American Express (NYSE: AXP) is one of the longest-held, and largest, stocks in Warren Buffett's portfolio at Berkshire Hathaway. Berkshire has owned a stake in the credit card company since 1993. At 29 years, this makes it Berkshire's second longest-held stock, after Coca-Cola.

It is also Berkshire's fifth largest holding, as he owns more than 151 million shares of American Express, at a value of $24.6 billion. That is a far larger stake than he has in two of its larger competitors -- Visa and Mastercard. 

What is it that Buffett likes so much about American Express? And should this stock be in your portfolio? Let's take a look.

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Source Fool.com