Core Insights - Warren Buffett, CEO of Berkshire Hathaway, is renowned for his investment acumen and has a long-standing record of outperforming the S&P 500 over 60 years [2] - Buffett advocates for low-cost index funds, particularly the S&P 500, as a practical investment strategy for most investors [3][4] Investment Philosophy - Buffett emphasizes the importance of consistently investing in low-cost S&P 500 index funds, suggesting that this approach is sensible for the majority of investors [4][6] - He believes that even inexperienced investors can outperform professionals by investing in index funds, highlighting the effectiveness of acknowledging one's limitations [6] Historical Context - In 2007, Buffett made a notable wager of $1 million that the S&P 500 would outperform hedge funds over a decade, reinforcing his confidence in index funds [5] - Buffett reiterated his support for the S&P 500 at the Berkshire Hathaway annual meeting in 2020, advising shareholders that it is the best option for most people [6]