His advice to his own estate's trustee is the same advice he gives everyone: almost all of it into a low-cost S&P 500 index fund, not with a high-fee manager.

government What states are for and what they are worse at than markets and networks: legitimacy, moral hazard, and who may be entrusted with power.

management Running the place: an executive's calendar, dissent, severance, and what a manager is actually for.

stock market Equities as a whole: what returns have been, whether prices carry information, and what attention does to them.

investing Putting money into markets on purpose: what a portfolio is for, whether active management earns its cost, and what money is actually a means to.