Ask HN: What to do with $1 million

Posting from a fake account...

My friend has just about $1 million (inherited) in cash (well, it's being managed by a money manager right now, so it is being invested in I believe index funds and bonds, but it could become cash quickly).

He's in his early 30s. Good job-- $125k/year or so in bay area. Not a hacker, but generally interested in computers. No family yet. He is somewhat risk-averse, however.

The question: what should he be doing with his money?