'He lied to us about what he was doing and who he was': Anthony Scaramucci reflects on the top 3 lessons he wants all investors to learn from his experience with Sam Bankman-Fried.
Scaramucci told Insider that the amount of leverage in the system and the tax-loss selling in December depressed their overall performance. So far this year, things are looking better for the firm, which had its best quarter since 2012, he said. It's mostly thanks to the digital assets in SkyBridge's portfolio.
Bitcoin and ether made up for the majority of the positive returns this year, Scaramucci said. The firm still holds algorand and solana . However, Polygon has been dropped. And Casper Labs , a blockchain built for enterprise software to give companies a service option outside of mega technology companies, has been added.
The remainder of FTX's injection was allocated to cash. And in September 2022, a portion was used to purchase BTC and SOL. Solana was purchased at a 20% discount in exchange for a two-year hold. The two crypto investments are now up. "I think that ultimately we're going to learn, if it gets to trial, that FTX was set up as a piggy bank for Sam's personal trading," Scaramucci said. "He lied to us about what he was doing and who he was, and induced us to go into an agreement with him," Scaramucci said."So we have a colorable claim against them. And so I believe that there'll be a negotiated outcome and they owe us money.
As Scaramucci reflected on the saga, there were three major lessons he learned that all investors should take note of, including hedge fund managers, venture capitalists, and private equity firms.
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