24 Feb 2014 In an exclusive excerpt from his upcoming shareholder letter, Warren Buffett looks back at a pair of real estate purchases and the lessons they offer for equity investors ( Portfolio )

Dataroma's opinion:
"My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund."

It's interesting that Buffett picks the S&P 500 for his wife's trust fund over Berkshire.