Berkshire Hathaway has a letter that it sends out to all its shareholders written by Warren Buffet. His 2014 letter was of special interest because he gave a recap of the past 50 years. He writes about his lessons learned, his knowledge, his wisdom, and his predictions. We should all pay attention.
Warren Buffet took a company that was in textiles and turned it into one of the greatest successful conglomerates that we have ever known. Berkshire Hathaway also isn't involved much in textiles anymore. Warren Buffet seized opportunities as they came to him. He was patient and looked long term. He often cites his biggest mistakes as moves he didn't take out of patience and pride. He didn't let the past dictate what he knew or where he should go.
One of the key attributes of Warren Buffet is his thirst for knowledge. He devotes himself to reading and looking at the successful practices of others. He also looks for strong leaders and CEOs to surround himself with. He fosters a strong autonomous system for his company instead of micromanaging. He takes great interest and pride in the success of others. He also only invests and owns companies that he understands and does not go into business in markets he does not.
One last point that stands out to me is a specific reference that his business partner Charles Munger listed about Warren Buffet: he leads by example. Buffett seeks a win-win scenario every time and does so by his example of character and morales. He tries to win the loyalty of others, the respect by giving it first.
The read can be a little dense but between Charles Munger and Warren Buffet you have 100 years of wisdom from the two men who have helped create a once in a lifetime company. You can find the letter to the shareholders here