Read? Warren Buffett’s (often ignored) advice to mega-rich investors But it’s the next part of Buffett’s advice that makes it so interesting. He goes on to say: “I believe, however, that none of the mega-rich individuals, institutions or pension funds has followed that same advice when I’ve given it to them. Instead, these investors politely thank me for my thoughts and depart to listen to the siren song of a high-fee manager or, in the case of many institutions, to seek out another breed of hyper-helper called a consultant.” When investors hear Buffett’s recommendation of an S&P 500 index fund, they probably assume he means “most people should just invest in an S&P 500 index fund, unless they have special access to the most expert money managers, as wealthy investors and sophisticated administrators of large pension and endowment funds do.” But the quote above implies that is not what he means. He means that even mega-rich individuals, institutions ......