Fact checked by Stella Osoba In 2007, Warren Buffett made a bold statement about the investment management industry that would lead to one of the most instructive wagers in financial history. His million-dollar bet not only demonstrated the power of simple investment strategies but also exposed fundamental truths about investment costs and market

Warren Buffett is a money man -- in multiple ways. While his Berkshire Hathaway operates in a wide range of sectors, it's categorized in the financial services sector because of its huge insurance businesses.

Berkshire's top income producers this year will almost certainly be Bank of America, Coca-Cola, and Chevron. American Express and Apple should also generate significant dividend income for Buffett's company.

Buffett invested in Heinz in 2013 and two years later, Heinz merged with Kraft Foods. He bought 326 million shares during this merger at a cost of around $24.6 billion. He has held on to that stake, which is now worth $11.4 billion.

Warren Buffett's journey from a young entrepreneur selling gum and Coca-Cola bottles to becoming one of the world's wealthiest investors offers invaluable lessons for anyone interested in building long-term wealth.