Wealthy Choose an ETF Over Buffett’s Berkshire?
FRIDAY, OCTOBER 26, 2012 | By BRENDAN CONWAYWealthy Choose an ETF Over Buffett’s Berkshire?That’s the gist of Margaret Collins’ story at Bloomberg News this morning: Millionaires would rather own theSPDR S&P 500 ETF (SPY) than Warren Buffett’s Berkshire Hathaway (BRKA, BKRB).It’s what a survey suggests, anyhow. The S&P 500 ETF “surged” to the number two spot in an annual surveyof the Tiger 21 network’s members, according to Bloomberg. Apple (AAPL) occupies the top spot. Berkshireis numero tres. The SPY wasn’t even in the top 10 last year, according to the story.Take it for what it is – a survey, which Bloomberg says covered 202 “entrepreneurs, inventors and executives”with at least $10 million in investable assets apiece. But it wouldn’t be shocking. Stock picking is rough workthe last few years. Meanwhile, passive investing is cheap and, at least recently, has proven very effective.