Billionaire investor Steve Cohen joined CNBC’s “Squawk Box” on Wednesday and predicted the four-day work week will become mainstream for the “vast majority” of people in the near future.
What Happened: In an interview at the 2024 Sohn Investment Conference this week, Cohen said he sees the advent of AI in the workplace enabling employers to institute shorter work weeks and allow longer weekends for employees due to increased productivity.
“My belief is a four-day work week is coming,” Cohen said.Â
The Point72 founder advised that investors look for travel and leisure names that could benefit from a potential increase in free time. Cohen is the owner of the New York Mets and his family office, Cohen Private Ventures, recently invested in the golf league TGL, he said.
“That’s just going into a theme of more leisure for people, which means golf rounds that go up, interest will go up, [and] I guess courses will be crowded on Fridays,” Cohen said.
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Why It Matters: Investors can find broad exposure to the leisure and travel sectors through Invesco’s PowerShares Dynamic Leisure and Entertainment ETF (NYSE:IVZ) which counts Live Nation Entertainment, Inc. (NYSE:LYV) and Booking Holdings, Inc. (NASDAQ:BKNG) among its holdings.
Cohen warned, however, that not everyone can expect three-day weekends in the future. He plans to keep his traders working on every day that the markets are open, including Fridays, the billionaire hedge fund manager said.
“Taking off Friday when you have a portfolio — that would be a problem,” Cohen said.Â
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