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Warren Buffett is well known for his buy-and-hold investing strategy, and making solid bets on low-performing stocks when others are selling at a loss.

At his company’s annual meetings, Berkshire Hathaway’s shareholders have the opportunity to pick Buffett’s brain on any number of topics.

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One investor who attended the conference in 1999 cut right to the chase in a memorable way. “Mr. Buffett, how can I make $30 billion dollars?” he asked (1).

As always, the Oracle of Omaha conveyed complicated theories in simple terms — rules that can guide any investor.

“If I were getting out of school…