First Time Founders with Ed Elson – How Anthony Scaramucci Became The Mooch
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this compelling episode of First Time Founders, Anthony Scaramucci, founder of Skybridge Capital and the SALT Conference, shares his remarkable journey from delivering papers on Long Island to building a multi-billion dollar investment firm. The conversation reveals how a blue-collar kid with financial anxiety became one of Wall Street's most recognizable entrepreneurs, weathering multiple setbacks including his infamous eleven-day stint as White House Communications Director. (05:21)
- Core themes include authentic relationship building, the importance of delegation as a path to power, and maintaining integrity while adapting to market changes
Speakers
Anthony Scaramucci
Anthony Scaramucci is the founder and managing partner of Skybridge Capital, a New York-based alternative investment firm with several billion dollars in assets under management. He launched the company in 2005 and four years later created the SALT Conference, now a global stage for leaders in business, finance, and politics. A Harvard Law School graduate who spent seven years at Goldman Sachs, Scaramucci gained national attention during his brief eleven-day tenure as White House Communications Director in 2017. Today, he remains an influential voice in media, markets, and policy through his podcasts, speaking engagements, and continued leadership of Skybridge Capital.
Key Takeaways
Start Before You're Ready with Imperfect Action
Scaramucci emphasizes that waiting for perfection is the enemy of progress. Drawing from his experience starting Skybridge with a basic PowerPoint presentation, he argues that entrepreneurs must take action even when their business plans aren't pristine. (09:19) His daughter's skeptical reaction to his early presentation didn't deter him - he knew he could "turn it into something." This willingness to begin with imperfection, combined with the ability to adapt and improve along the way, separates successful founders from those who remain stuck in planning mode.
Leverage Authentic Relationships Over Transactions
Throughout his career, Scaramucci built success through genuine, non-transactional relationships. He advocates for "nonlinear relationships" where you help people without expecting immediate returns. (38:00) His approach involves asking for favors (citing Ben Franklin's wisdom that this actually builds friendships) and being open to helping others. This philosophy helped him secure initial funding from figures like Dick Fuld at Lehman Brothers and Michael Dell, demonstrating how authentic connections can provide crucial support during entrepreneurial ventures.
Give Power Away to Gain Power
One of Scaramucci's most counterintuitive lessons is that true power comes from delegation and empowerment. He structures Skybridge so that key leaders like John Darcy (conference business) and Brett Messing (investments) have real decision-making authority. (39:55) When his team made a costly $600,000 mistake booking a conference during Singapore's Festival of Lights, he took responsibility rather than blaming them. This approach creates loyalty, develops entrepreneurial talent within the organization, and allows him to focus on higher-level strategy while avoiding becoming a bottleneck.
Maintain Financial Discipline Despite Success
Scaramucci advocates living below your means, even as your wealth grows. He deliberately chose a smaller house than he could afford to maintain financial security if his business faced challenges. (57:38) Early in his career, he famously showed a colleague his "summer house" - which was actually a server closet containing $700,000 worth of technology. This mindset of reinvesting in the business rather than lifestyle inflation provides crucial runway during difficult periods and demonstrates commitment to long-term success over short-term gratification.
Develop Resilience Through Reading and Continuous Learning
Scaramucci's top advice for young entrepreneurs is simple but powerful: read for three hours daily. (68:04) Whether through audiobooks during commutes or physical books during downtime, this habit compounds knowledge and provides perspectives from authors who have distilled years of experience into accessible formats. He argues that consistent reading makes you more interesting, smarter, and gives you competitive advantages that most people lack. This intellectual investment pays dividends in decision-making, relationship building, and strategic thinking throughout an entrepreneurial career.
Statistics & Facts
- Scaramucci built his first paper route to 60+ customers by age 11, earning approximately $60 per week in 1975-1976, of which he gave $45 to his parents to help with family finances. (07:21)
- When starting Skybridge Capital in 2005, Scaramucci raised approximately $300 million for the initial fund, with backing from Dick Fuld ($10M), Merrill Lynch ($10M), and Michael Dell ($25M). (33:00)
- His team made a costly mistake booking a Singapore conference during the Festival of Lights holiday, resulting in a $600,000 penalty to exit the contract - a mistake Scaramucci absorbed without blaming his team. (42:08)
