Billionaire Warren Buffett told business and life coach Tony Robbins 15 years ago about his simple approach for protecting and growing his family's wealth.
Robbins in 2010 had a rare opportunity to speak privately with Buffett just before NBC's "Today" show. Both were invited as guests for a discussion about the economy, according to Robbins' account in his book. "Money Master the Game."
Robbins said Buffett's rise from a humble stockbroker in Nebraska to one of the world's most successful investors had always inspired him. He asked the Oracle of Omaha for an interview to discuss how individual investors could succeed in a volatile economy. Buffett politely declined.
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"He looked up at me with a twinkle in his eye," Robbins wrote. "‘Tony,' he said, ‘I'd love to help you, but I'm afraid I've already said everything a person can say on the subject.'"
Undeterred, Robbins pressed on and asked Buffett what portfolio he would suggest for his family to protect and grow their wealth now that he had pledged most of his money to charity.
"He smiled again and grabbed my arm," Robbins said. "‘It's so simple,' he said. ‘Indexing is the way to go. Invest in great American businesses without paying all the fees of mutual fund managers, and hang on to those companies, and you will win over the long term!'"
In 2006, Buffett pledged to give most of his wealth to charity.
According to Robbins, billionaire hedge fund manager Ray Dalio and publisher Steve Forbes later reached out to Buffett on his behalf to arrange an interview, but he declined again. Buffett reiterated that individual investors should buy index funds to gain exposure to some of the best companies and stay invested for the long term.
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‘My Money is Where My Mouth Is'
Buffett has consistently advised investing in index funds in his letters to shareholders, interviews, and other public statements over the past several decades. In December 2017, Buffett won a bet he made in 2007 with Protégé Partners that hedge funds would not beat index funds.
In his 2013 letter to Berkshire Hathaway shareholders, Buffett revealed the instructions he gave in his will to a trustee on how to invest his family's money.
"My money, I should add, is where my mouth is," Buffett wrote. "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. I believe the trust's long-term results from this policy will be superior to those attained by most investors – whether pension funds, institutions or individuals – who employ high-fee managers."
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