Jay Cohen
speaker
245 appearances
1 recordings
1 series
first heard Jul 2026
last heard 7 Jul
Jay Cohen’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Risk is the consequences if things don't go well.
Everything in life has risk, especially in business, and with risk you have five options.
You can avoid it, you can mitigate it, you can transfer it to someone else, you can hold it if the reward is high enough, or you can take on more.
We take risk from people who have it and don't want it and sell it to people who want it and don't have it.
Well, first, thank you for having me and covering this book.
I do not consider myself a better.
I always go back to, well, when I was an options market maker on the floor, I was the house.
And when I opened the World Sports Exchange, I was the house.
And there's a line in a sports book management book by Roxy Roxborough that says, gambling is wagering at unfavorable odds.
And when you're the house, you have favorable odds.
So that's how I've always seen myself, not just a shot taker, but more as taking calculated risks where I have an edge, statistical arbitrage.
I graduated from UC Berkeley in 89 with a degree in nuclear engineering.
and I took a base-level job on the floor of the exchange because I wanted to work in the markets.
So I started as a quote operator, and you're in the middle of the action, you meet people, and I worked my way up to a firm and eventually became a market maker, options market maker.
Well, my founding partner, Steve Schillinger, he was kind of the floating bookie around the floor.
He was an amazing trader, but he could price anything.
He was a brilliant odds maker.
And he used to take bets on Academy Awards, sports, whatever you, anything obscure, he was involved.
And when the OJ trial went down,
he set up a market for it.
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