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Warren Buffett
Many consider <anchor>Warren Buffett</anchor> to be the best modern investor. He has risen to fame as Berkshire Hathaway’s CEO, a position he’s held for over 50 years. Berkshire Hathaway invests in high-quality businesses with strong growth potential. But Buffett only buys such companies when they’re selling at an attractive margin of safety (hat tip to his mentor, Benjamin Graham). This makes Buffett an extreme stock-picker. Under his reign, Berkshire Hathaway’s growth has far surpassed that of the S&P 500, a testament to the success of his approach.
How to Invest Like Warren Buffett | Morningstar
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3. How to Invest Like Warren Buffett


# How to Invest Like Warren Buffett

As Warren Buffett turns 94, we highlight the details of his legendary investment strategy.

![](https://morningstar-morningstar-prod.web.arc-cdn.net/resizer/0FKGs19g-9hq8lPcV6u1LcoP1-I=/2000x2000/smart/filters:no_upscale()/s3.amazonaws.com/arc-authors/morningstar/e82e3d30-e945-48bd-892c-a3567ae80bda.jpg)![](https://morningstar-morningstar-prod.web.arc-cdn.net/resizer/3AUhG0jMWchNUIYdIn1_yDz3b5E=/2000x2000/smart/filters:no_upscale()/s3.amazonaws.com/arc-authors/morningstar/b418f4d5-8a46-4539-9800-d07e9fd86963.jpg)

[Emelia Fredlick](/people/emelia-fredlick) and [Tori Brovet](/people/tori-brovet)Aug 29, 2024

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![Photo of Warren Buffett](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/IRAS2PNXWNDGRPQXLGHV6T7QWE.jpg)

Securities In This Article

[Berkshire Hathaway Inc Class A\
\
(BRK.A)](/stocks/xnys/brk.a/quote) [Berkshire Hathaway Inc Class B\
\
(BRK.B)](/stocks/xnys/brk.b/quote)

At its core, Warren Buffett’s investing strategy is not all that complicated:

- **Buy businesses, not stocks.** In other words, think like a business owner, not someone who owns a piece of paper (or these days, a digital trade confirmation).
- **Look for companies with competitive advantages that can be maintained, or** [**economic moats**](https://www.morningstar.com/stocks/morningstar-economic-moat-rating-3) **.** Firms that can successfully fend off competitors have a better chance of increasing intrinsic value over time.
- **Focus on long-term intrinsic value, not short-term earnings.** What matters is how much cash a company can generate for its owners in the future. Therefore, value companies using a discounted cash flow analysis.
- **Demand a margin of safety.** Future cash flows are, by their nature, uncertain. To compensate for that uncertainty, always buy companies for less than their intrinsic values.
- **Be patient.** Investing isn’t about instant gratification; it’s about long-term success.

Buffett’s approach to investing is also embedded in the way Morningstar does business: His thinking is captured in the Economic Moat Ratings, stock ratings, and how we communicate with shareholders.

Here, we highlight Buffett’s impact on the investing world, lessons from his life, and what’s next for his style of investing.

## Warren Buffett’s Investment Strategy

Despite his popular reputation as a man who can pick a winning stock, Berkshire chairman and CEO Warren Buffett is more nuanced about where his skills really lie. As he put it in [his 2022 Berkshire Hathaway letter](https://www.berkshirehathaway.com/letters/2022ltr.pdf) to investors: “Charlie \[Munger\] and I are not stock-pickers; we are business-pickers.”

Over the decades, Buffett has refined a holistic approach to assessing a company—looking not just at earnings, but its overall health, its deficiencies as well as its strengths. He focuses more on a company’s characteristics and less on its stock price, waiting to buy only when the cost seems reasonable.

The content below demonstrates this approach, and the variety of ways that you can apply these investing principles.

## Buffett’s Approach to Investing

[**10 Funds That Buy Like Buffett in 2024** \
\
These mutual funds hold the same stocks as Warren Buffett’s Berkshire Hathaway.\
\
![Mutual funds artwork](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/OMVK3XQEVFDRHGPHSQPIBDENQE.jpg)](https://www.morningstar.com/funds/10-funds-that-buy-like-buffett-2024)[**The DNA of a Warren Buffett Company** \
\
Companies that make it into Berkshire Hathaway’s portfolio have some common threads in their genetic code.\
\
![A photograph featuring Warren Buffett speaking at an event.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/FGC25JIKZ5EATCXF265D56SZTE.jpg)](https://www.morningstar.com/stocks/dna-warren-buffett-company)[**How to Buy Stocks Like Warren Buffett** \
\
What does Berkshire Hathaway do, exactly?\
\
![Photo of Warren Buffett](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/IRAS2PNXWNDGRPQXLGHV6T7QWE.jpg)](https://www.morningstar.com/stocks/how-pick-stocks-like-warren-buffett)[**Even Warren Buffett Thinks Picking Stocks is Hard** \
\
Great investing opportunities are rare, which is why indexing makes sense for most investors.\
\
![A photograph featuring Warren Buffet speaking at an event.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/OGYQ6BIKTVRG5EOJLPJBBXGB2Y.jpg)](https://www.morningstar.com/stocks/even-warren-buffett-thinks-stock-picking-is-hard)[**Digging into Berkshire Hathaway’s Portfolio** \
\
Morningstar’s Global Risk Model reveals how the investment giant’s equity holdings stack up on 11 measures of risk.\
\
![Berkshire Hathaway logo on cellphone.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/E4LWKCEK4NGVBF54RD72VMP3SY.jpg)](https://www.morningstar.com/markets/digging-into-berkshire-hathaways-portfolio)[**3 Things Investors Can Learn From Warren Buffett** \
\
Whether you’re new to the market or not, there’s a lot to learn from Berkshire Hathaway’s leader.\
\
![Illustrative visualization showing the accumulation of dollar bills and a piggy bank.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/YBH7V3XCWJ3PA4VSXNZPYW2BTY.png)](https://www.morningstar.com/stocks/3-things-investors-can-learn-warren-buffett)

Other investing virtues not unique to Buffett, but prized by him, come into play at Morningstar every day: candid communication with shareholders, the patience to let an investment bear fruit, and emphasizing practical vehicles over investing fads.

[What We’ve Learned from Warren Buffett and Charlie Munger](https://www.morningstar.com/markets/what-weve-learned-warren-buffett-charlie-munger)

## The Latest on Berkshire

Below, you’ll find our most recent information on Berkshire Hathaway, from public filings and earnings, to notes and reports from Morningstar’s analysts.

## Berkshire Hathaway in 2024

[**Berkshire Just Crossed $1 Trillion. Is It a Buy?** \
\
With the firm’s cash balance reaching a record high, here’s what we think of Berkshire stock.\
\
![Berkshire Hathaway logo on cellphone.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/PVJSLSCNFRF7DGSEJSCWXZHDFQ.jpg)](https://www.morningstar.com/stocks/after-earnings-is-berkshire-hathaway-stock-buy)[**3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s New 13F Filing Release** \
\
Plus, what Berkshire bought and sold last quarter and why Buffett might’ve sold so much Apple stock.\
\
![Berkshire's corporate headquarters in Omaha, Nebraska](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/MGU6T5CWRVBYJMAAWKYFECJI5Q.jpeg)](https://www.morningstar.com/stocks/3-warren-buffett-stocks-buy-after-berkshire-hathaways-new-13f-filing-release)[**Berkshire Hathaway Adds Ulta Beauty and Heico, Exits Snowflake and Paramount** \
\
Berkshire trims Chevron and Capital One.\
\
![Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/L4B22R7UFVDBJN2ZYJWBSMCIJA.jpg)](https://www.morningstar.com/stocks/berkshire-hathaway-adds-ulta-beauty-heico-exits-snowflake-paramount)[**Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability** \
\
Record cash on hand as Buffett slashes Apple stock position.\
\
![A photograph featuring Warren Buffett speaking at an event.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/FGC25JIKZ5EATCXF265D56SZTE.jpg)](https://www.morningstar.com/stocks/berkshire-hathaway-earnings-strong-insurance-results-continue-lift-revenue-profitability)[**Video: Takeaways from Berkshire's Annual Meeting** \
\
Greggory Warren digs into the meeting's impact on our fair value estimates.\
\
![A photo illustration of author Susan Dziubinski.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/OBVCJZGCBRD53FCQ3HKQP7WLIE.jpg)](https://www.morningstar.com/markets/3-stocks-buy-3-stocks-sell-after-earnings)[**10 Questions for Berkshire Hathaway's 2024 Annual Meeting** \
\
Here’s what we’d like to hear Warren Buffett and his team discuss this year.\
\
![AUGUST 6th 2022: Warren Buffett's conglomerate holding company Berkshire Hathaway Inc.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/QNRNFANWBBGDPBYDTQECLY4QHM.jpg)](https://www.morningstar.com/stocks/10-questions-berkshire-hathaways-2024-annual-meeting)[**Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting** \
\
Warren Buffett’s stock portfolio through the lens of Morningstar’s ratings.\
\
![The logo for Berkshire Hathaway Inc. is displayed at a trading post on the floor of the New York Stock Exchange, Aug. 30, 2023.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/6A6R4SGLDNGMXHAH3K2CIQTF3Q.jpg)](https://www.morningstar.com/stocks/look-inside-berkshire-hathaways-portfolio-before-its-annual-meeting)[**Warren Buffett on Charlie Munger, Realistic Investment Expectations, and the Stocks He Won’t Sell** \
\
Key takeaways from Warren Buffett’s 2023 letter to Berkshire Hathaway’s shareholders.\
\
![A photograph featuring Warren Buffet speaking at an event.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/OGYQ6BIKTVRG5EOJLPJBBXGB2Y.jpg)](https://www.morningstar.com/stocks/warren-buffett-charlie-munger-realistic-investment-expectations-stocks-he-wont-sell)

## Reflections on Warren Buffett’s Teachings

Buffett’s investment strategy prioritizes thinking like an owner and viewing investments as actual companies, not just as stocks.

He has long advocated for “boring” investing and the notion that the real moneymaking happens when you’re sitting back and trusting in a long-term plan instead of strapping in for a wild ride. And he continues to focus on lifelong learning, whether that means unpacking what a new product is all about or reading up on interdisciplinary subjects.

## 5 Key Lessons to Warren Buffett and Charlie Munger’s Success

The legendary investors credited their ability to avoid making dumb decisions rather than making brilliant ones for their performance.


2m 34s
Mar 7, 2024

Watch

Legendary as Buffett’s investing legacy is, his ethos on other areas of life is equally renowned.

He reminds us that as tempting as it may be to believe you earned everything, a lot is also owed to the “birth lottery”—the fact that you were born in the time, place, and body that provided you the ability to capitalize on your particular skill set. And he knows that everything is relative: Yes, his plan to give away 99% of his wealth to philanthropy is a large dollar amount, but he and his family will be just fine without it.

For more on Buffett, here are insights from Morningstar researchers past and present.

## Morningstar Perspectives

[**12 Lessons on Money and More From Warren Buffett and Charlie Munger** \
\
After Charlie Munger’s passing, words of wisdom from two of the world’s most successful investors.\
\
![Photo of Charlie Munger](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/NYUEHSFI4BDCJPQZJ76HH4PKSM.jpg)](https://www.morningstar.com/economy/12-lessons-money-more-warren-buffett-charlie-munger)[**What I Hope My 14-Year-Old Learned At Berkshire Hathaway’s Annual Meeting** \
\
Life lessons from this year’s trek to Omaha to see Warren Buffett.\
\
![A photograph featuring Warren Buffett speaking at an event.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/PEXHY2NG2ZPQBNXNNFWY76ZU5U.jpg)](https://www.morningstar.com/stocks/what-i-hope-my-14-year-old-learned-berkshire-hathaways-2024-annual-meeting)

## After Warren Buffett, What Will Come Next for Berkshire Hathaway?

Warren Buffett has ensured that the question of who would run Berkshire Hathaway after him isn’t much of a question at all. As early as 2006, Buffett was reassuring investors that Berkshire had succession plans in place. By 2021, Buffett had named Greg Abel, vice chairman of non-insurance operations, as his replacement.

In recent years, Abel has both taken on more management responsibilities and added to his personal stake in the company. Abel’s work has garnered effusive praise from both Buffett and Charlie Munger, with Buffett saying, “\[Abel and I\] think alike on acquisitions. We think alike on capital allocation. I mean, he’s a big improvement on me, but don’t tell anybody.”

## After Warren Buffett, Berkshire Hathaway Likely to Return Capital to Shareholders

The company laid the groundwork for a successful transition around the early 2000s.


2m 16s
Mar 7, 2024

Watch

Abel is expected to maintain his ongoing collaboration with Ajit Jain, vice chairman of insurance operations. Buffett himself rebuffed the idea of a possible management conflict in 2023, noting: “Ajit never wanted to run Berkshire.” Buffett’s son, Howard, is projected to become nonexecutive chairman, with the role of preserving Berkshire’s culture.

Below, see more in-depth discussions about Berkshire’s future.

## What’s Next for Berkshire

[**Why Berkshire Hathaway’s Success Will Continue After Charlie Munger... and Warren Buffett** \
\
Munger’s passing is a spiritual loss for the company.\
\
![Warren Buffett, CEO and chair of Berkshire Hathaway, wears a dark suit and red tie and looks thoughtful.](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/SVBVP2K6MBBSVN3GHEJSZPCPUQ.jpg)](https://www.morningstar.com/stocks/why-berkshire-hathaways-success-will-continue-after-charlie-munger-warren-buffett)[**Final Thoughts From Charlie Munger on Apple, Warren Buffett, and the Big Costco Error** \
\
Buffett’s partner at Berkshire Hathaway has died. Here are some excerpts from one of his final interviews.\
\
![Photo of Charlie Munger](https://cloudfront-us-east-1.images.arcpublishing.com/morningstar/NYUEHSFI4BDCJPQZJ76HH4PKSM.jpg)](https://www.morningstar.com/stocks/final-thoughts-charlie-munger-apple-warren-buffett-big-costco-error)

## How Berkshire Made Money, in Buffett’s Words

There’s no better way to learn about Buffett’s investment strategy than from the man himself.

Each year, Buffett writes a letter to Berkshire shareholders detailing the past year’s results, his takeaways, and his expectations for the future. Below, you’ll find our annual recaps of some of his past shareholder letters.

## Shareholder Letter Recaps

[**2023: Warren Buffett on Charlie Munger, Realistic Investment Expectations, and the Stocks He Won't Sell** \
\
Key takeaways from Warren Buffett’s 2023 letter to Berkshire Hathaway’s shareholders.](https://www.morningstar.com/stocks/warren-buffett-charlie-munger-realistic-investment-expectations-stocks-he-wont-sell)[**2022: Even Warren Buffett Thinks Picking Stocks Is Hard** \
\
Great investing opportunities are rare, which is why indexing makes sense for most investors.](https://www.morningstar.com/stocks/even-warren-buffett-thinks-stock-picking-is-hard)[**2021: 5 Takeaways From Berkshire Hathaway’s 2021 Shareholder Letter** \
\
Warren Buffett discusses why he keeps cash on hand, warns of “bloviated bull,” and explains why he’s not a stock-picker.](https://www.morningstar.com/stocks/5-takeaways-berkshire-hathaways-2021-shareholder-letter)[**2020: Warren Buffett on Bonds, Buybacks, and Apple** \
\
What Berkshire Hathaway’s chairman left out of this year’s annual shareholder letter is almost as notable as what he put in.](https://www.morningstar.com/stocks/warren-buffett-bonds-buybacks-apple)[**2019: 4 Takeaways from Berkshire Hathaway's Shareholder Letter** \
\
Warren Buffett addresses Berkshire Hathaway after his exit, the problem with corporate boards, and why equities are still the place to be long-term.](https://www.morningstar.com/stocks/4-takeaways-berkshire-hathaways-shareholder-letter)[**2018: Buffett Says Focus on the Forest, Forget the Trees** \
\
In his annual letter to Berkshire Hathaway shareholders, Warren Buffett argues why the whole is much greater than the sum of its parts--and comments on that sizable cash stake.](https://www.morningstar.com/stocks/buffett-says-focus-forest-forget-trees)[**2017: Buffett: Stick With Big 'Easy' Decisions** \
\
In his annual letter to Berkshire Hathaway shareholders, Warren Buffett makes the case for doing less and sticking to the fundamentals of investing.](https://www.morningstar.com/stocks/buffett-stick-with-big-easy-decisions)[**2016: Buffett: Indexing the Best Choice for Investors Large and Small** \
\
Berkshire Hathaway CEO Warren Buffett praises indexing, and American dynamism in his 2016 letter to shareholders.](https://www.morningstar.com/stocks/buffett-indexing-best-choice-investors-large-small)[**2015: Buffett: America's Economic Magic Is Alive and Well** \
\
America's golden goose of commerce and innovation will continue to lay more and larger eggs, writes the Berkshire chairman and CEO in his annual letter to shareholders.](https://www.morningstar.com/stocks/buffett-americas-economic-magic-is-alive-well)[**2014: Berkshire's Simple Secrets to Success** \
\
In the firm's annual letter to shareholders, Warren Buffett and Charlie Munger reflect on Berkshire Hathaway's history and future prospects.](https://www.morningstar.com/stocks/berkshires-simple-secrets-success)

The author or authors do not own shares in any securities mentioned in this article.

Find out about [Morningstar’s editorial policies](/editorial-policy).


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## About the Authors

[View All Authors](/people)

#### Emelia Fredlick

Senior Editor

[More from Author](/people/emelia-fredlick)

Emelia Fredlick is a senior editor for Morningstar. She works to reach individual investors through featured digital content experiences that bring Morningstar research to life.

Before joining Morningstar in 2019, Fredlick spent four years in content marketing for financial-services clients' wealth management and small-business segments.

Fredlick holds a bachelor's degree in journalism from Emory University.

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#### Tori Brovet

Content Development Editor

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