Legendary billionaire investor Ken Langone has a bit of 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," Wednesday.

"I tell all the people I know, make the bet and make it for the long term," he continued, sharing his insight on how one should go about investing.

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

"I made mistakes investing. On the other hand, I had some pretty good bets come in," he told Claman.

"I’ll give you a for instance," Langone continued. "Up until last week, Home Depot has compounded at 29% a year for 43 years." 

The home improvement store went public in September 1981.

Langone further advised young or first-time investors to look for companies with "inherently good prospects" and "strong management."

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"You stay with them. And when you get dips, if you have the good fortune of having some extra money, you buy on the dips. And you hang in there," he said, referencing his 14-year investment in Parker Hannafin, which he said "was presumed to be a sleepy old Midwest company, [and] is anything but that."

Langone concluded by sharing his own experience with trading. 

"Invest," he stressed. "I don't know how to trade. Whenever I've tried to trade, I've always lost my butt. So I find great companies, stay with them, pray for breaks when you got a break, pray you got some money to go in the break. Take advantage of the break."

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