According to CoinMeta, Buffett has emphasized over the past few decades that ordinary investors can achieve success through low-cost S&P 500 index funds. In his 2016 shareholder letter, he suggested that investors put 90% of their cash into low-cost S&P 500 index funds (such as VOO which is associated with Vanguard), and pointed out that this investment strategy will outperform most high-fee managers in the long run. VOO tracks the S&P 500 with an annual fee of only 0.03%, and currently has assets exceeding $950 billion. Buffett's investment philosophy emphasizes patience and simplicity, rather than complex investment strategies.