Investors should remain patient with their investments because U.S. businesses will yield positive returns over the long-term because of the strength of the economy, said Warren Buffett on Saturday at  Berkshire Hathaway's annual shareholders meeting in Omaha.

Instead of being focused on companies seeking an initial public offering and the potential upside, investors need to view stocks and their prices as businesses and examine their performance, he continued.

You dont have to really worry about whats going on in an IPO, he said. People win lotteries every day. Dont be jealous.

Maintaining a long-term view on equities produces better results for investors and not checking stock prices often is not an issue, said Buffett, chairman and CEO Berkshire Hathaway, who is touted as the Oracle of Omaha.

You have to figure out what makes sense, he said at the Berkshire meeting known as The Woodstock of Capitalism, which attracts tens of thousands of people.

Buffetts subsidiary holdings across various industries such as Duracell, Geico, Burlington Northern and Brooks demonstrate an eclectic mix of high free cash flow companies which are household names to consumers. The company has shied away from investing technology, leasing and financing and healthcare industries. He has refrained from issuing dividends and maintained the strict policy for his conglomerate except for in 1967.

Despite his company stance, collecting dividends from the companies which he has a stake in his investment portfolio is not a concern, because most of them make regular dividend payments.

His famous adage, be fearful when others are greedy and greedy when others are fearful, is often cited by financial advisors, especially during periods of high market volatility or downturns in the economy.

Not being envious of the holdings of other investors is a better strategy to avoid rash decisions.

Dont get into a stupid game, because its available, he said. American businesses will do fine over time.

Determining a disciplined strategy of investing will yield consistent results.

Figure out what makes sense and follow your course, Buffett said.

Keeping emotions out of the equation when making investment decisions is challenging, but not impossible.

Avoid self-destructive behavior because you see smart people do stupid things and risking something that is important, he said. People do it time over time.

Buffett also advised that investors refrain from financial advisors who charge high commissions and hire other consultants to advise them, because it is a huge minus.

Money managers are often not accurate in identifying stocks, and there is far more money made by people on Wall Street through salesmanship abilities than investment ones because they know how to sell to you, Buffett said.

He alluded to the attributes of the S&P 500, displaying a slide at the meeting that showed the benchmark index beating active management several years in a row and up 65% since 2008.

For the population as a whole, American businesses have produced wonderful results, Buffett said.

Just sit back and let American businesses do what they can for you, he said.