Founder and CEO of SkyBridge Capital, Anthony Scaramucci, has some no-nonsense advice for young investors looking for success in an uncertain business landscape: own your flaws, consult older investors and embrace constant change.

What Happened: Speaking on his podcast Open Book with Anthony Scaramucci, he said, "Own your s*** in life." "And once you’re able to own your s*** in life you can make massive improvements and it’ll help your psychological health. It’ll help your happiness and it’ll help your outlook on life."

He highlighted that this should be the "number one" priority for any individual.

Highlighting the importance of resilience, he said: "People that are in business for three, four decades, they’ve had at least eight to nine cataclysms… those bear markets steel you for staying in things and being patient." This piece of advice echoes lessons Scaramucci learnt from unknowingly holding on to $1,200 worth of Microsoft stock from 1992, which went up to $288,000 over twenty years.

For young investors, Scaramucci recommended consulting with seasoned professionals: "Seek out older investors that have been destroyed in the markets like me over the nine cycles that I’ve gone through because it’ll help you. It’ll give you perspective and it’ll teach you patience in the markets."

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Why It Matters: Scaramucci stressed the value of risk-taking as a strategy for growth. "You have to embrace new technologies and you have to embrace new ideas," he said. "Your brain is incredibly neuroplastic. It definitely can evolve and reshape its thinking."

Advising young investors not to harbor a fear-based mindset, he 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."

Scaramucci, who regularly doles out advice on his podcast, reiterated his stance on Bitcoin BTC/USD being the single best investment idea earlier this week.

Price Action: At the time of writing, BTC was trading at $108034.13, up 0.19% in the last 24 hours, according to data from Benzinga Pro.

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Photo courtesy: Al Teich / Shutterstock.com