Warren Buffett may very well be the most famous investor of all time. His uncanny ability to constantly pick the right horse earned him the nickname, "The Oracle of Omaha." And with his longtime partner, Charlie Munger (who passed away last year), Buffett built Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) into one of the world's largest companies.
Although he's famous for continuing to live a relatively modest lifestyle (he still lives in the house he bought for $31,500 in 1958), his successful tenure at Berkshire's helm has made him an extremely wealthy man. His current net worth sits north of $140 billion.
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Given his success over such a long career and through all kinds of market conditions, we could probably learn a thing or two from Buffett. It seems to me that the most important lesson is the value of patience and discipline.
He believes in backing great companies for the long haul rather than actively trading to look for "deals" and quick returns. As he puts it: "When you find a truly wonderful business, stick with it. Patience pays."
So, what are the wonderful businesses that he's invested in at the moment? Berkshire's entire portfolio is worth more than $266 billion, but let's look at Buffett's five largest positions.
You can see that he is well-diversified, with his company's portfolio spanning multiple industries. Berkshire's own businesses are equally diverse: insurance, transportation, apparel, and food and beverage. It is a true conglomerate.
Buffett built his empire through careful, strategic investing, not through chasing gains and trying to get rich quickly -- that's a surefire way to lose money, not make it. His method may not be flashy, but it works.
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Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Bank of America, Berkshire Hathaway, and Chevron. The Motley Fool has a disclosure policy.