It's Hip To Be Square? Huey Lewis Suggests An Investing Strategy That's Nothing Fancy

Sometimes the best investment advice doesn't come from Wall Street veterans.

Famed singer Huey Lewis was a guest on CNBC's "Squawk Box" segment on Friday to talk about his investment strategy. His advice couldn't be more simple: Step one, buy a blend of funds; step two, "just close your eyes"; step 3, "just let it go."

Lewis, speaking from the sidelines of the Pebble Beach Pro-Am gold tournament, added that he bought various funds and merely sits on it for five years.

If Lewis bought an exchange-traded fund (ETF) five years ago that is correlated to the S&P 500, such as the SPDR S&P 500 ETF Trust SPY, he would have netted a gain just shy of 75 percent.

Simple enough.

An ETF correlated to the Dow Jones Industrial Average, such as the SPDR Dow Jones Industrial Average ETF DIA would have returned nearly 60 percent over the same five year period while the ETF correlated with the Nasdaq index, the PowerShares QQQ Trust, Series 1 (ETF) QQQ is up more than 100 percent.

Granted, investors could have earned substantially higher rates of return from some of the hottest technology stocks over the past five years, including a near-350 percent return from Amazon.com, Inc. AMZN or a 620 percent return from an investment in NVIDIA Corporation NVDA.

Perhaps, sometimes it's "hip to be square" and play it safe in investments.