Warren Buffett has built his fortune, the fortune of others through his leadership at Berkshire Hathaway, and his reputation thanks to his stock-picking skills. The billionaire, who has retired as CEO of the holding company but remains chairman, knows how to identify a quality company — and he makes the wise move of holding onto such companies for the long term.

This stock-picking strength helped Buffett lead Berkshire Hathaway to a compounded annual gain of nearly 20% over six decades. So investors generally pay close attention when Buffett makes an investing move or offers advice — his words may play a key role in our quest to build wealth.

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