Warren Buffett is one of the most successful people in finance, and his portfolio's performance is a testament to the power of long-term investing. Buffett bought his first stock at age 11, he took control of Berkshire Hathaway at age 35, and he now ranks among the richest people on the planet at age 92, with a net worth that exceeds $100 billion.

Meanwhile, Buffett has also managed to create tremendous wealth for shareholders. Berkshire stock has nearly doubled the performance of the S&P 500 over the last five-plus decades, and Berkshire Hathaway itself has become the sixth-largest publicly traded company.

Given Buffett's business savvy and financial bona fides, investors should listen when he offers advice, and Buffett has often recommended an S&P 500 index fund. In fact, he believes the "know-nothing" investor can actually outperform most professionals by periodically investing in an S&P 500 index fund.

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Source Fool.com