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What's Warren Buffett's best investment advice?

In a recent letter to shareholders, 87-year-old Warren Buffett highlighted some of his best investment advice, which he said "none of the mega-rich individuals, institutions or pension funds has followed that same advice when I’ve given it to them." Instead, Buffett said, "My friends who possess only modest means have usually followed my suggestion." His main piece of advice is to invest in a low-cost S&P 500 fund.
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