The fate of the so-called "Buffett Rule," which would apply a minimum tax of 30% to individuals making more than $1 million a year, still has yet to be determined. Chalk it up to politics as usual.
There is, however, a list of other Buffett Rules that are far more useful to investors.
They're the tricks of the trade that have made Warren Buffett the most successful living investor, and one of the richest men in the world.
After all, the Oracle of Omaha hasn't earned his nickname by mistake. To many, it seems the billionaire has a sixth sense when it comes to investing, a supernatural ability to divine the good investments from bad.
But while his ability may be uncanny, there's really no magic at work. What Buffett has above all else is discipline. His philosophy is based on patience.
As a value investor, Buffett's goal is to identify companies the market has undervalued or companies that are trading cheaply compared to their intrinsic value.
Once he finds them, he buys them and holds on to them for the long term while their value steadily increases over decades.