SkyBridge Capital founder Anthony Scaramucci said mutual funds, the engine behind trillions of dollars in American retirement savings, are becoming a relic as ETFs increasingly take their place.
A Pointed Word Game
In a podcast interview posted Tuesday, Scaramucci spoke with Wall Street Journal editor Justin Baer and author of the new book “House of Fidelity” on his show “Open Book.”
During their conversation, Scaramucci ran Baer through a rapid word association game, pressing him for instant reactions rather than measured analysis, and when he threw out “mutual funds,” the product category that built Fidelity‘s business during the Peter Lynch era of the 1980s, Scaramucci did not hesitate.
He called it a “relic” and said it belonged in the “museum of natural history”.
