New For SALT 2017: Straight, Sad Talk With Scaramucci

The Mooch is staying as upbeat as reality can allow.
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Sure, Anthony Scaramucci is perhaps the most famous former fund of hedge funds manager and unemployed person on Wall Street. But above all he’s a salesman, and a good one, whether what he was selling was an extra layer of fees on hedge funds, a lavish conference in Vegas, $130 steaks or Donald Trump. He more or less admits as much in something else he was selling, his book, in which he proclaims himself a “hustler” and “relentless self-promoter” who was going to “fake it ‘til” he made it with all the “smoke and mirrors” he could muster.

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As you’re no doubt aware, the Mooch has hit upon hard times. All the smoke and mirrors in the world couldn’t wash him clean of selling out to the Chinese, even in our post-ethics and post-factual political world. So he’s a little been a little down lately. Either that has given him a painful new clarity on his life and a newfound sense of honesty, or his salesmanship game is way, way off.

“If we were having this conversation last year, I’d say, ‘Wow, the state of the industry really sucks.’ But it sucks slightly less than last year,” said Scaramucci, the founder of fund-of-funds SkyBridge Capital.

“And the reason why it sucks slightly less is that performance is better, assets are up a little bit, and the real question, though, is are we in a secular decline for the industry or is this a protracted cyclical downturn?”

According to people talking to Jeff Bezos’ people, it’s definitely the former.

“The hedge fund industry has started to collapse on itself,” said Charles Geisst, a Wall Street historian at Manhattan College in New York. “There are too many players going after the same thing.”

Scaramucci: The hedge fund industry ‘sucks less than it did last year’ [Yahoo Finance]
Once considered the titans of Wall Street, hedge fund managers are in trouble [WaPo]

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