The advice that legendary investor Warren Buffett offered on investing and life over the years helped earn him legions of followers who eagerly read his annual letters and filled an arena in Omaha every year to listen to him at Berkshire Hathaway’s annual meetings.

Most people will remember Buffett for his investing record, his patience, or his ability to stick to simple ideas while everyone else chased complexity. All of that is true. But I don’t think any of it explains why there will never be another Warren Buffett.

CEO Warren Buffett, 95, officially hands the reins over to his handpicked successor, Greg Abel. The official passing of the torch concludes Buffett's decades-long investing career, one in which he did everything from buying a major US railroad (Burlington Northern) and striking up a friendship with Microsoft (MSFT) co-founder Bill Gates to offering up scores of pithy comments in annual shareholder letters.

Warren Buffett's Berkshire Hathaway has been a net seller of stocks in 12 consecutive quarters despite having a record amount of cash. Berkshire's net sales totaled $184 billion over the last four years,

Warren Buffett is one of those rare billionaires everyone feels like they know. He still lives in the same modest Omaha home he bought in 1958. He eats McDonald's and drinks Cherry Coke like lunch is a personal investment strategy.