Warren Buffett has made many memorable statements throughout the years. One I've always especially liked is this line he wrote in his 1996 letter to Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) shareholders: "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes."

That's exactly the kind of thing you'd expect to hear from a legendary investor known for his buy-and-hold long-term mindset. This is the same person who once stated that his "favorite holding period is forever." You'd also probably think Buffett has always practiced what he's preached.

Think again. Buffett doesn't follow his own advice on this front nearly as often as you might expect. And it's actually made him richer.

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Source Fool.com