The best advantage Warren Buffet had was the ability to assume what the future will be like,for sure we don't know what future will look like,but if you have a long-term vision,you'll have the nearest thing to it.
The long-term vision was Warren Buffet's greatest advantage,he used to assume the influence of a certain thing in the future.
I'll tell you why a long-term vision is needed:
I'll give you an example that is not related to Warren Buffet but is relevant.
Samih Toukan (Co-founder of Souq.com which was acquired by Amazon and Founder of Maktoob and many other companies) when he started making "Maktoob" which is the arabian Hotmail,the internet's users in the arab world was so little,people then saw him as a crazy man who is risking everything for a potential win,after a couple of years it was a great success and was acquired by Yahoo.
This is the value of long-term vision,to see what is coming before it even comes.
If a person looked only under his feet,and doesn't see except what is in front of them,he will miss so many opportunities,So if Samih focused only on what is at hand,he would've ended selling candy maybe.
The long-term vision doesn't apply only in business and entrepreneurship,and for example,if I asked you what reading 5 pages add up to you?
If you have a short-term focus you'll see it as worthless and doesn't add up much,but if you have a long-term vision you'll see it as 18,250 pages in 10 year period,do you see the difference?
Warren Buffet always used to belittle people who buy stocks and sell them after a couple of days,weeks or months aiming to get a low profit by doing this,he used to buy stocks that he is willing to own for 10 years,15 years or maybe forever.
Everything with a long-term vision is completely different,for that don't just look under your feet,look further than people do,to reach further than the rest does.