The Oracle of Omaha, Warren Buffett, is known for making wise investing decisions. But what's the smartest move he didn't make? Moving out of Omaha.
Moving back from New York City in 1956, Buffett reflected that staying in Omaha has allowed him to focus. It's also allowed him to stay a bit isolated from keeping up with the Wall Street Joneses.
Interestingly, another heavyweight, Fairholme Fund manager Bruce Berkowitz, lives in Miami, far from the maddening crowd. Currently, he's staying the course on his heavy concentration in financial stocks, including his massive holding in AIG.
Time will tell on the current positions, but in the following video, analyst Anand Chokkavelu explains how location is an indication that both Buffett and Berkowitz are willing and able to distance themselves from the herd -- both figuratively and literally.
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Anand Chokkavelu owns shares of Berkshire Hathaway and AIG as well as warrants on AIG. Andrew Tonner has no positions in the stocks mentioned above. The Motley Fool owns shares of American International Group and Berkshire Hathaway and has options on American International Group. Motley Fool newsletter services recommend American International Group and Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days.