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Anthony Scaramucci: Rags (Lehman) to Riches (SkyBridge)
[Photo: Urs Jaudas / World Economic Forum]
When hedge-fund king Anthony Scaramucci left Lehman Brothers in 2005 to start SkyBridge Capital from scratch, a few people thought he was nuts, including his own daughter.
Fast forward to today: Lehman Brothers went bust, SkyBridge has $12.3 billion under management, and Scaramucci has a new book coming out at the end of October, "Hopping Over the Rabbit Hole: How Entrepreneurs Turn Failure Into Success."
For the latest in Reuters' "Life Lessons" series, Scaramucci sat down to talk about his own unique money journey.
Q: Even as a kid, you hustled. How?
A: On the back of comic books in the 1970s, there was something called the American Seed Company. They would send you a cardboard box full of seeds, kids would sell them door-to-door in the neighborhood, and then pick from a catalog of prizes. I bought myself a watch that way.
Q: Eventually that sales knack landed you at Goldman Sachs. Was that intimidating?
A: Very. For my callback interview I wasn't even dressed right and I got a lecture from one of the partners. I had come from a middle-class family in Port Washington, Long Island, and I was really clueless about Wall Street. My first job there, I basically got fired from.
Q: When you eventually launched SkyBridge Capital, what was it like to take that leap?
A: I was leaving Lehman Brothers at the time and I remember my 9-year-old daughter walking in when I was typing up my presentation. She was like, "What are you doing?" I said, "I'm starting a new company." She responded, "But it's just a made-up company. It is nothing but paper coming out of a printer. That is really stupid."
Q: How is your dealmaking philosophy different from most?
A: I didn't have my epiphany until I met Li Ka-Shing, who is one of the most successful people in Asia. His whole thesis is to leave money on the table for your partners. Then they will feel good and want to do business with you again. If you grab for every last nickel, you will never be happy.
[Click Link to continue the interview]
