In Picking Warren Buffett’s Brain: Notes from a Novice, Tim Ferriss shares the notes he took at a recent convention for Berkshire Hathaway shareholders. It’s an interesting read and here’s the crux of it all:

How would you invest your first million dollars?

“I’d put it all in a low-cost index fund that tracks the S&P 500 [UK equiv: FTSE All-Share] and get back to work…”

Why do people struggle with this simple investing concept? Because people believe the experts, and when you pay the experts for advice… well, I’ll let Warren continue:

“No one will give you this advice [index funds] because no one gets paid for it.”

How about the best books to read “for investing and life”?

  • Buffett: Chapters 8 and 20 in The Intelligent Investor.
  • Munger (Vice-Chairman, Berkshire Hathaway): Anything by Ben Franklin.