For the better part of the past 58 years, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett has been putting on a clinic for Wall Street and investors. Although the Oracle of Omaha (as he's now known) isn't infallible, he's doubled-up the annualized total return, including dividends, of the widely followed S 500 since becoming CEO -- 19.8% for Berkshire Hathaway's Class A shares (BRK.A) versus 9.9% for the S 500.

It's important to recognize that Warren Buffett's success has nothing to do with luck. Rather, it's a combination of being patient and allowing his (and his team's) investment theses to play out, as well as being picky about valuation. In Buffett's own words, "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

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