Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Steven A. Cohen, the billionaire hedge fund manager who was briefly barred from the business but is back managing other people’s money, told a crowd on the Upper East Side of Manhattan on Tuesday night that the bear market is coming. He didn’t offer a lot of analysis to back up his argument, basically saying the stock market has been going up for a while so eventually it has to go down.