CORP/BIZ Billionaire Steve Cohen Sees "Four-Day Work-Week" Coming... & More Golf (& QE)

Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Oh, and check out the part where his people will continue a five-day week even if this happens. Though if the stock exchanges also go four-day, what's the point of keeping your traders in?

Fair use cited so on and so forth.

Billionaire Steve Cohen Sees "Four-Day Work-Week" Coming... & More Golf (& QE) | ZeroHedge

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Billionaire Steve Cohen Sees "Four-Day Work-Week" Coming... & More Golf (& QE)​


by Tyler Durden
Wednesday, Apr 03, 2024 - 11:10 AM

In one of his rare public appearances, billionaire hedge fund manager (and New York Mets owner) Steve Cohen told CNBC's Andrew Ross Sorkin this morning that he expects more and more businesses to move to a four-day work-week in the coming years.
“My belief is that a four-day work week is coming,” Cohen, the founder of Point72 Asset Management said in his first-ever interview on CNBC.
“That fits into a theme of more leisure for people.”
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Cohen points to a number of factors driving this shift, including the advent of artificial intelligence, and the fact that - post-COVID - more companies allowing hybrid working means “that people are not as productive on Fridays.”



And this thesis supports his major investments in the golf industry.

Specifically, Bloomberg reports that Cohen is part of a consortium that recently invested up to $3 billion in an entity being formed by the PGA Tour and Saudi Arabia’s Public Investment Fund.

The deal, with fellow billionaires including Marc Lasry and Milwaukee Brewers owner Mark Attanasio, is in a new commercial entity that is set to boost prize money for players.

Cohen is also a team owner in a new simulator-based golf league funded by Tiger Woods and Rory McIlroy.



Ironically, Cohen said he’d keep his own traders and portfolio managers working five days a week.

“Taking off Friday when you have a portfolio - that would be a problem,” he said.
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So no golf for the PMs.

Cohen may well be right - as all the social narratives are shifting this way - and as Goldman Sachs assuredly explained:

Applying our estimated global labor productivity boost to countries in our coverage implies that widespread AI adoption could eventually drive a 7% or almost $7tn increase in annual global GDP over a 10-year period. Although the size of AI’s impact will ultimately depend on its capability and adoption timeline—and uncertainty around both of these factors is sufficiently high that we are not incorporating our findings into our baseline economic forecasts at this time—our estimates highlight the enormous economic potential of generative AI if it delivers on its promise.
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True: there is "enormous economic potential" ... as long as the world survives the revolution that will follow the layoffs of 300 million people.

But the consequences of such a seismic shift in America's way of life would have serious consequences.

Not the least of which is a need for UBI (Universal Basic Income) handouts to fill the pockets of those 'less productive' (read soon to be unemployed) people so they can buy their iPhones (and play golf?) and not burn-the-system down in a revolution.

UBI, of course, is playing right into the hands of the Cloward-Pivens chaos-creators, forcing more and more of the population to become entirely dependent on a benevolent government (as long as you vote the 'right' way)... and to fund that spiraling government debt, The Fed will need to 'enable' trillions in QE every year.

More debt >> More QE >> more inflation >> weaker dollar >> lower standard of living >> higher UBI >> more debt...

Buy gold and bitcoin.
 
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WalknTrot

Veteran Member
IMHO, with 4 ten hour days, you get more done. It's how I spent 35 years. That is of course if you have enough staff to cover co-worker's days off, because any business/service is still expected by the public to be open at least 5 days/week.

One problem - your first day off on your 3 day weekend, you are sorta a zombie, but :shr: Needless to say, I didn't have a desk job.
 
P

Phelan

Contributing Member

Billionaire Steve Cohen Sees "Four-Day Work-Week" Coming... & More Golf (& QE)​

the subtext here is "Steve Cohen sees the cost of goods and services rising by 45%"
I don't know about other service industries but I can bet that daycare costs will go up by that amount based on the staffing costs of my employer. For us, we would need aprox. 28 part time staff to stay open that extra day raising tuition from 1490 to near 2200 per child per month. So that we can pay them and keep our liabilities in check, though it would also grow the company into all the obama care b.s. as we would grow well past the 50 employee min. For us 45% is a best case guess
 
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Murt

Veteran Member
I worked 4 tens and liked it
my boss told me to make out a schedule because he didn't want the bother--so I did

one week I worked Monday Tuesday Wednesday Thursday the following week I worked Tuesday Wednesday Thursday Friday
so every other week had a 4 day weekend

My co-workers and I loved it --the boss didn't but he couldn't say much
so we worked it for about 6 months and then transferred me to another location
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Murt said:
I worked 4 tens and liked it
my boss told me to make out a schedule because he didn't want the bother--so I did

one week I worked Monday Tuesday Wednesday Thursday the following week I worked Tuesday Wednesday Thursday Friday
so every other week had a 4 day weekend

My co-workers and I loved it --the boss didn't but he couldn't say much
so we worked it for about 6 months and then transferred me to another location
Click to expand...

Better question is "why do you need 40 hours to begin with?" What if you can get the job done in 30? In 20? In 10?
 
Milkweed Host

Milkweed Host

Veteran Member
The problem with more time off is people spending more money on things/stuff.
More CC debt.

When I worked in Minnesota, the boss rotated two of us with one week on and the next week off.
Now that I liked! It was 26 weeks off per year, not counting vacation and holiday time off.
 
pauldingbabe

pauldingbabe

The Great Cat
WalknTrot said:
IMHO, with 4 ten hour days, you get more done. It's how I spent 35 years. That is of course if you have enough staff to cover co-worker's days off, because any business/service is still expected by the public to be open at least 5 days/week.

One problem - your first day off on your 3 day weekend, you are sorta a zombie, but :shr: Needless to say, I didn't have a desk job.
Click to expand...


Yep...

I worked 8 ten hour days and had 6 days off. Loved it!

Talk about a better "life balance." My 10's were night shift in a laboratory hospital and in the ED when they had overflow. By working when/how I did, I was able to go to school, run volunteer rescue, work PRN jobs in drug studies and EMS, and pay my bills and tuition for school (with the hospital kicking in tuition reimbursement).

This was 1993 to 97 in Richmond VA.
 
Haybails

Haybails

When In Doubt, Throttle Out!
Blacknarwhal said:
Better question is "why do you need 40 hours to begin with?" What if you can get the job done in 30? In 20? In 10?
Click to expand...
My wife works for a billion dollar corp and they just introduced a new program to "certain" trusted employees. She no longer has "x" number of days or "x" number of hours of time off or sick leave. There's some catchy name to it "responsible time management" or something like that. There's no limit; She just has to communicate with her superior. As long as she's getting her work done (and the requests don't get ridiculous) she takes off whenever/whatever she wants/needs.

I've heard from some outside of her company that corporate has found several things about plans like this:
1) People, by nature, take less time off under this arrangement (they don't want to look greedy)
2) Companies actually save under arrangements like this (don't have to pay for unnecessary leave days)

HB
 
D

dvo

Veteran Member
Murt said:
I worked 4 tens and liked it
my boss told me to make out a schedule because he didn't want the bother--so I did

one week I worked Monday Tuesday Wednesday Thursday the following week I worked Tuesday Wednesday Thursday Friday
so every other week had a 4 day weekend

My co-workers and I loved it --the boss didn't but he couldn't say much
so we worked it for about 6 months and then transferred me to another location
Click to expand...
Haha! I loved 4 tens as well. I think most of us did. But at some point, the big guys couldn’t get answers on the spot and they did away with the concept. Piss be upon them all.
 
M

Murt

Veteran Member
dvo said:
Haha! I loved 4 tens as well. I think most of us did. But at some point, the big guys couldn’t get answers on the spot and they did away with the concept. Piss be upon them all.
Click to expand...
that is why we rotated our weekly schedule ---there was always someone on site
but the boss still didn't like it
 
K

ktrapper

Veteran Member
Milkweed Host said:
The problem with more time off is people spending more money on things/stuff.
More CC debt.

When I worked in Minnesota, the boss rotated two of us with one week on and the next week off.
Now that I liked! It was 26 weeks off per year, not counting vacation and holiday time off.
Click to expand...
Weeks off is why I still work in the oil field. Three weeks on Three weeks off. But I work 12 hours a day on my work weeks.
I hope I never have to go back to 40 hour work weeks.
 
tnphil

tnphil

Don't screw with an engineer
Blacknarwhal said:
Cohen points to a number of factors driving this shift, including the advent of artificial intelligence, and the fact that - post-COVID - more companies allowing hybrid working means “that people are not as productive on Fridays.”
Click to expand...
Typical same-old management bullshit: "you aren't working unless I see you working".

For those of us who know what we're doing and have a good work ethic, remote work is vastly more productive. We also tend to work longer hours with fewer breaks, with much less time jawing and spreading office gossip. Companies are stuck with old attitudes and are too stupid to realize they are getting more work for the same pay. They want "metrics" but fail to measure the obvious, which is whether the work is getting done in a timely manner with a successful outcome. They want to spy and measure time spent on the computer, etc. All easily fooled by using an automated "mouse mover" program to keep the computer unlocked and show your status as "active."
 
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Blacknarwhal

Blacknarwhal

Let's Go Brandon!
tnphil said:
Typical same-old management bullshit: "you aren't working unless I see you working".

For those of us who know what we're doing and have a good work ethic, remote work is vastly more productive. We also tend to work longer hours with fewer breaks, with much less time jawing and spreading office gossip. Companies are stuck with old attitudes and are too stupid to realize they are getting more work for the same pay. They want "metrics" but fail to measure the obvious, which is whether the work is getting done in a timely manner with a successful outcome. They want to spy and measure time spent on the computer, etc. All easily fooled by using an automated "mouse mover" program to keep the computer unlocked and show your status as "active."
Click to expand...

Which is part of the problem. Like I said, why do we need to work for 40 hours? If it takes us 20 hours to do the work, then we should be done for the week. The problem is that anyone who only needs 20 hours to do the job either gets double the work--for no bump in pay, either--or has to INVENT work, like jawing and spreading office gossip, to cover the remaining "required" time.

But you're quite right in that the problem is old attitudes. We've been riding this 40 hour pony for around 100 years now since Henry Ford thought it up.
 
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