I've probably learned more from Berkshire Hathaway's annual shareholder meetings than I did in business school (I try to make the trek to Omaha every May). Over the years, I've noticed that as the stock price moves up, his ideas get more and more attention.
It has taken me many years to understand that his genius is as much in management as in allocating capital. His ability to motivate, inspire, and lead is second to none. He manages a great $100B corporation with less than 17 people in corporate HQ. More value has been created by their operating companies than his stock picks.
His homeruns have come from quality businesses which grow over time (built and managed by quality people). It's much better to pay a fair price for a great business (which can create more and more value over time) than a great price for a mediocre business. As a value investor, he understands that growth is a key determinant of value. Compounding growth is a very powerful concept.