Warren Buffett is one of my investing heroes.

He’s well known for producing incredible long-term returns at Berkshire Hathaway since assuming leadership of the company in 1965. What is less well-known is that he ran his own investment fund from 1957 to 1969 and achieved a stunning annualised return of 29.5%; the US stock market, in comparison, had gained just 7.4% per year over the same period.

Buffett has given numerous speeches and interviews throughout his long career. My favourite is a 1984 speech he gave titled The Superinvestors of Graham-and-DoddsvilleI want to share three great lessons I have from the speech.

On what works in investing

Buffett profiled nine investors (including himself) in the speech. These investors invested very differently. For example, some were widely diversified while others were highly concentrated, and their holdings had no significant overlap.

There were only two common things among the group. First, they all had phenomenal long-term track records of investment success. Second, they all believed in buying businesses, not tickers.