Five Simple Steps to Investing Like Buffet

1. Buy businesses, not stocks
Think like a business analyst, not a stock analyst. Look into the company's prospect and management, not just the stock price. Remember, when you buy the stocks, it represents the ownership of the businesses.
2. Focus on companies with wide economic moats
Companies that have their cash flows structurally protected from competition should fare much better in an economic downturn, while also increasing in intrinsic value at above-average rates over long periods. Examples include being low cost producer, or have intangibles like patents and brands.
3. Let intrinsic value be your touchstone
The value of a business is the value of all the cash that business can generate for its owners in the future, discounted to today's terms. And since stocks represent ownership stakes in businesses, it makes perfect sense to value stocks via discounted cash-flow analyses. "Value is what you get, Price is what you pay." by Warren Buffett.
4. Always require a margin of safety
Any intrinsic value estimate is based on projections of future cash flows. And since the future is inherently uncertain, it is highly beneficial to only buy at a discount to fair value to account for that uncertainty.
5. Think independently, and be patient
To be greedy when others are fearful, and fearful when others are greedy, is some of the best advice Warren Buffett has ever given.