Some of the most successful and revered coaches have something in common: They are OK with taking risks, but not gambles. This is a subtle nuance that can also be applied to investing.

Warren Buffett is one of the most admired investors in history. While the CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has amassed a fortune worth billions, it's how he did it that's more important.

In his most recent annual letter to shareholders, Buffett wrote that the "markets now exhibit far more casino-like behavior than they did when I was young." It's a sobering statement, one that covers views of risk, investment approaches, and age in one simple declarative way.

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Source Fool.com