Buffett on Knowing When to Cut the Cord

NEW YORK (TheStreet) -- Happy Birthday Warren Buffett! The Oracle of Omaha may have turned 80 this week, but that does not mean he has any plans to slow down. On the contrary, in an interview in the days prior to his birthday, the famous financier vowed that he will work past 100. Throughout his legendary career Buffett has made a name for himself for not only his ability to consistently beat the broad markets, but also his down home charm. However, while he may come off as a folksy grandfather type at times, at his core Warren Buffett is a businessman. As a businessman, the Nebraska native has adhered to a number of rules which have helped him build and maintain a level of personal wealth which currently places him behind only America Movil's AMX Carlos Slim and Microsoft MSFT founder Bill Gates on the list of the richest people in the world today. Among Buffett's list of memorable rules, two of the most endearing are Nos. 1 and 2: Don't lose money, and don't forget rule No. 1. A proponent of the buy-and-hold investing strategy, Buffett's favorite timeframe for holding onto an investment is, "forever," but he understands that sometimes it is okay to cut the cord. One firm which may be ousted from the Berkshire Hathaway BRK portfolio in the near future for breaking Nos. 1 and 2 is Washington Post WPO. To read the rest, head over to TheStreet.com