) and quiet as per his specific instructions, Mr Cohen runs a fund that at its peak accounted for 3 per cent of all trading on the New York Stock Exchange. SAC Capital has earned more than $12bn in investor profits, paid billions of dollars in commissions to Wall Street and carried Mr Cohen to 106th place on the Forbes rich list.

SAC的交易大厅位于康涅狄格州格林尼治，占地2万平方英尺，按照科恩的要求常年保持凉爽（69华氏度、20.6摄氏度）和安静。交易大厅中央，被计算机屏幕包围的科恩运营着一支最高曾占据纽约证交所(NYSE)交易量3%的基金。SAC为投资者赚得了逾120亿美元的利润，向华尔街支付了数十亿美元的佣金，也将科恩带到了《福布斯》(Forbes)富豪榜的第106位。

Throughout his rise, Mr Cohen has remained a guarded man, even by the paranoid standards of the hedge fund world. Employees must sign fearsomely worded non-disclosure agreements. Mr Cohen rarely speaks to the press.

科恩在崛起的过程中保持了很强的戒备心，即便以对冲基金界的偏执标准来看也是如此。员工必须签署措辞可怕的保密协议，科恩本人也很少与媒体交谈。

Nevertheless, he received some unwelcome attention this week when the Federal Bureau of Investigation arrested Matthew Martoma, the fifth former SAC employee to face insider trading charges since 2009. SAC avoided $194m of loses and made $83m trading in the stock of Elan and Wyeth, pharmaceutical companies, according to the SEC.

但在本周，他得到了一些并非他想要的关注：联邦调查局(FBI)逮捕了马修·马拓玛(Matthew Martoma)，这也是2009年以来第五名面临内幕交易指控的SAC前雇员。SEC称，SAC在制药公司Elan和惠氏(Wyeth)的股票交易中避免了1.94亿美元的损失，并赚得8300万美元的利润。

The regulator’s complaint says that on July 17 2008, Mr Martoma learnt of disappointing results for an Alzheimer’s drug from a doctor overseeing the trials. On the Sunday, he emailed Mr Cohen, asking to catch up. “It’s important, the email read. Mr Cohen replied with his mobile phone number and the two spoke for about 20 minutes.

SEC的诉状写道，2008年7月17日，马拓玛从一名主管临床试验的医生那里得知，一种治疗老年痴呆症的药物效果不尽如人意。周日，他发出电子邮件，要求科恩采取行动。邮件中说：“这很重要。科恩随后回电，两人交谈了20分钟左右。

The next day, Mr Cohen and Mr Martoma instructed a senior trader to begin liquidating the portfolio in a way that would “not alert anyone else, inside or outside of the hedge fund, according to the complaint.

诉状称，科恩和马拓玛翌日指示一名高级交易员，以一种“不会惊动SAC内外任何其他人的方式，对投资组合进行清盘。

SAC says that it and Mr Cohen have not been accused of wrongdoing and are co-operating with the inquiry.

SAC称，其本身与科恩没有受到行为不端的指控，并且正在配合调查。

Lawyers say that Mr Cohen is the ultimate target of the investigation. “The US attorneys could not have been more clear and direct in the way they drafted the complaint, says Brad Simon, a former federal prosecutor.

律师表示，科恩是调查的最终目标。前联邦检察官布拉德·西蒙(Brad Simon)说：“从联邦检察官起草诉状的方式来看，他们的意图极为直接、明显。

SAC has 120 investment teams and 1,000 employees. A steady stream of moneymaking ideas is expected from them. “He’s a tough son of bitch, there is a lot of pressure working for him. But his investment skills are authentic and world class, says one former employee.

SAC拥有120支投资团队和1000名员工，源源不断地想出生财方法是他们的目标。“他是个很难对付的混蛋，为他工作压力很大。但他的投资技巧是名副其实的世界一流，一名前员工说道。

Were those “world-class skills honestly deployed? Did the pressure to perform and the aggressive pursuit of information cross a legal line? These questions point to a deeper issue. Overall, the hedge fund industry has struggled in recent years. Many of Mr Cohen’s peers, such as George Soros and Bruce Kovner, have retired; others, such as Tom Steyer, are retiring at the end of the year. Is Mr Cohen part of a dying breed? Is the very idea of a superstar hedge fund manager set to become a thing of the past?

“世界一流的技巧是否用在了正道上？业绩的压力和对信息的极力追求是否越过了法律的边界？这些提问都指向更深层次的问题。总体来看，对冲基金行业近年来处境不佳。科恩的很多同行，如乔治·索罗斯(George Soros)和布鲁斯·科文纳(Bruce Kovner)均已告退；汤姆·斯泰尔(Tom Steyer)等人也将在年底退休。科恩是不是仅存的稀有物种？对冲基金经理巨星的概念是否注定成为明日黄花？

For Mr Cohen, such concerns seem to be academic. He has used his fortune to indulge a taste for modern art, hanging work by Pablo Picasso and Jackson Pollock on the walls of his sprawling Greenwich mansion.

对于科恩来说，这些担忧似乎有些脱离实际。他将自己的财富用于对现代艺术的品鉴，在位于格林尼治的庞大交易中心大楼的墙上，挂上了毕加索(Pablo Picasso)和杰克逊·波洛克(Jackson Pollock)的作品。

Born in Great Neck on New York’s Long Island, he has bought a small stake in the nearly local Mets baseball team. And he is a generous donor on the charity circuit: a supporter of military veterans, children’s hospitals and education.

科恩出生于纽约长岛的格雷特内克，他购买了家乡附近的纽约大都会棒球队(New York Mets)少部分股份。他是慷慨的慈善捐赠者，资助着退伍老兵、儿童医院和教育事业。

But friends and colleagues say that what defines him – his consuming passion that separates him from the crowd – is his need to trade. One former senior manager of SAC said: “If I had one wish for Steve, it’s that he dies at his trading desk.

但朋友和同事说，对交易的渴望是他的最大特点，是使他不同于常人的强烈爱好。一位SAC的前高级经理说：“如果我要为史蒂文许愿的话，我希望他能死在交易台上。

He is fearless, connected and ruthless. Wall Street’s picture of Mr Cohen is of a man with an instinct for how to take on the roaring beast of the stock market, sensing its movements simply from the sound of the ticker tape machine.

他勇敢无畏、广交朋友、冷酷无情。按照华尔街对他的印象，科恩有着驯服股市这只庞然怪兽的本能，只要听着自动收报机的声响便能知道股市的走向。

Smart and already an expert poker player, at the University of Pennsylvania he was more interested in gambling his college fees in a brokerage account than in the books.

科恩头脑聪明，是扑克牌专家。在宾夕法尼亚大学(University of Pennsylvania)读书时，他就开设了经纪账户拿自己的学费交易，而对书本兴趣寥寥。

Hired by the Wall Street firm Gruntal and Co in 1978 to an arbitrage desk that looked for low-risk profits to be made between different securities, he chafed at the need to minimise risk when so much money was there for the taking.

1978年，他受雇于华尔街公司Gruntal and Co，进入一个套利交易部门，在不同证券之间寻找低风险的盈利机会。他对降低风险的要求不屑一顾，因为赚钱的机会遍地都是。

Allowed to trade freely, he rode the 1980s bull market at Gruntal. In 1992 he left to set up SAC with $25m. Although he charged a then unheard of 50 per cent of profits, his astounding performance soon attracted more investment.

在获得自由交易的允许之后，留在Gruntal工作的科恩在上世纪80年代的牛市中呼风唤雨。1992年，他离开公司，用2500万美元创办SAC。尽管他收取利润的50%为佣金（这在当时是闻所未闻的），但惊人的业绩很快为他吸引来更多的投资。

He became a star of the emerging hedge fund world in 1999 when he delivered a 68 per cent return to his investors by backing dotcom stocks, and then did even better the following year by selling them as the bubble burst.

1999年，他在兴起的对冲基金行业成为了一颗明星。凭借着对互联网公司股票的下注，他为投资者带来了68%的回报率，并在次年互联网泡沫破灭之际出售股票，获得了更好的业绩。

Shortly after that, according to Wall Street legend, he missed the birth of his youngest child in 2002 while stuck to his trading desk. (A person familiar with the firm says that his wife, Alexandra, went to the hospital early and he was on his way there at the time.) Even now, he works 80 to 90-hour weeks, a camera constantly trained on his face to shout commands at underlings.

根据华尔街的传说，在不久之后的2002年，科恩因为坚守在交易台而错过了最小的孩子的出生。（据熟悉公司的人说，他的妻子亚历山德拉(Alexandra)事先去了医院，而他当时正在赶往医院的路上。）即使是现在，他每周仍然工作80至90个小时，一架摄像机瞄准他的脸，以方便他对下属发号施令。

So at SAC Capital, it is business as usual. Mr Cohen and his staff own about $8bn of its capital, he has promised to pay all legal costs, and returns, while nowhere near those of the past, are still better than most peers.

所以，SAC仍是照常营业。科恩和员工拥有SAC 80亿美元的资本。他承诺支付所有的法律费用和回报。现在的回报率与过去相去甚远，但仍好于大多数同行。

While other hedge funds might fail at the first mention of an insider trading investigation, Portfolio Manager A can carry on trading. He will keep doing so until someone forces him to stop.

其他的对冲基金可能在第一次出现内幕交易调查时就关门停业，但“投资组合经理A还能继续交易。除非有别人的强硬阻拦，否则他将一直交易下去。

The writer is the FT’s US investment correspondent

本文作者为英国《金融时报》美国投资通讯记者