Returns may be 'marginal' at best, says hedge fund manager. : Billionaire hedge fund manager Steve Cohen said a bear market is coming within two years, adding to a chorus of voices who say the U.S. economy could falter by 2020. “We’re definitely late cycle, and so at some point we’re going to enter a bear market, and it’s going to happen in the next year and a half, maybe two,” Cohen said during a talk with MSD Capital’s Glenn Fuhrman at the 92nd Street Y in Manhattan on Tuesday night.