If I had that kind of money I wouldn't invest, I'd buy silver, iridium, and platinum ingots to prevent the government from using inflation to steal the value of my money. Gold is too hard because governments are onto that, and silver has a higher intrinsic value - it's extremely useful in a wide variety of industrial processes. Likewise iridium and other members of the platinum group.
Why not real estate? Because real estate is nothing but usage rights, and governments can take those away with the flourish of a pen. Ingots they have to find first.
Ha! Yesterday I said I figured that Dogbert would be coming along soon to get Wally's money. (Of course, that was a pretty easy call.) $10 million a year for picking index funds is a pretty good fee. But I expect Dogbert won't be content with 1% and will end up with 100% of Wally's money somehow. That's just Dogbert being Dogbert.