On Tuesday, SkyBridge Capital founder Anthony Scaramucci highlighted advice from Mike Novogratz, CEO of Galaxy Digital, urging investors with modest savings to avoid risky bets and focus on long-term, diversified investing instead.
Mike Novogratz Warns Against YOLO Investing
Scaramucci said investors who are worried about their jobs or the economy should avoid trying to make fast money through high-risk trades.
In a post on X, he summarized a conversation with Novogratz, saying, “If you’ve got $50K, $100K, $200K and you’re anxious about your job or the economy, first rule: don’t YOLO it says @novogratz.”
YOLO is an abbreviation for “you only live once.”
Novogratz warned against what he described as a growing mindset of chasing extreme returns or turning to sports betting as a strategy.
“Nihilism isn’t a strategy,” Scaramucci wrote, echoing Novogratz’s message.
Why Novogratz Says It’s Hard To Beat The Market
Novogratz said it is difficult to consistently outperform the broader market and recommended owning index funds or S&P-based investments.
“It’s not sexy, but I do think that is a decent way of preserving wealth over the long haul,” he said.
He added that while cryptocurrencies had a strong growth phase, momentum cycles take time to return. He also said gold and silver have already experienced significant runs.
Why Long-Term Investing Beats Short-Term Market Thrills
Both investors highlighted discipline and diversification over excitement. Scaramucci said wealth building should center on long-term compounding rather than short-term thrills.
“If you’re building stability, think long-term compounding, not adrenaline,” he wrote.
According to Celebrity Net Worth, Scaramucci has an estimated net worth of $150 million, while Novogratz’s net worth is estimated at $8 billion.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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