Investment guru Warren Buffett is described by many as a "visionary." Buffett himself says that predicting market behavior is pointless and only patience, frugality and loyalty to principles will help achieve long-term success. He has been following this pragmatic approach since the organization of his first partnership, Buffett Partnership Limited (BPL) in 1956. It was then that young Buffett began sending letters to partners every six months in which he talked about the results of his work and explained in detail his investment methods.