The UK's top fund managers have paid tribute to the influence and lessons of Warren Buffett on ‘The Sage of Omaha's' 80th birthday.
Buffett, the world's most respected investor, built Berkshire Hathaway from a small textile group to an S&P 500 stock with positions in companies all over the globe.
Highly-regarded UK fund managers Neil Woodford and Anthony Bolton are among those who have used the lessons of Buffett to shape their own investment careers.
"Warren Buffett is an investor for whom I have great admiration. Throughout his career, he has demonstrated an exceptional ability to identify attractive investment opportunities and to invest in them with conviction for long-term success," Woodford says.
"Certainly, my approach has been influenced by some of his well-known investment principles: investing for the long term, building a margin of safety into investment decisions by focusing on valuation, looking for soundly managed businesses with sustainable franchises.
"His clear passion for what he does, even after more than half a century, is as impressive as the investment performance he has achieved."
Bolton also says his investment approach follows many of the lessons laid down by Buffett.
The Fidelity manager explains: "Warren Buffett said: ‘Charlie (business partner Charlie Munger) and I would much rather earn a lumpy 15% per annum over time than a smooth 12%. After all, our earnings swing widely on a daily and weekly basis - why should we demand that smoothness accompanying each orbit that the earth makes around the sun?' This summarises my approach to investment."
Cazenove technical strategist Robin Griffiths says he has also heeded the lessons of Buffett.
''Warren Buffet is the ultimate value investor. He is best at being brave when others are fearful, and fearful when they are greedy," he says.
"That is always easy to say but hard to do, and his top maxim is to never lose any money. This is what I have learned from him.''
Dennis Stattman, managing director and head of BlackRock's Global Allocation team, adds: "Warren Buffet has set the standard for value investing."
Buffett will continue to influence up and coming fund managers as the octogenarian has no immediate plans to retire. Speculation has been rife about possible successors with names in the frame including Chinese hedge fund manager Li Lu.
