If there's anyone qualified to define the best investment, it's Warren Buffett. He's the billionaire investor who runs Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), the $600 billion holding company that owns Geico auto insurance, See's Candies, and many more.

In a 2017 interview, Buffett had this recommendation for investors: "I think it's the thing that makes the most sense practically all of the time. ... [to] consistently buy an S&P 500 low-cost index fund." Four years later, Buffett repeated his advice, saying, "I recommend the S&P 500 index fund and have for a long, long time to people."

An S&P 500 index fund owns all or most of the stocks in the benchmark S&P 500 index. The index, by its own definition, represents "leading companies in leading industries." These leading stocks must meet strict requirements for market capitalization, liquidity, and profitability.

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Source Fool.com