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If you know nothing else about business mogul Warren Buffett, you’re likely aware of the fact that he’s one of the wealthiest people in the world (in fact, he was listed as THE wealthiest person in the world in 2008). And he got there namely by being a hugely successful investor (although he is also the CEO and primary shareholder of Berkshire Hathaway, a company that owns Dairy Queen, Heinz, Helzberg Diamonds, and GEICO, amongst other subsidiaries). Now, you might be wondering just how he managed to attain such fabulous wealth through investing. What is his secret? Can others achieve the same success? In truth, you might not want to bank on becoming the next Warren Buffett, but you can certainly attempt to follow in his footsteps. Here are a few tips that will help you to invest like the Oracle of Omaha.

1. Read a B Book. Not to be confused with e-books, B books is a website (www.buffettbooks.com) that aims to teach viewers how to invest like Warren Buffett through interactive courses that offer a step-by-step guide to Buffett’s investing strategies. The site is not only chock full of information on the man himself, but there are plenty of quotes to peruse as well as a listing of books that Buffett himself recommends. And the blog and forum provide even more advice and opportunities to connect with like-minded investors.
2. Value investing. The basic principle of value investing is fairly simple: conduct fundamental analysis of low-priced securities in order to find those that have been somehow undervalued. Then buy them and wait for the almost inevitable increase in value. According to Buffett and other fans of this type of investing, finding stocks and other securities that are listed at less than their intrinsic value is the key to making money in investing.
3. Don’t limit yourself to stocks. Buffett may have made his bones in the stock market, but he looks for value investing in all kinds of places. Just look at his recent purchase of Heinz, or the money he put into Bank of America a couple of years ago. He seems to have a sixth sense when it comes to selecting undervalued investments, but there’s really no trick to it. He simply looks for intrinsic value and minimal risk in order to ensure eventual payoffs. And he doesn’t limit himself when it comes to stocks, businesses, and other types of assets.
4. Get a seat on the board. Buffett may excel at buy-and-hold strategies, but he has also put himself in a position to continue growing his money by purchasing enough stocks to finagle a seat on the board of all kinds of companies. This allows him to take a hand in how his investments are managed, which is a solid tactic for ensuring future successes. Of course, this is really only feasible for professional investors who devote all their time and money to their investments. But the fact that he put himself in a position of power where his investments are concerned bears consideration.
5. Get the app. It’s official: there is an app for everything, including investing like a billionaire. The iBillionaire app, coming soon to a smartphone near you, offers the average Joe the investing prowess of 10 billionaires, Buffett included. Okay, in truth it lets you enter your own portfolio of stocks in order to compare them to the portfolios of the billionaires featured, banking on the fact that you’ll be able to figure out where you’ve gone wrong. It’s no Tim Sykes challenge; it won’t teach you how to invest. But for those savvy enough to read between the lines it could certainly lead by example.