One of the most important aspects of investing like Buffett is to hold on to stocks for the long term. Legendary investor and Berkshire Hathaway CEO Warren Buffett announced recently that he'll step down from leading his company at the end of this year.

Buffett will retire as Berkshire's CEO this year. Warren Buffett has asked the board of Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) to replace him as chief executive officer by the end of 2025. Now 94 years old,

Warren Buffett isn't known for following the trends when it comes to investing. For example, last year, as indexes were soaring, the billionaire chairman of Berkshire Hathaway was a net seller of stocks and built up a record level of cash -- the cash level now stands at $347 billion.