The "Oracle of Omaha" didn't get that nickname by accident. In his 60-year career at Berkshire Hathaway, Warren Buffett has had a knack for seeing into the future. At least, it could seem that way, but Buffett doesn't have a crystal ball. Instead, he has a crystal-clear strategy and philosophy that guides every investing decision he's made. It made him a billionaire and it's made a lot of people who have adopted his approach a lot of money over the years.

Buffett believes in disciplined investing and that time in the market beats timing the market. Instead of scouring the market looking for a great deal on a stock, pay more attention to the businesses themselves, and then, "When you find a truly wonderful business, stick with it. Patience pays..."

One factor that makes a business "wonderful" is a fundamental competitive advantage that protects a business from competitors: a moat. As Buffett explained in his 2007 letter to shareholders: "The dynamics of capitalism guarantee that competitors will repeatedly assault any business 'castle' that is earning high returns. Therefore, a formidable barrier ... is essential for sustained success."

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Source Fool.com