The idea of “value investing” had long existed. But no one did it as successfully or for as long as he did.

Warren E. Buffett’s approach to investing is deceptively simple.

“Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” he once wrote to shareholders of Berkshire Hathaway, his business conglomerate.

This method — known as value investing — had existed long before Mr. Buffett, now 94, began his career. But no one did it as well — or for as long — as he did. And in the process, he influenced generations of financiers, including Wall Street hedge fund moguls, and promoted the now-common advice about investing for the long term.

Over the 60 years that Mr. Buffett has controlled Berkshire Hathaway, he used value investing to turn a failing textile manufacturer into a $1.1 trillion conglomerate, corporate takeover machine and microcosm of the

Keep reading this article on Andrew Ross Sorkin - DealBook Section Business New York Times.