Abby Joseph Cohen
Abby Joseph Cohen | |
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Born | |
Nationality | American |
Alma mater | Cornell University George Washington University |
Occupation | Financial analyst |
Spouse | David M. Cohen |
Children | two |
Abby Joseph Cohen (born February 29, 1952) is an American economist and financial analyst on Wall Street. As of February 2017[update], she continues to serve as an advisory director at Goldman Sachs, after retiring from leadership of its Global Markets Institute.[1][2] Prior to March 2008, she was the firm's Chief Investment Strategist. In 2001 she was named one of the 30 most powerful women in America by Ladies Home Journal.[3]
Family and education
Cohen was born in Queens, New York, the daughter of Raymond and Shirley (née Silverstein) Joseph, emigrants from Poland. She graduated from Martin Van Buren High School in Queens.[4] Cohen earned a B.A. in economics and computer science from Cornell University (1973) and an M.S. in economics from George Washington University (1976).[5][6] She obtained her Chartered Financial Analyst (CFA) designation in 1980.[7]
In 1973 she married David M. Cohen.[4] They have two daughters.
Career
Cohen began her career as an economist in 1973 at the Federal Reserve Board in Washington, D.C., serving until 1977. She worked as an economist and quantitative research director for T. Rowe Price Associates. From 1983 until 1988, Cohen was the vice president in charge of investment strategy at Drexel Burnham Lambert.[8]
Following the Michael Milken fiasco and subsequent United States Department of Justice investigation into Drexel Burnham Lambert's affairs that led to the firm's demise, Cohen worked for a short time with Barclays de Zoete Wedd, then joined Goldman Sachs in New York City as a vice president and co-chair of the Investment Policy Committee in 1990, and was named a managing director in 1996 and a partner in 1998.
Successes and failures
She is famous for predicting the bull market of the 1990s early in the decade, and was named Institutional Investor's top strategist in 1998 and 1999.[2] However, she developed a reputation as a so-called "perma-bull", receiving criticism for continued bullish predictions after March 2000 as the stock market entered a dramatic decline.[8]
Her reputation was further damaged when she failed to foresee the great Bear Market of 2008. In December 2007, she predicted the S&P 500 index would rally to 1,675 in 2008, the most optimistic of 14 Wall Street forecasters. The S&P 500 traded as low as 741 by November 2008, 56% below her prediction. On March 8, 2008, Goldman Sachs announced that Cohen was being replaced by David Kostin as the bank's chief forecaster for the U.S. stock market.[9]
Civic works
Abby Joseph Cohen has served as a trustee of Cornell University[10] and the Brookings Institution,[11] and during 2009–2015 was Chair of the Board of Trustees of the Jewish Theological Seminary of America.[12] She and her husband have been supporters of the Jewish Outreach Institute, which helps to bring nominal Jews back into the Jewish religious community,[13] and of the United States Holocaust Memorial Museum.[14]
References
- ^ "Agenda 2016: Reviving U.S. Economic Growth". Progressive Policy Institute. November 13, 2015.
- ^ a b "Abby Joseph Cohen, Famous for Bullish Calls, Plans to Retire". Bloomberg News. February 10, 2017.
- ^ "Abby Joseph Cohen". Google Arts & Culture. Retrieved 2019-07-07.
- ^ a b Cicarelli, James; Cicarelli, Julianne (2003). Distinguished Women Economists. Greenwood Press. pp. 46–49.
- ^ Abby Joseph Cohen Archived July 23, 2011, at the Wayback Machine, johnson.cornell.edu
- ^ Cohen, Abby Joseph 1952-, encyclopedia.com
- ^ Abby Joseph Cohen CFA, businessweek.com
- ^ a b "Profile: Abby Joseph Cohen". Hadassah Magazine. 2005-02-22. Retrieved 2019-07-07.
- ^ "Goldman Sachs Says Abby Cohen to Stop Making S&P 500 Forecasts". Bloomberg News. March 17, 2008.
- ^ "Board of Trustees: Members". Cornell University.
- ^ "Board of Trustees". Brookings Institution.
- ^ "Board of Trustees". Jewish Theological Seminary of America.
- ^ Jewish Outreach Institute Bulletin (2008) Archived April 7, 2013, at the Wayback Machine
- ^ United States Holocaust Memorial Museum Annual Report 2012
- 1952 births
- Living people
- People from Queens, New York
- Economists from New York (state)
- American people of Polish-Jewish descent
- American women economists
- Women financial analysts
- Columbian College of Arts and Sciences alumni
- Cornell University alumni
- Goldman Sachs people
- Drexel Burnham Lambert
- CFA charterholders
- 20th-century American economists
- 21st-century American economists
- Brookings Institution
- Martin Van Buren High School alumni
- Federal Reserve economists