Open Position with Steven Feldman — Anthony Scaramucci: America’s Economic Narratives Are Breaking
Speakers
Anthony Scaramucci — Founder of SkyBridge Capital
— SkyBridge Capital founder
Summary
- The discussion takes place in early 2026, framing the year as a "reckoning" for economic narratives established over the last 40 years.
- Scaramucci argues the US is in a systemic crisis due to a structural imbalance between a large welfare state and insufficient tax revenue, leading to inflation as a hidden tax.
- A key contrarian view is that while US Treasuries are nominally "safe," they are mathematically unsafe in real terms because they yield less than true inflation (purchasing power loss of ~28% over 5 years).
- Both speakers agree that the "60/40" portfolio model is broken because bonds no longer provide real safety or adequate yield.
- Scaramucci compares the current AI/Tech environment to the 2000 dot-com bubble, predicting a potential 50% correction, yet insists on holding high-quality innovation names (like Nvidia) through the volatility.
Trade Ideas
Scaramucci says people are "searching for something outside of the matrix" due to the debt crisis. He explicitly mentions being a "big believer long-term in Bitcoin" and using "Solana and possibly Ethereum to tokenize assets." As trust in centralized institutions (Fed, Treasury) erodes, capital flees to decentralized, non-sovereign assets. Furthermore, the utility of blockchains (SOL/ETH) for 24-hour markets and tokenization provides fundamental value beyond just a store of value. Long major crypto assets (BTC, SOL, ETH) as both a debasement hedge and a technology play. Regulatory crackdowns or a "crypto winter" cycle (Scaramucci notes Bitcoin is down in the last 6 months of the discussion context).
Scaramucci admits there is likely an AI bubble and the market is expensive (40x multiple), but explicitly states, "I do own some Nvidia." He references the 2000 tech bubble, noting that those who left tech completely missed the greatest growth engine of history. Even if a sector is overvalued, "innovation" is the only driver of equity returns. The strategy is to behave like a private equity holder: endure the volatility (even a 50% drop) to capture the long-term compounding of the category winner. Long Nvidia (NVDA) but with a stomach for high volatility. A dot-com style crash where valuations compress by 50-80% before recovering.
Feldman states he is "fully out of bonds and have been for almost a decade." Scaramucci adds that while the Treasury will pay you back, they will do so with "dollars that are worth less than the ones that you borrowed." Bonds are traditionally a "safe haven," but in an environment of financial repression (inflation > yield), they guarantee a loss of purchasing power. The "risk-free rate" has become "return-free risk." Avoid long-duration US Treasuries (TLT). A deflationary recession would make bonds attractive again as yields crash.
Steven Feldman
Co-founder of Wealthon
Feldman argues the global narrative has shifted from "globalism to mercantilism" and "resource nationalism." He specifically highlights that "metals, the miners, the steel makers, the electricity makers" have been completely underinvested. As nations on-shore supply chains and secure their own resources (mercantilism), demand for domestic industrial inputs (Steel, Electricity, Mining) will outstrip supply due to decades of underinvestment (CAPEX starvation). Long Metals & Mining (XME), Steel (X), and Utilities/Electricity (XLU). A global recession crushing industrial demand or peace treaties that restore globalized trade efficiency.
Anthony Scaramucci
Founder and Managing Partner, SkyBridge Capital
Scaramucci states the US has "overpromised" on services and "undertaxed," resulting in deficits that will be paid via inflation. He notes the US dollar is down ~28% in real value over 5 years. When a government chooses inflation over default or austerity to manage debt, fiat currency debases relative to hard assets. Gold acts as the inverse of trust in the sovereign's fiscal discipline. Long Gold (GLD) and Gold Miners (GDX) as a hedge against the "systemic crisis" and fiscal dominance. A sudden return to fiscal austerity or a deflationary crash that strengthens the dollar.
Up Next
This Wealthion video, published February 04, 2026, features Anthony Scaramucci, Steven Feldman discussing BTC, SOL, ETH, NVDA, IEF, TLT, X, XME, XLU, GLD, GDX. 5 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Anthony Scaramucci, Steven Feldman · Tickers: BTC, SOL, ETH, NVDA, IEF, TLT, X, XME, XLU, GLD, GDX