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The Day Ahead: Buffett, Buffett and More Buffett

THIS COLLECTION OF POSTS ORIGINALLY APPEARED ON MAY 3, 2013 ON REAL MONEY. TO READ MORE CONTENT LIKE THIS + SEE INSIDE JIM CRAMER'S MULTI-MILLION DOLLAR PORTFOLIO FOR FREE. CLICK HERE NOW.

On the dawn of an appearance by Omaha God BuffMunga, it's probably fitting that I touch upon the investing approaches of these two super senior legends of financial services. Actually, let's refrain from heading down that route for a few reasons that are cemented in harsh reality:

1) You will unlikely amass a fraction of their collection wealth (estimated at $56.5 billion combined).

2) You will unlikely amass a fraction of their wealth by practicing what they preach from an investment standpoint. Why? When was the last time you held a stock for 25 years that wasn't gifted by granny? Exactly.

3) You will not bring BuffMunga-type riches into your domain seeing as investment banks aren't cutting you sweetheart deal terms and companies aren't tripping over themselves to be in your portfolio.

4) Go ahead, become married to trying to unearth publicly traded entities at a discount to net asset value; such juicy "prospects" could leave you broke with a single vicious tweet from Johnny Hackerseed.

5) You don't have a contact network nearly as extensive as BuffMunga, your mortgage broker, or at all. Contacts are integral to successful investing (it's great to have an edge) I have come to appreciate; who you know and what they tell are as important, if not more so, than the archaic crap housed in a 10-K footnote section.

Dig my angle? Even if you don't it's the collective truth that must be well ingrained as the masses pack a stadium, snap Instagram photos with a gecko (play Facebook (FB) off the event?), and buy discounted furniture to support their newly bought home while also padding Berkshire's bottom line. By no means am I discounting the godly nature of BuffMunga; every parent should rip their children from the Nintendo DS and Facebook whenever Warren Buffett, Charlie Munger or Alan Greenspan make the TV rounds. It's a treat that, although morbid to point out, is winding to a conclusion.

Having kept it real, it's worthwhile to me to devise a plan to win in the markets now, a week from now, a month from now, etc. That process starts with being able to identify the true winners in an earnings season. Whether the graybeards want to admit it or not, earnings season is critical in determining sector allocations and individual stocks from sectors of choice, ditto listening to earnings calls that offer clues on future corporate strategy and performance. Just a single quiver in the voice of a CFO in response to a challenging question from an analyst could be a dead giveaway that trouble is lurking, and that is definitely an intangible tool not found in an 8-K.

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