Warren Buffett has regularly endorsed a low-cost S&P 500 index fund as the best option for non-professional investors that want exposure to U.S. stocks. Consequently, his decision to sell Berkshire's S&P 500 index funds begs the question: Has Buffett lost confidence in the U.S. stock market or the American economy?

There’s a good chance that Berkshire Hathaway’s stock will lag the S&P 500 in the coming years. This is a matter of simple probabilities, and not a criticism of Berkshire Hathaway Chairman and Chief Executive Warren Buffett or his designated successors.

Learn More » In addition to riding Buffett's coattails to significant long-term gains, investors have also come to appreciate Buffett's open-book approach. His annual letter to shareholders and yearly meeting in Omaha provides a forum for Berkshire's chief to speak candidly about the U.