Warren Buffett has inspired many investors, but why do so few achieve his results? In this video, Jeremy Phillips and Austin Smith examine the mistakes investors make even with a long-term perspective and discuss strategies for avoiding those errors.

If you're looking for the first stock on your road to Buffett like wealth, The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock it is in the brand-new free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.

The article 1 Simple Trick to Becoming a Buffett Billionaire originally appeared on Fool.com.

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