Legendary billionaire investor Ken Langone has advice for younger generations: don't “bet against America.”

“That’s the best bet of all,” the Home Depot co-founder told FOX Business host Liz Claman on “The Claman Countdown” on Wednesday.

“I tell everyone I know: make the bet and do it for the long term”, he continued, sharing his vision on how to invest.

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Home Depot co-founder Ken Langone shared advice with young investors on “The Claman Countdown.” (John Lamparski/Getty Images/Getty Images)

But like most investors who are just starting out, Langone was no stranger to making mistakes.

“I made mistakes when investing. On the other hand, I received some very good bets,” he told Claman.

“I’ll give you an example,” Langone continued. “As of last week, Home Depot has accrued an interest rate of 29% per year for 43 years.”

Home Depot went public in September 1981. (Justin Sullivan/Getty Images/Getty Images)

The building materials store went public in September 1981.

Langone further advised young or beginning investors to look for companies with “inherently good prospects” and “strong management.”

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“You hang on to them. And when you get dips, if you're lucky enough to have some extra money, you buy on the dips. And you hang in there,” he said, referring to his 14-year investment in Parker Hannafin, which he said “it was assumed to be a sleepy old Midwestern company, [and] It's anything but that.”

Langone concluded by sharing his own experience with negotiation.

“Invest”, he stressed. “I don't know how to negotiate. Whenever I've tried to negotiate, I've always lost my mind. So I find great companies, I stick with them, I pray for a break when you have a break, I pray that you have some money to go on the break. Enjoy the break .

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