Do-it-yourself outperformance
Before they can capture Buffett-like returns, beginning investors will need to develop their skills in identifying profitable companies and determining intrinsic values. In the meantime, consider looking for stock ideas among Berkshire's own holdings.

As he recently wrote in a New York Times editorial, Buffett has been buying American stocks. The Oracle of Omaha appears to believe that the sell-off in some financials was overdone: He recently scooped up more shares of US Bancorp (NYSE: USB) when the shares set a new five-year low.

In addition, Buffett opened a brand new position in Eaton (NYSE: ETN), a Cleveland-based electrical equipment manufacturer. It's hardly an exciting business, but it generates stable free cash flow, and if Buffett likes it, there's a decent chance it's undervalued.

Another place to find great value-stock ideas is Motley Fool Inside Value. Philip Durell, the lead analyst for the service, follows an investment strategy very similar to Buffett's. He looks for undervalued companies that also have strong financials and competitive positions. This approach has allowed Philip to outperform the market since Inside Value's inception in 2004. To see his most recent stock picks, as well as the entire archive of past selections, sign up for a free 30-day trial today.

If investing in wonderful companies at fair prices is good enough for Warren Buffett -- arguably the finest investor on the planet -- it should be good enough for the rest of us.