Billionaire Warren Buffett's instinct on picking strong stocks may make him the Oracle of Omaha, but he knows when to let others take the lead.
Buffett and business partner Charlie Munger described their management style at conglomerate Berkshire Hathaway in this way: To identify good managers and then get out of their way.
"And so the important thing we do with managers, generally, is to find the .400 hitters and then not tell them how to swing," Buffett said at the 1994 Berkshire annual meeting. "The second thing we do is allocate capital. And aside from that, we play bridge."