Abby Joseph Cohen’s success and mistakes
Abby Joseph Cohen is a respected American financial market analyst at Goldman Sachs. Many investors trusted her opinions and forecasts, and she earned the title of ‘Queen of the Bulls’ on Wall Street.
Abby was born in 1952 in New York City. Her father was a financial director in a publishing house, and her mother worked as an economist. Unsurprisingly, Abby graduated from Cornell University with an economics and computer science degree. After earning her bachelor’s degree, Joseph married, becoming Joseph Cohen. With her husband, she went to Washington, D.C., where she took a position as an economist in a department of the Federal Reserve Board. The girl enrolled in graduate school to advance her career, and after receiving her degree in 1976, she changed jobs. Abby got a job as an analyst in a large company. The financier’s memories of that time were rather negative. She noted a prejudiced and superficial attitude towards female employees. Joseph Cohen herself was denied health insurance by her employer until Abby’s husband, who was a lawyer, intervened.
In 1983, Abby joined an investment bank where she worked on portfolio strategies. Four years later, she was promoted to senior strategist, but the new role was challenging. The fact was that the appointment took place just before the massive financial crisis – Black Monday. Abby had not yet had enough experience to predict such a situation. Her clients had lost large sums.
Job at Goldman Sachs
By 1990 the investment bank had filed for bankruptcy, and after a while, Abby took a job at Goldman Sachs. Joseph Cohen was waiting for success and recognition at the new place: her predictions came true and brought profit to the company’s clients. Abby appeared as an expert on TV, and in 1997 she was included in the list of the best financiers in the USA. A year later, she became a partner at Goldman, and her income reached US$5 million yearly.
In 2000, the dot-com crash happened, which most analysts and investors did not expect. Along with the market crash came Abby’s reputation, who had previously argued that the bullish trend would continue. She had continued to make optimistic forecasts despite the crisis, but unfortunately, they were hardly justified.
Another blow to the reputation of Joseph Cohen was the crisis of 2008 when the S&P 500 fell from 1468 to 903. At the end of 2007, Abby had forecast a figure of 1,675. That mistake cost the financier her job as an analyst. However, she stayed on at Goldman but on a different project. The woman retired in 2017 and is enjoying a well-deserved retirement.