Stefan Persson is one of the richest people in the world. He took the CEO post at Hennes & Mauritz (NASDAQOTH:HMRZF) in 1982 and ran his father's business for the next 16 years.

Today, H&M is the second-largest clothing retailer worldwide: $20 billion in trailing sales puts it just behind Spanish rival Zara and far ahead of its largest American competitor, Gap. Persson passed the baton in 1998, but he remains H&M's chairman and largest shareholder.

Today, he's worth $32 billion. Persson is the 19th-richest person on the planet, and his legacy will continue through his son Karl-Johan, who has served as CEO since 2009.

You don't build a $32 billion nest egg without a sharp business sense, and Persson can stand shoulder to shoulder with the mighty Warren Buffett when it comes to business-grade witticisms. In the following slideshow, you'll get a short background check on Stefan Persson and H&M, followed by some of Persson's most important management insights.

You'll laugh. You'll cry. And you'll walk away as a better investor and businessperson.