The New York Mets and their revamped team are languishing in this young baseball season, but owner Steve Cohen is not panicking, far from it.
After all, one of Wall Street’s most prolific hedge fund managers knows what it means to post losing trades early in the year, only to rebound later and continue a winning campaign. It’s largely the same thing, he said.
“It’s only four games into the season, right?” Cohen told CNBC’s Andrew Ross Sorkin during an interview Wednesday on “Squawk Box” that discussed his so-far winless team that he bought into 2020. “Nobody wants to start zero and four, but you know, it’s early. During the season you’re going to have losing streaks. We happen to have one early on.
These struggles come after a disappointing season in which the Mets were expected to contend for a championship but instead limped to fourth place in the National League East, despite having the highest payroll in baseball.
Pete Alonso #20 of the New York Mets grounds out during the ninth inning against the Philadelphia Phillies at Citizens Bank Park on September 21, 2023 in Philadelphia, Pennsylvania.
Tim Nwachukwu | Getty Images
Recognizing that the current combination wasn’t working, Cohen cleaned house, trading marquee pitchers Justin Verlander and Max Scherzer with others. The team followed those moves with strong pickups in free agency and is now eyeing 2025 as a chance to contend for a title.
The Mets remain hopeful for 2024, but started the year scoring just eight runs in their four losses while giving up 19.
“Civic responsibility”
Amid it all, Cohen, founder of Point 72 Asset Management, said he loves being an owner, something he views through a broader prism than just winning ball games.
“I don’t worry about the cost side,” he said when asked about the huge dollars he has invested in the team. “I said in my first press conference, if I can make millions of people happy, isn’t that cool? So I view it as a civic responsibility.”
That doesn’t mean losing doesn’t bother him. But he’s playing the long game with the Mets, not looking for immediate gratification.
“No one wants to lose money forever and spend money without finding success,” he said. “For me, I think success isn’t just about winning the World Series, making the playoffs and winning the World Series. It’s also about developing as a deep farm system that creates talent over time. years and again and again.”
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