Mr warren buffett's wisdom on investing

I've been reading a lot of book about how the greatest investor all time think and his philosophy on investing. It's really a great learning experience and I enjoy it so much. He has great vision and patient in stock game. One of the greatest lesson I learn from him and I think this will change my way of investing forever is followed " When everyone fears, you should be greedy. When everyone greedy, you should fear" This is powerful and straight to the point. Basically, Mr buffet always buy stock and invest when no one else does. People will laugh at him of buying stock which is out of favorite by most people. In other words, he wait for a crash of a paticular stock and he buys with both hands when price is selling at discount. He believes the stock's price is priced below its intrstic value and it's just a matter of time when others realize the value of the stock and start buying, and hence, price rise again. He is very patient, sometimes, he will hold on a stock for as long as five years to wait for the price become over value. Then he sells his holding to everyone who buy near or at the peak. He is a truly buy-and-hold master. I will combine his thinking into my stock selection system. The couple stock I've been watching are stock related to financial, real estate and home builder.