Billionaire investor cautions against Warren Buffett's advice

A billionaire investor has claimed Americans are in for a 'rude awakening' if they follow one of Warren Buffett's most popular pieces of advice.

Buffett, one of the world's , has long recommended that retail investors buy a low-fee S&P 500 tracker fund.

This is an investment fund that tracks the performance of the S&P 500, delivering investors its exact gains or losses.

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