By Jim Sloan at SeekingAlpha:
•Buffett's 2013 Shareholder Letter stated that he would instruct the trustee of his wife's bequest to invest 90% in an S&P 500 index fund and 10% in short Treasuries.
•An academic back study shows that this unorthodox allocation produces not only high returns but a much lower failure rate than conventional 40/60 and 30/70 portfolios.
•The essence of the Buffett portfolio is to divide the future into the short term in which money is needed and the long term in which stock returns are superior.
•The effect, in bond manager lingo, is a "barbell" portfolio with concentration at very short and very long maturities and an excluded middle - the Berkshire term structure.
•It turns out that the barbell may be the best way of matching maturities to the needs of pension funds, institutions, insurance companies, and individuals - including some retirees."https://seekingalpha.com/article/4239453-buffetts-barbell-90-percent-equities-10-percent-cash-wife-berkshire-maybe-retirees?ifp=0