In 1988, Warren Buffett famously wrote to Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) shareholders that "our favorite holding period is forever." That mantra is part of Buffett's long-term investment philosophy of investing in high-quality businesses run by strong management teams.

While Buffett would love to hold all his stock forever, few stand the test of time. However, one stock Buffett sees as a potential forever holding is Occidental Petroleum (NYSE: OXY). Here's a look at what Buffett had to say about the oil stock in Berkshire's latest annual letter to shareholders, as he likened it to his company's stakes in Coca-Cola and American Express.

Buffett wrote in his latest shareholder letter:

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Source Fool.com