Alas, Warren Buffett is no longer America's most eligible bachelor. Not that he was ever a poster favorite in the dorms, unless among graduate business students. Nevertheless, since he was in the news last week due to his marriage to Astrid Menks, it's time to take a look again at just how "the Oracle of Omaha" managed to amass his billions. Years ago, Buffett jokingly said he could reduce his investment strategy to just 2 rules.

Rule #1) Do not lose money in the stock market. Rule #2) Do not forget rule #1.

Kidding aside, the Buffett strategy requires self-knowledge, self-discipline, and self-assurance. And a bit of cash to get started. The first thing Mr. Buffett always says is invest for value, not for earnings. Value investment is long-term. Earnings management to boost performance is short-term. At age 76, Mr. Buffett still considers himself a long-term investor. That, ladies and gentlemen, is the definition of an optimist.

In so far as possible look for companies that have wide economic moats, companies that have a significant market share such that entry into the market will exact a high price on competitors. Companies with wide economic moats will most likely be in business 10 years from now, a prerequisite for a long-term value investor.

There are companies with good or even great products and services. That does not necessarily make those companies good investments. Learn to recognize the difference. The Buffett strategy is predicated on growth at a reasonable price. The difference between a good investment and a great investment might be the price it costs to make the investment initially. Pay too much for the stock and "the juice may not be worth the squeeze." But below market value stock in a good company beats a cheap stock every time.

Stock investing requires a strategy. Stock trading just requires a computer. Know who you are; know what you do and do not understand about the industries and comapnies offering investment possibilities; know why you are investing in a specific equity at a specific time; know what you expect of the investment. Last but not least, know when to acknowledge that the investment has not peformed as planned. Have both an investment entrance as well as an exit plan.

Victoria Erhart is an educator and long-term value investor with nowhere near as much money as Warren Buffett.