 Warren Buffet is a legend among stock market investors. His current estimated worth is around $42 billion and he is thought to be the second richest person in the entire world. But despite all of his wealth, Warren Buffet has an extremely frugal and simple lifestyle. He still lives in the gray stucco house in Omaha that he bought in 1957 for the princely sum of $1500.
 Not one for dining out at fine restaurants unless absolutely necessary, Warren Buffet is reputed to usually eat burgers, steaks and Coca-Cola for his meals. His salary as chairman from his job at Berkshire Hathaway earns him a mere $100,000 a year. The one trapping of wealth that he does own is a Gulfstream IV-SP jet.
 He is quite different to the usual idea of the super trader making enormous investments based on a slight movement of the markets in anticipation of a huge rise or fall. Warren Buffet is renowned for looking to the long-term. He tends to look for companies to invest in that are a little undervalued with relatively low costs, but which have the ability to increase in size and also have a good share of their market.
 Where most traders focus on short to medium term gains for their clients, Warren Buffet seems to operate almost exclusively on a long-term basis.
 This however has brought him an incredible amount of wealth. When everybody was investing in high-tech stocks in the late 80s, Warren Buffet bought in to Coca-Cola, which was at the time a very unfashionable stock. He saw the potential in that they were known all over the world and instantly recognizable. In the five years after he bought the stock it increased more than 700%.
Warren Buffet has all but ignored technology and Internet stocks. Even though the market was going ballistic with shares rising ever higher, he preferred to stay with stocks where he could actually see what the company made and had a rough idea of where it was going.
 Warren Buffet is a traditional, some would say old-fashioned investor who has proved that good basic strategies in research and looking to the long-term rather than for quick gains, is a good way to steadily build a massive fortune. And by never investing in things that he didn't understand or could not see the potential in, just because they appeared to be the idea of the time, he has managed to avoid a lot of the losses that other people have suffered. Known as the “Oracle of Omahaâ€, Warren Buffet always remained steady and is still building a progressive growth in the value of his stocks. And despite eschewing the newer technology and Internet stocks that most are investing in, he looks set to continue.
Mark Crisp is the creator of the Stress Free Momentum Stock Trading System. An especially effective trading method that focuses on big moves for big profits. Mark also provides a complimentary copy of "The 7 Habits of a Highly Successful Trader" at http://www.momentumtradingsystem.com
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