Qualities behind Buffett's success

During his multidecade career, Warren Buffett has captured the minds of followers through an interesting mix of wildly successful investments and down-home, folksy charm. In the absence of self-penned autobiographies or memoirs, authors have spent countless hours attempting to uncover the characteristics that make the Omaha, Neb., native so successful in business. An examination of Buffett's Berkshire Hathaway (BRK.A) empire reveals three notable qualities that, when internalized, can help investors benefit in times of economic prosperity and protect them in the event that the markets turn south.

Famously, Buffett has said that his favorite holding period for an investment is forever, and indeed a number of his positions have been mainstays in the Berkshire portfolio for decades. In an interview after his landmark decision to acquire the remaining shares of Burlington Northern Santa Fe Railroad, Buffett turned his attention to the long term, forecasting that railroads will still be essential 100 years from now. By focusing on the long term, he has weathered a number of economic crises, including the most recent economic meltdown. At the height of the crisis, while many people were fleeing the markets, Buffett penned a now-famous opinion piece in The New York Times, "Buy American. I Am." In the article, he insisted that, contrary to the beliefs of many observers, the turmoil provided an ideal opportunity to take advantage of the inevitable U.S. recovery.

Source: MSN Money

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