Buffett's Office Tour

NEW YORK (TheStreet) -- In a recent video interview with CBS', "Person to Person," Warren Buffett gave reporters, Charlie Rose and Lara Logan, an MTV Cribs-style guided tour of the iconic Omaha, Neb. office that Berkshire Hathaway (BRK.A) has called home for half a century.

During the visit, the investor also gave viewers a glimpse his personal office which was filled with certificates, awards, and sports memorabilia, but lacked any trace of a personal computer.

Buffett spent much of the interview recalling life stories like the time he caddied for Tiger Woods and when he exchanged neckties with Jay-Z. He also managed to sneak in some important pieces of investing wisdom.
Warren Buffett

Whether it was the sign hanging over his office hallway that read, "Invest Like a Champion Today," or the picture of Ted Williams that brought to mind the idea of holding out for that perfect pitch, Buffett's office was filled with symbols that remind visitors that his success over the years has stemmed in large part from his patience and ability to maintain focus on the long run.

Buffett mentioned in his interview that, for him, success can mean making one good decision in a year. Some of his recent decisions have included Berkshire's multi-billion dollar bets on names like Burlington Northern Santa Fe Railroad and International Business Machines ( IBM). For the average retail investor, though, investing like a champion can have other meanings. For instance, for a conservative individual, success can mean constructing and standing by a well-balanced investment portfolio.

As we have learned over the course of this long and often arduous market recovery, maintaining a properly diversified portfolio is crucial. During periods of optimism like the first quarter of 2012, investors have enjoyed upside from riskier asset classes like equities and emerging market funds. However, it was only a few months ago that the rough and tumble second half of 2011 reminded us of the importance of safe havens like bonds and dividend-paying stocks.

Because the world is more interconnected and fast-paced than ever before, it can be difficult to determine where the next big market-moving event will take place. Like Buffett, I am optimistic about our future. However, the road ahead will likely be littered with challenges. Therefore, I make sure that the portfolios I construct for my clients are properly positioned to handle all types of investing environments.

This type of diversified buy-and-hold investing strategy has and will continue to be challenged by skeptics as crises threaten to upend the global market recovery. However, with the bull market entering its fourth year and major stock market indices flirting with historical highs, it is clear that those who have had been prepared to ride out fluctuations are better off than those who fled for cover and stuck to the sidelines ever since.

In the weeks and months ahead, market commentators and Buffett fans around the globe will continue to monitor the Oracle of Omaha as he hunts for his next big success. What does investing success mean to you? Feel free to leave a comment in the space below.

Written by Don Dion in Williamstown, Mass.

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At the time of publication, Dion Money Management did not own any equities mentioned.

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