The 1 Thing You Need to Make Money in the Stock Market Like Warren Buffett

As usual, this year's Berkshire Hathaway (NYSE: BRK-A  ) (NYSE: BRK-B  ) annual meeting offered a treasure trove of investing knowledge. There were so many investors absorbing teachings from Warren Buffett and Charlie Munger and exchanging ideas that I'm quite sure even passing motorists outside Omaha's CenturyLink Center felt a little smarter.

One of the smart people inside the building was Andy Kilpatrick, author of the constantly updated Of Permanent Value: The Story of Warren Buffett. Motley Fool analyst Matt Koppenheffer and I had a chance to speak with Kilpatrick at the bookseller area on the exhibit floor.

In this video, we ask Kilpatrick about the top lesson he thinks Buffett has imparted over the years. It's a simple lesson, but surprisingly hard for many new investors to implement: patience. The ability to accept the proper long-term timeline and a patient temperament can do wonders for your portfolio, as well as your peace of mind.

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