Anthony Scaramucci forgot he bought $1,200 worth of Microsoft stock in 1992 that's worth insane fortune today
Former White House communications director Anthony Scaramucci hit the jackpot after he completely forgot about a small investment he had made into Microsoft.
The former government official bought $1,200 worth of the stock back in 1992 when he was 28 years old.
The decision had been a gift for his newborn son, AJ, and has since demonstrated the true power of long-term, hands-off investing.
At the time, the tech giant wasn’t paying dividends but that didn't deter Scaramucci who still checked the box that allowed future dividends to be reinvested.
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This move would end up paying off and, speaking on The Julia La Roche Show, he recalled: “I had an account, it was for my son AJ. He was born on the 23rd of September in 1992. On Oct. 1, I bought him $1,200 of Microsoft."
Anthony Scaramucci forget about his Microsoft stock for nearly 30 years
So, how did Scaramucci manage to forget about his investment? Well, it turns out that after moving several times, his brokerage, Goldman Sachs, eventually lost track of his updated address.
The money ended up growing significantly over nearly three decades due to reinvested dividends and when Scaramucci and his son finally rediscovered the account, they were in shock.
Over 30 years later, Scaramucci was shocked to find the balance had increased to an eye-popping $288,000.
“We found the account, it was 26 to 27 years later. I think I said it went up $88,000, but my son said, ‘No, Dad, it went up $288,000',” Scaramucci shared.
He continued: “There was a period of time when Steve Ballmer was running that company[...] they were flatlining at Microsoft for about eight or nine years.
“I would have sold that stock, didn’t know I owned it, and it ended up being a big win.”
More recently, the founder and CEO of SkyBridge Capital, as well as a current investor, shared some advice for other young investors seeking success.
Advising them to avoid a fear-driven mindset, Scaramucci said: "When people say the word risk, sometimes they only hear downside risk[…] But risk also means reward. And you got to be willing to take some risk."
Additionally, he recommended young investors 'seek out older investors that have been destroyed in the markets,' adding: "It’ll give you perspective and it’ll teach you patience in the markets."
Scaramucci, who offers regular insights on his podcast Open Book with Anthony Scaramucci, also vouches that Bitcoin remains the 'single best investment idea,' as per Benzinga.