Not many investors were buying Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares in the early months of 2020.

Following the outbreak of the global pandemic, fear ruled the markets. Most investors were rushing to hit the sell button on all kinds of quality ASX stocks, including ANZ.

From February 21 2020 through to 22 May of the same year, this saw the S&P/ASX 200 Index (ASX: XJO) bank stock crater by a shocking 44%.

Now it took a brave and forward-looking investor to recognize that after this massive sell-off, ANZ shares were a screaming bargain at $15.11 apiece.

If you'd taken the plunge and bought the dip on the day, your $10,000 would have bought 661 shares with enough pocket money left over for some chips.

Here's how much those shares would have delivered now.

Alongside the broader market, ANZ staged a strong recovery following its May 2020 low point. That was driven by growing optimism over the outlook for COVID vaccines, along with massive government stimulus measures from developed nations across the world.

More recently, ANZ shares set new 52-week highs in March this year.

The rally across the bank stocks has been driven by increasing optimism over the outlook for interest rate cuts from the Reserve Bank of Australia in 2024. That could enable ANZ to boost its earnings if the bank chooses not to pass the full amount of any rate decreases on to its borrowers.

Although shares have retraced some from those highs, along with some of the rate cut hype, ANZ stock remains up more than 14% over the past six months at $28.98.

Meaning the 661 shares you bought for $10,000 at the pandemic dip would be worth $19,156.78 today.

But let's not forget the dividends.

Over this period you would have received eight dividends from those ANZ shares, all fully franked barring the most recent final dividend payout. That one was franked at 56%.

All told, the ASX 200 bank stock paid out $5.23 a share in dividends since 22 May 2020. Or $3,457.03 from your 661 shares.

Assuming you spent that passive income as it came in instead of reinvesting it, we'll just add those gains in as cash.

According to my trusty calculator, that means the $10,000 invested in ANZ shares during the pandemic dip would have returned $22,613.81 today.

Which brings two of my favourite Warren Buffett quotes to mind.

"Never overpay for anything," he advises.

And famously, "Be greedy when others are fearful."