Warren Buffett is one of the most accomplished businessmen in American history. Under his leadership, Berkshire Hathaway returned 19.8% annually to shareholders between 1965 and 2023, nearly doubling the return of the S 500 (SNPINDEX: ^GSPC). Meanwhile, Buffett amassed a fortune worth more than $127 billion.

Most of that money is invested in Berkshire Hathaway, but Buffett has never recommended the stock. Instead, he believes most investors should periodically purchase shares of an S 500 index fund. "I recommend the S 500 index fund, and have for a long, long time to people. And I've never recommended Berkshire to anybody," Buffett told attendees at Berkshire's annual meeting in 2021.

Investors should pay attention. That advice could turn $500 per month into $986,900 over the next three decades. Here are the important details.

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Source Fool.com