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5 Stocks to Buy to Be Like Buffett

BALTIMORE (Stockpickr) -- When it comes to buying like Warren Buffett, most people are getting it wrong these days.

It's not that following Warren Buffett's buys and sells doesn't make sense -- it does. But it's which buys and sells to pay attention to that matter.

In the last quarter, the "Oracle of Omaha" added on to seven existing positions and dipped a toe into two more, but the stock hikes that most people are paying attention to aren't the ones that really matter. After all, the two biggest position hikes for the quarter were Wells Fargo (WFC) and IBM (IBM), positions that each already make up close to 20% of Berkshire Hathaway's (BRK.A), (BRK.B) $75 billion stock portfolio.

>>5 Stocks Poised for Breakouts

In other words, we already know that he likes these two names -- and we've known it for a long, long time.

So while it's interesting that Buffett increased his firm's positions in those two stocks, you've got to look at the some of the smaller names to see where his firm's conviction buying lies.

>>View Warren Buffett's Portfolio

It's also worth noting that this quarter's changes at Berkshire were likely heavily influenced by Todd Combs and Ted Weschler, the former hedge fund managers Buffett hired to ultimately take over the investing duties at the Omaha-based firm. So investors who want to invest like Buffett's handpicked portfolio managers had better pay attention.

So which companies that made Berkshire's "buy" list are worth watching? Here's a look at five stocks you should buy to be like Buffett.

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