Warren Buffett and Charlie Munger have the longest track record of successful stock picking and they are probably among the best value investors out there. Although they made mistakes at times, they are not afraid of admitting their mistakes, selling off their positions sometimes at a loss and move on. This makes them stand out among investors and this is also something very difficult for many investors to follow. Stock picking is not just a skill but requires tremendous discipline to buy at the right price, holding on to huge gains and cutting losses if need to. It is something all of us can do if we devote time patience and discipline to investing in only our area of competence.