TIME Magazine lists Warren Buffett as among the most influential people in the world. He has set world records for achieving both high personal net worth and high corporate value for his holding company, Berkshire Hathaway Inc. Buffet is arguably the world's most successful investor. For this reason, many books have been written about him in the hope of distilling lessons worth emulating.

One of the best collections of Buffett's philosophy is 'The Essays of Warren Buffett' by Lawrence Cunningham, a compendium of Buffet's original annual letters to Berkshire shareholders. Here's an interesting investing philosophical missive appropriate to today's difficult investment environment.