Warren Buffett, often referred to as the "Oracle of Omaha," has a knack for backing companies that stand the test of time. Take American Express, for instance. His firm, Berkshire Hathaway, first invested $300 million in the company in August of 1991. Over the next four years, Buffett continued to purchase shares, raising the total investment to $1.3 billion by 1995. Today, the stake is worth more than $36.5 billion, paying a yearly dividend worth more than that initial investment 33 years ago.

The Coca-Cola Company (NYSE: KO) is another of Buffett's longtime bets and one of his best. In 1988, Berkshire invested $1 billion into Coke. Today his stake is worth $25.3 billion.

Many investors are obsessed with finding a great deal and making a trade at just the right time, but if Warren Buffett's example teaches us anything, it's that patience is key -- time in the market trumps timing the market. As Buffett himself put it, "When you find a truly wonderful business, stick with it. Patience pays."

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Source Fool.com