During the day, Cohen values intangible assets like intellectual property for Chicago Partners, a company with close University of Chicago connections. But at night––when he’s not taking classes in the GSB’s evening program––Cohen rocks as the lead singer and guitarist of his band, Philo.

Cohen, 35, is the same person on- and offstage. He is soft-spoken and boy-next-door handsome with a level gaze that leans toward enthusiasm only when he speaks of his infant daughter, Posey, or his 3-year-old son, Loudon.

Philo is only the latest incarnation of a passion for music that began when Cohen was in his teens. A classically trained drummer, he began playing guitar in high school when he joined a garage band that already had a drummer. “Someone had to give it up,” Cohen said, so he took on the guitar. “I loved [the guitar], and I never stopped.”

Philo plays original music that Cohen writes. “I’ve been writing from the get-go,” he said, adding wryly, “Those who aren’t good enough to cover others play their own music.”

As one might expect of a GSB student, Cohen is practiced at discussing his music in economic terms. “There are jobbers, who play covers for bar mitzvahs, funerals, weddings. There’s not much risk, but they’ll never make more than $30,000 a year,” he explained. “Then there are those like me who are independent artists playing our own music. It’s hit or miss, but with no risk, there’s no return. You might hit it big, you might not.”

Philo, which alternates between “power pop and dirgy country,” is a local favorite, aired on college stations and rock stations like WXRT and Q101. The Chicago Tribune, commenting on Philo’s first album, The Trouble with Girls, which debuted last summer, noted that “this local three-piece outfit is more dour trio than power trio. . . . But though the subject matter leans toward the morose . . .[it] is a constantly energizing listen.” GSB professors and students and Cohen’s coworkers at Chicago Partners often stop by to hear him play. His colleagues also have tried to convince him to play at the annual Christmas party––so far, to no avail.

Although Cohen had “youthful hopes for a big payoff,” he said he plays only once a month now, which is all he can fit into a tight schedule filled with the responsibilities of fatherhood, his day job, and evening classes.

He added that music and economics aren’t as far apart as they might seem. One of the songs on Philo’s album, for instance, “Last Dart Leaving,” is about the gentrification of a Chicago neighborhood. One verse reads: “Well, the last good drummer moved out a year ago; he’s followed by a CPA or a CEO.” Cohen also handles the business end of the band, so he keeps the books and produces the marketing materials.

“I understand the language of the music people who are making decisions,” Cohen said, explaining why Philo has been successful. “Music is a big corporate product, and you have to think of a reason why someone would take a chance on you. I understand that language better than a guy with no economics background. I talk about returns, but musicians think, ‘My song’s good, why not buy it?’”

Cohen said he also has found an unexpected side benefit to performing.

“After performing your own stuff in front of 1,000 people, it’s nothing to talk in front of the class or meet the CEO of a company. It’s a lot more personal to sing your own music than talk about next quarter’s earnings,” he said.

He hopes, eventually, to bring his two loves––music and economics––more in line, and he views his background in intellectual property as a stepping-stone to that goal. “There’s no more intangible asset than music,” Cohen said. He thinks the changes in technology will affect the way music is valued.