The roughly $78 billion the Oracle of Omaha has spent buying this stock since mid-2018 decisively signals it's his favorite.

Warren Buffett's journey from a young entrepreneur selling gum and Coca-Cola bottles to becoming one of the world's wealthiest investors offers invaluable lessons for anyone interested in building long-term wealth.

There are many ways to get rich on Wall Street, but none seem as reliable as the strategies employed by Warren Buffett. The legendary investor took control of Berkshire Hathaway ( BRK.A 0.75%) ( BRK.B 0.73%) in 1965. Over the past six decades, the stock has delivered a 19.6% average annual gain.