Legendary investor Warren Buffett calls investing a "simple game" that financial advisors have convinced the public is harder than it really is.
Speaking at Saturday's Berkshire Hathaway annual shareholders meeting, Buffett slammed Wall Street financial advisors for "catching the crumbs that fall off the table of capitalism" and said that in most cases, "monkeys" could provide better investment returns simply by throwing money at American companies.
"You can have monkeys throwing darts at the page, and, you know, take away the management fees and everything, I'll bet on the monkeys [over the advisors]," he said.
If they told everybody what a simple game [investing] was, 90% of the income of the people that were speaking would disappear.
Warren Buffett
See Also2 ETFs Warren Buffett Owns Through Berkshire Hathaway -- Should You Buy Them Too? | The Motley FoolWarren Buffett and Berkshire Hathaway are once again outperforming the stock market. Apple is one big reason but these other 10 stocks also helpedBerkshire Hathaway Stock Could Drop 99% and Buffett Would Still Beat the S&P 500What’s the difference between Berkshire Hathaway Class A and Class B shares? | Hatch | Help CentreCEO, Berkshire Hathaway
Buffett pointed out how since 1941, the Dow Jones Industrial Average has increased from $100 to more than $30,000, and said that most people need only put their money into "an American business" and let it grow.
"It's amazing how hard people make what is a simple game," Buffett said of advisors. "But of course, if they told everybody what a simple game it was, 90% of the income of the people that were speaking would disappear."
Stock picks and investing trends from CNBC Pro:
Buffett has long recommended that investors put their money in low-cost index funds, which hold every stock in an index, making them automatically diversified. The S&P 500, for example, includes big-name companies like Apple, Coca-Cola and Amazon.
Buffett previously told CNBC that for people looking to build their retirement savings, diversified index funds make "the most sense practically all of the time."
"Consistently buy anS&P 500low-cost index fund,"Buffett said in 2017."Keep buying it through thick and thin, and especially through thin."
Sign up now: Get smarter about your money and career with our weekly newsletter
Don't miss: Warren Buffett wouldn't buy 'all of the bitcoin in the world' for $25: 'It doesn't produce anything'
VIDEO8:5808:58
How this 26-year-old earns and spends her $28,000 annual stipend in NYC