YouSaid · the spoken record
Anthony Scaramucci
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- 139
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- 2015-05-02
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- 2015-05-02
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- 1
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“I wish I had known that back then. My first 10 years on Wall Street, I spent trying to be the smartest person in the crowd doing the stupendous thing, finding the long shot that was going to make me a hero on a golf course where I could bragged to somebody that I was 10 to 1 on something when I was 0 for 100, if you will. And so I would tell people and my younger self, be patient. The turtle wins the race, the truisms of a warren buffet or a Charlie Munger. They exist today. They existed fifty years ago. They'll exist 50 years from now. And you're not smarter than your grandparents. You're not smarter than your parents. You may be more technologically adept, but follow those well-steep principles.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, I was investing in biotechnology call options when I started because you see, Barry, I was a guru in biotechnology, even though I didn't have any scientific background. And so I was absolutely certain that certain drugs were going to get through their phase three trials and so forth. And I lost about 50,000 or 60,000 dollars of money that I didn't need to lose at that time or want to. And so I really wish I could have told my younger self to stick with that simple computational table known as compound interest. Shoot for a seven, eight, nine percent return. The turtle wins the race 25 years unfortunately when your age, you know they go by very quickly when you're young. They think they're forever away. But if you just stick to a very steady, healthy, low leveraged investment discipline, you will get yourself and your family to the promise.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that there'll be a further electronic shift. I think advice is going to be coming over the smartphone. Advice is going to be coming over the LinkedIn like and Facebook-like apps. I think the generation that you and I made, which is our sons and daughters, are more comfortable with the computer interface, less comfortable with the written word in a magazine or a newspaper. And so I think that there will be more efficiencies created in the advice giving side of financial services. No question about that.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'll make a prediction here on your show. Hopefully, you'll invite me back. If Governor Walker gets the nomination, I expect Marco Rubio to be his vice president.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very charismatic. Great public speaker. I think he's well versed on a lot of the foreign policy issues. I've adapted the 11th commandment of Ronald Reagan as thou shalt not say a negative thing about a fellow Republican. And so for me, I like Senator Rubio.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I tell you that I think it would be an incredible president and he would be the guy that I would hire to do the job of fixing many of our problems.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm working super hard for Scott Walker in full disclosure, and so I'm raising in money. We've had several events from this week in New York. We did an event for him in Naples, Florida. We've done many events in my office already. Scott has become a dear friend.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A different target. We have very low exposure to long short managers right now because of the Federal Reserve monetary policy. We're more exposed to structured credit, more exposed to event-driven activism and things like that, both of which I think are well situated for the current economic climate that we're in. But I'll tell you right now, macro managers and long short managers, if you add the 45%, which is long short, plus the 15, which is macro, roughly two-thirds or 60% of our industry is woefully underperforming due to current Federal Reserve monetary policy. So I expect more negative articles to be written about the industry, but it's not telling the whole story.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Those managers, and they have mediocre performance. They make up 45% of the industry, Barry. And so when the monetary policy starts to normalize, I predict if that group of people will do better. But those are really the people that the stories are being written about.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And say, sure, sort of stuff, but we will simply tell you that I believe in the industry. I'll simply tell you that we went from $1 billion to $9.3 billion in discretionary assets in five years because we are doing a service to people who want a stable return with less volatility. If they're looking for us to outperform the market, it is not our product. I would not recommend it. If they're looking for us to do something that we cannot do, I certainly try to tell them that I would not recommend it. But there's been softness in the broader industry because of the macroeconomic policy driven by the Federal Reserve. The low interest rates have crushed the long short manager. And so for your listeners, that's the manager that's taking bets on the long side and taking bets against companies. What's happened is because of the liquidity, those markets are rising. And so the shorts are going up.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It really depends on what you're looking for. If you're looking for a panacea or the perfect investment story, it's not out there. And someone that's trying to tell you that it is, well, chances are they'll be in jail before long. And so I look at the hedge fund community as a group of people that are super sophisticated, that have a great diversity of skills. They can go long something and short something, which means buy and bet for something or sell and bet against something. They have an ambidexterity of talent. And the goal, at least the Skybridge goal, is to try to get a high single digit return with one third of the volatility of the S&P. I'm not allowed to talk about my performance on a radio show, but people can go to our website and figure it out. They can sign the design.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, no. The outside compliance people, the inside compliance people all thought that that was okay. Some people call that advertising. I'm calling it branding branding. I'm calling it brand awareness. I want people to say, hey, this seems like a pretty cool group of people. Let me look at their website or let me check out what they're doing. It's smart. And then they can draw their own conclusions about our performance and the quality of the stuff that we're doing inside the program”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think for right now it's not changing the hedge fund world because most people have elected to stay away from it because they're getting advice from their outside councils and their internal council that the rules are very uncertain and you don't want to hit a tripwire somewhere where you get the SEC or some other regulatory agency upset with you. And so I think it's hard. One thing that Skybridge did, which I don't view as necessarily advertising, is we went into a public private partnership with the city of West Palm Beach. And we are the sponsors for their bicycle share arride program. Like City Bike, here in Manette here. And so we've got 150 bikes, bicycles at 14 kiosks throughout the city of West Palm Beach. We just opened an office in Palm Beach Garden. It's pretty clean.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, that seems to be the attitude. If you worked inside a skybridge, you'd have to hear this lecture all the time. My parents and my grandparents, they love me very much. Many of them work with their hands. Many of these people were never educated. And I always tell the people that work inside of Skybridge. But one thing they did for me is give me my last name clean. There's not enough art. There's not enough, not a big enough house. There isn't a large enough private plane that I need to do anything to hurt my family or my mom and dad. And so I really try to drive that home because I think in leadership, the fish thinks from the head down. I try to let my staff know we don't ever need to go anywhere near any line. Our job is to serve our customers. And I also tell the staff, let me tell you something, there are 600 people relying on the firm immediately. Those are the 60 people inside the firm. And then there's all the dependents that would be my four children.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The person that lost the billion and the person that stole a billion. And so it's made a billion, lost a billion, stole a billion. That makes for good TV? And the stole a billion one is the most riveting because that's the car crash where all the rubber necking takes place. And so what that does is it infuses the spirit of distrust, malfeasance, malpractice. And to your earlier point, there were probably 99% pick the number. Most of the people in our community are really trying to do a good job, and most of the people really care about their customers and are not in the ripoff business. And so that...”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think there's a number of things that have happened, and not to use a cliche that had one or two bad apple spoils a whole bunch, but what has basically happened is the media focuses on Wall Street. It's a lot like what Willie Sutton said about banks because that's where money is. And so when the media is focusing, the focus has been on sort of three things. The person that's made a billion.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Focus on important things. If I gave you all my flaws, we'd be here for six days and there's a big phone book of them. But one thing that the pi ⁇ ata experience did for me was very eye-opening about not overly insulating yourself.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In politics, but also in business, I've really tried to set up Skybridge in a way where who's ever working at Skybridge, they feel like they're getting a good experience. We pay 100% of the health care at Skybridge. We give the most allowable or the maximum profit contribution to the IRAs. You know, I'm Italian. We serve a free meal every day at lunch. If you're there for dinner, we're going to serve you dinner. My whole feeling is that I feel that we can create a profitable enough firm to help people with their retirement and help people with their current health care. And so I really have tried to think about these things in the most human way possible because at the end of the day, I think that's all we really have is the relationships that we have with the other people around us. And so sometimes if you are in a tunnel or sometimes you're overly focused.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I certainly didn't think I was engaging in swelling, but I possibly was not only just engaging in swelling as I was overly insulating myself in a way where you're losing touch with some of the things that you need to really focus on in your life. And in politics.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Close that income gap. We have to figure out a way to grow the pie. I'm not a big believer in the redistribution theory. I don't think that's ever worked in history. We have a lot of laboratory documentation about that not working. And so we have to figure out a way to empower people. And this is another reason not to thread it back to our show, Wall Street Week, but one of the themes and the mission statements of the Wall Street Week is, hey, rely on yourself. You can't rely on Social Security, you can't be a dependent of the government. We got to figure out ways to help you save and build an estate for yourselves.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is that we have to come up with this is not a left or right discussion. This is a right or wrong discussion. Or as Scott Walker said at a dinner on Sunday night, it's not a red or blue thing. It's a red, white, and blue thing. And the point being is that we have to come up with the right policy directives, the right initiatives, corporations, small businesses. We have to figure out a way.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It goes back decades, but the last six or seven years we've had an 8% drop. That's fairly steep. And so the point of me bringing all this up.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've got a wage depression or stagnation. We have a disposable income decline over the last six or seven years. And what was that?”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That the person that wrote that was right, that I had actually become an elitist because I was insulating myself with super wealthy people, managing the money of super wealthy people, going to Fancy Pants Country Clubs and Fancy Pans restaurants. And I was losing touch with some of the things that the middle class of the United States and the lower middle class are suffering with. And so that whole experience for me was hugely valuable because when I worked for Governor Romney on the 2012 election, I asked for the opportunity to travel and got an opportunity to see some of the small towns in the United States that are frankly suffering. Burning.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like it's a monolithic block. Exactly. And I remember thinking to myself, my God, this person thinks I'm going to lead us. I grew up in a middle class family on Long Island. What town did you grow up in? In Port Washington. My parents didn't go to college. How am I an elitist? And then it dawned on me, Barry.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“YouTube. A few million views, you know, John Stewart had some funny lines about me that my teenage children still give back to me over the last four or five years. But what I would say to you about that experience is something that you should never read when people write about you. That's probably a good idea. Don't read the comments. But I did read a comment where somebody said to me that I was an elitist because I was didn't realize that Wall Street was this great sinning society and Barack Obama was the populist savior and I was an elitist because I was a member of the Wall Street community.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But that wasn't the reason why I switched back to the Republican Party. But let's talk about it for one second and then we'll come back.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“When are we going to stop whacking Wall Street with a pi ⁇ ata stick? Well, one thing you learn is as an Italian-American, you shouldn't use the word whack on live television. That's one thing you learn. To say the least. And the president has a bully pulpit, and so he bullied me with the pulpit. And so that was fine.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“At CNBC and a big world television. Mad money and fast money, long television background. She's our producer for Wall Street Week and a partner of mine. She basically called on me to ask a question of the president. He recognized me immediately from law school. We got a little of a banter. Well, I also supported him. And I said, well, Mr. President.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“To go with. Well, that was a tough line for me. So I was at the museum at a town hall meeting. Susan Krakauer, who's now my producer formally producer.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Two years behind me, I did support him in 2008. And so as a good Roman Catholic, I'm paying penance now to the Republican Party for doing that. So, you know, listen, I don't want to spend the whole time talking about Fox. I'm in love with the network. I think they do a massive job. I think that Brett Baer's special report is among the best news that can be delivered out there. Show me a better news program. I do think that they are fair and balanced. Not to say that they don't have right-leaning shows, but they have a lot of left-leaning individuals on there. And I think that the reason why people are watching them, and Quinnipiac back says, up, it's entertaining. Well, no, they voted on the most trusted newsworganization in the United States. Quinnet, they had a poll. So we don't have to, you and I are going to disagree possibly about some of this stuff. So that's fine. Listen, I like them. I have an enormous amount of respect for Roger Ailes.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, no, I've always been a Republican, but my law school classmate who was a couple years behind me, Barack Obama, when he ran for the presidency. Two years behind.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And balance thing. But there's They are The most successful. Watch Bill O'Reilly's show for one week and you tell me where he's not fair and balanced. So what's that pretty fair independent guy?”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Enormously influential. People scoff at the tagline fair and balance, but I always tell people who aren't watching it. Go watch it because it is fair and balanced. They are bringing a ton of Democrats on the show. They are bringing a ton of left-leaning people.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Channel ever. Well, listen, I think that there are crazies on the left, there are crazies on the right, and I know MSNBC.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Money, but you just got to think about what Roger Ailes did, he started something from absolutely nothing. And he'll tell you himself that people were throwing eggs and tomatoes at him and Rupert Murdoch, scoffing at the idea that they were going to take on CNN. Can I tell you? Look at what he's done. He's one of my intellectual heroes. I don't agree.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“CMBC sponsor. Well, you know, I think there's a couple of guys coming from the internet side, but I think the television side this year will be Fox Business and Bloomberg. And listen, the truth of the matter is I have fallen in love with Roger Ailes and Bill Schein. Roger has done an, I want to talk about an entrepreneur. I got to put him up there with the other ones we were referencing.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, listen, I mean, there's a lot of different things that go on in these places in terms of how you make decisions about leaving a show on the air or not. And so one of the things that Gary and I Skybridge, what we thought we would do is we would make the show ourselves. This way we could show the show whenever we wanted. You can go to wallstreetweek.com and watch it. We are televising it on Fox affiliates because I am a contributor to Fox business and Fox News.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I have some close friends in the hedge fund community and some close friends as a result of SALT. But being on television 25 years and interviewing different money managers over that span of time, he had his own television show about five years ago.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Context what to do with the information. There's nobody better on television than Gary Kaminsky in doing that. And I'll tell you another thing about Gary Kaminsky. The guests want to be on the show in large part because of him.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Dartmouth Brad MD, brilliant guy, still working at Newberger with his other brother Michael. They have a great team there. Full disclosure, they manage some of my retirement money and my family trust. I have an enormous respect for the Kaminsky family as investors. But here's something that Gary has been absolutely brilliant about. And you and I a decade, but Gary has been on television for 25 years. That's amazing. His first time on TV, I think he was 26. 14. Well, yeah. Well, yeah, let's put it back. I call him Grandpa Gary now just to tease him. But he's been a great friend, but he's an insightful guy. Here's the thing I find that we have to be careful of is pundits. We don't want to just provide information to people. We want to provide them insight. What to do?”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Back here. This guy really have to remember. He's a money man. I mean, he was running billions and billions of dollars at Newburger Berman. He's one of the best money managers of our generation. His dad knows MD?”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So Gary is a dear friend. We've known each other forever. Gary has a wonderful way on television. He's very quick on his feet. As you know, we're talking about it. Nothing particular.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Jim, the benefit of his great advice, but he also put his first second son in my office. So I'm very grateful for that too.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He's a wonderful human being, and he took something, and this is what I love about life, and a great American entrepreneurs can take nothing and turn it into something. Literally a flower shop. He took a Queen's flower shop and turned it into an internationally recognized iconic brand. And so when I sat down with him in Manasset had dinner with him when I was starting Skybridge, he gave me a lot of good advice and he said, hey, my son will come in and intern for you. And this is a great story. The kid worked for me for three months, fell in love with him, and I offered him a permanent job. The thing is I couldn't offer him the permanent job until I was confident that we were raising the capital. But once we got the capital in place, I turned to Matt and said, hey, we got to offer you a permanent job. He's there for 10 years. And so I not only owe.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Wonderful guy. He would go in that mentor role model camp, too, by the way. Really? So Gary's a little more than that. No, no, I mean, Jim. Gary's a contemporary of Arts. He's a very close personal friend.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm a partner of his in the New York Mets, by the way, so he's a great human being. And Jim's son, Matthew, has worked at Skybridge for the last decade. Oh, really? One of the first employees at Skybridge.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we're all just moved a little east. There must be something in the water from Long Island. You got all our big males living in the same area together.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yep. And so that doubling penny yields about 5.4 million dollars. If you're in your car, don't Google it. But if you're at home, go to Google and look up a penny doubling every day for 30 days and you'll see the spreadsheet come up. And what you'll find about life, if you can get people to think about their money going to work for them and compounding gradually in the marketplace, it'll mean a more financially stable society, a more financially stable and secure future for the individual. And this is something that I'm very passionate about at Skybridge. We're going to try to make that broader and more open for the average person.”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Howard Schultz turned a coffee shop into an experience with a customer. Skybridge, we are trying to turn our investment thesis and our performance into an experience for the customer. We want them to come to the SOLT conference and learn from some of the smartest people in the world what's going on in the world. We want them to tune into our television show Wall Street Week and get a 30-minute salt conference every week. We want them to be investors of ours and we want to help make them long-term investors. You know, you've heard this before, but maybe your listeners haven't. If you take the following two choices, would you like $10,000 a day or would you like a penny that I hand to you that doubles every day? So I'll give you $10,000 a day for 30 days, or I'll hand you a penny and it will double every day for 30 days. What do you want?”
2015-05-02 · Masters in Business · SkyBridge Anthony Scaramucci: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source