Investing legend Warren Buffett is known for his buy-and-hold strategy.
"The money is made in investments by investing," Buffett tells CNBC, "and by owning good companies for long periods of time. If they buy good companies, buy them over time, they're going to do fine 10, 20, 30 years from now."
Chicago-based Russ Gremel, 98, did just that about 70 years ago when he bought $1,000 worth of Walgreens stock. "He figured people would always need medicine and women would always buy makeup," the Chicago Tribune reports. "He planned to hold onto that stock for a long time, as an investment."