Finance
A Tech Founder Cashed Out and Bet It All on Apple and Wells Fargo
Ryan Cohen sunk virtually all of his new fortune in only two stocks.
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When Ryan Cohen sold the pet retailer he co-founded for $3.35 billion in 2017, he had a clear idea of what he’d do with his share of the proceeds.
He plowed virtually all of it—he declines to specify the amount—into just two stocks: Apple Inc. and Wells Fargo & Co. This is exactly the kind of thing financial advisers say never to do. Cohen, 34, is not bothered about that. “It’s too hard to find, at least for me, what I consider great ideas,” he says. “When I find things I have a lot of conviction in, I go all-in.”