Ramius charts a cautious course


Peter Cohen's firm, Ramius Capital, delivers predictable low-risk returns, preferring to leave the lure of lottery-like performance to a younger and brasher breed.

For some of Wall Street's most seasoned players, the crises change - but the game remains the same

By Josh Friedlander

In April, the four managing members of Ramius Capital Group met in the office of founder Peter Cohen and decided it was time to accelerate the deleveraging of the firm: returning all the money Ramius had borrowed from brokerage firms. "What we saw going on around us - private equity deals, leverage in real estate, covenant-light deals - we saw the world galloping out of control," says Cohen, the former