Stockpickr: Four Ways to Win Like Buffett

2. You need to be looking for the next Berkshire Hathaway.

You might not find stocks that go from $10 (where Buffett started buying his shares) to $100,000, but it's not so bad if you can find stocks that go from $400 to $100,000 -- as many Berkshire millionaires were able to do. I met a guy once at the 2003 Berkshire annual meeting who bought 200 shares in 1976 when they were trading around $100. He sold 100 of his shares when the stock doubled, figuring he'd lock in some gains. The 100 shares he held on to are now worth $10 million. Think about that.

There's a Stockpickr portfolio we set up based on criteria from value blogger "One Guy's Investments" of the next Berkshire Hathaway:

• It's run by great investors who are trying to emulate Buffett's investment style;
• It has enormous cash flows and/or float by which to invest; and
• It doesn't split its stocks.

Some of the companies on this list are well known, like super-investor Eddie Lampert's Sears Holdings(SHLD Quote), while others are less well known. Here is the full list of potential next Berkshire Hathaways.

3. You need to know his friends.

In particular, Bill Ruane, who set up the Sequoia Fund. When Buffett shut down his hedge fund in 1970, he suggested to his investors that they put their money in Sequoia (Ruane and his partner started the firm specifically to handle Buffett's investors). Since 1970, Sequoia has had an annualized return of 15.7%. Check out the fund's current holdings.

Of course, Berkshire Hathaway is on the list, but they also have been accumulating shares of MasterCard(MA Quote) and various retailers, including Best Buy(BBY Quote).