- A four-day work week is inevitable thanks to artificial intelligence, according to billionaire hedge fund boss Steve Cohen.
- Cohen said that belief was part of the reason he made a big investment in golf.
- “This should fit into the theme of more recreation for people, which means rounds of golf will increase,” Cohen said.
A four-day week is coming to the workplace, according to hedge fund giant Steve Cohen.
Cohen, CEO and president of Point72 Asset Management, told CNBC on Wednesday that the growing adoption of artificial intelligence will ultimately help enable a four-day work week.
“I believe a four-day work week is coming,” Cohen said. “You know, since the advent of AI, in general, people tell us that Fridays just aren’t, that people aren’t as productive on Fridays, and so I just think that’s an eventuality.”
Although it’s “hard to know” when the four-day work week will arrive for the majority of the workforce, Cohen said investing in the experience would likely be the best way to benefit from the major theme of working Americans fewer hours.
“Anything related to, you know, I would say leisure, travel, experiences, all that kind of stuff, if people have more time,” Cohen said of the investment implications of a week of four-day work.
Cohen himself has made major investments in the sports world. In addition to his 95% stake in the New York Mets, Cohen recently joined a group of investors who have committed to investing approximately $3 billion in the PGA Tour.
“It should fit into the theme of more recreation for people, which means rounds of golf will increase and, you know, interest,” Cohen said. “I guess classes will be crowded on Friday.”
Although Cohen expects a four-day work week to become a reality, that likely won’t be the case for his employees or anyone else employed by investment firms. That is, unless the stock market also decides to adopt a four-day work week.
“If they leave on Friday and they have a portfolio, that’s a problem, OK, if the markets are open,” Cohen said of investment managers. “So forget, forget about us, okay. I mean, the vast majority of people will have the opportunity, I think, at some point to have a three-day weekend.”
businessinsider
