Warren Buffett recommends owning an S&P 500 index fund; that investment strategy would have been profitable over any 15-year period since 1957.

Warren Buffett, who six decades ago took control of Berkshire Hathaway , has earned a reputation as one of the greatest investor in American history. And he has consistently given the same advice: Buy an index fund that tracks the S&P 500 ( ^GSPC 0.17% )

"In my view, for most people, the best thing to do is to own the S&P 500 index fund," Buffett told attendees at Berkshire's annual meeting in 2021. He has specifically suggested the Vanguard S&P 500 ( VOO 0.23% ) .

Following that advice could turn $500 invested monthly into $986,600 over 30 years. Here's what investors should know.

The pros and cons of the Vanguard S&P 500 ETF

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