Warren Buffett got his start by investing in small, unknown companies for less than they were worth. A lot has changed in the decades since, and Buffett has repeatedly said that many of those easy opportunities have long been lost due to a far more sophisticated and informed market.

During Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) annual shareholders meeting on Saturday, Buffett's right-hand man, Charlie Munger, had a warning to investors. "I think value investors are going to have a harder time now that there's so many of them competing for a diminished bunch of opportunities. So my advice to value investors is to get used to making less," Munger said.

But before you despair, consider this piece of good news: Buffett believes that short-term thinking and dumb ideas are running more rampant than ever. Investors who combat these impulses with patience can gain an edge over Wall Street.

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Source Fool.com