The billionaire wrote in his closely watched letter to shareholders of his company, Berkshire Hathaway Inc., that he believed most people would be well-served by following the investing instructions in his will.
Mr. Buffett, 83 years old and with a net worth of $66 billion, wrote that he advised his trustee to "put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard's.)."
In the five months that followed, investors poured $5.5 billion into the Vanguard fund, or about three times more than during the same period the previous year.
Vanguard, based in Malvern, Pa., credits Mr. Buffett with the surge of money.
--Kirsten Grind, WSJ, on advice from an active investor