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- A prediction by billionaire hedge fund executive Steve Cohen suggests that a four-day workweek will be inevitable due to advancements in artificial intelligence.
- Cohen’s investment in golf is influenced by his anticipation of this shift towards a shorter workweek.
- He envisions a future where increased leisure time will lead to a rise in golf participation.
The transition to a four-day workweek is on the horizon, as indicated by hedge fund magnate Steve Cohen.
In an interview with CNBC, Cohen, who serves as the CEO and chairman of Point72 Asset Management, expressed his belief that the widespread integration of artificial intelligence will pave the way for a condensed work schedule.
“I firmly believe that a four-day workweek is approaching,” stated Cohen. “With the rise of AI, there’s a common sentiment that Fridays are less productive, making this shift seem inevitable.”
Although the exact timeline for the implementation of a four-day workweek remains uncertain, Cohen suggested that investments in leisure activities will be a lucrative avenue to explore amidst the trend of reduced working hours.
“Investments in leisure, travel, and experiential offerings are likely to thrive as people find themselves with more free time,” explained Cohen, highlighting the potential investment opportunities associated with a shorter workweek.
Cohen himself has been actively involved in the sports industry, notably acquiring a 95% ownership stake in the New York Mets and participating in a consortium that plans to inject approximately $3 billion into the PGA Tour.
“This aligns with the growing preference for leisure activities, leading to an increase in golf participation and overall interest,” Cohen remarked. “One can anticipate crowded golf courses and heightened engagement, particularly on Fridays.”
While Cohen envisions a future where a four-day workweek becomes the norm, he acknowledged that this transition may not apply to his employees or those working in investment firms unless the financial markets also adopt a similar schedule.
“For investment managers, especially those actively managing portfolios, a four-day workweek could pose challenges if the markets remain operational on Fridays,” Cohen noted. “While this shift may not be immediate for us, I anticipate that a three-day weekend will eventually become a widespread practice for the majority of workers.”
